Dublin, March 29, 2021 (GLOBE NEWSWIRE) -- The "IT Services Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
IT Services Market is expected to register a CAGR of about 8.87 % during the forecast period (2019-2026). Enterprises are opting for IT services across multiple industry verticals owing to manifold benefits, such as accurate forecasting through business intelligence, thereby helping to optimize the business operations, minimizing the wastage, and increasing the organizational revenues.
The increasing dependency on cloud services and infrastructure upgrading activities is significantly driving the demand for managed IT services across the emerging market.
The growth of IT services is expected to be fueled by the introduction of digitization trends prompting the SMBs and other large enterprises to opt for IT infrastructure, which is further responsible for driving the growth in the adoption of IT operation solutions.
With the growth of IIoT across the Industry 4.0 platform, IT services are gaining traction within the hybrid IT-managed environment. The usage of AI technology is also extending its application across the areas of the manufacturing and design sector, thereby fueling the market demand, during the forecast period.
With the onset of COVID-19, the vulnerability of supply chains has been exposed. For most IT organizations, fragile ecosystems included providers of critical IT services. Additionally, work-from-home mandates have led the service providers to ensure that mission-critical enterprise customers have the necessary tools and technologies to enable the speed, security, quality, and overall efficacy of services provided.
Key Market Trends
Cloud Services is Gaining Traction Due to Emergence of Cloud-Based Platform
- There had been a significant breakthrough in cloud computing over the past few years, as cloud solutions offer various advantages but expose data hosted to substantial risks, including privacy, identity theft, among others. Organizations adopting cloud computing should consider implementing IT services that can analyze all executions, applications, and network connections.
- Due to advancements in the IT operation across the cloud-based platform, IT services has become more data-driven as well as real-time, creating greater value for the business, especially in the areas of operational efficiency, business opportunity discovery, and remote access optimization.
- As the demand for cloud services is expected to grow over the next few years, with immense demand form the IT & Telecommunication industry across the ever-growing corporate sector, the scope for the IT infrastructure services from these end-users are expected to grow rapidly.
North America to Register with Largest Growth During the Forecast Period
- North America is the largest growing IT services market due to the presence of robust IT infrastructure. According to 2019 State of IT survey by the IT company Spiceworks, 89% of the organizations across North America expect their IT budgets to grow by the end of 2019. This may lead to an increased amount of fragmented data being generated, thereby fueling the market demand during the forecast period.
- IT companies over the region are increasingly focusing on providing services, such as application monitoring and IT services monitoring through the cloud, and shifting from on-premise, thereby developing new cloud frameworks in the region, which may further boost the market growth.
- Also, a high degree of automation and immense penetration of IT applications across several end-user industries creates a constant demand for IT services in the region.
Competitive Landscape
The IT services market is highly competitive and consists of a few major players. In terms of market share, some of the players currently dominate the market. However, with the advancement in the IT consultancy services, new players are increasing their market presence thereby expanding their business footprint across the emerging economies.
- March 2020 - Fujitsu announced the establishment of a new company, "Fujitsu Future Studies Center" (FFSC), a think tank bolstering the formulation and execution of the Fujitsu strategies. It will commence operations on June 1st.
- March 2020 - IBM partnered with its IT services peers, and it integrated global business services and global technology services capabilities to improve client engagement and increase cloud signings. IBM partnered with Infosys to enable clients' digital transformations through the IBM public cloud offerings.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
Key Topics Covered:
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Force Analysis
4.2.1 Threat of New Entrants
4.2.2 Bargaining Power of Buyers/Consumers
4.2.3 Bargaining Power of Suppliers
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
4.3 Impact of COVID-19 on the market
4.4 Market Drivers
4.4.1 Growing Emphasis on Leveraging the Core Competencies by Outsourcing Non-core Operations
4.4.2 Greater Access to a Larger Pool of Talent and Scope for Innovation (as Opposed to Onboarding Expertise)
4.5 Market Challenges
4.5.1 Operational Challenge (such as Perceived Loss of Control and Identification of Key Goals)
5 MARKET SEGMENTATION
5.1 Type
5.1.1 Managed Services
5.1.2 Project Oriented Services
5.1.3 Support Services
5.2 Deployment
5.2.1 Cloud
5.2.2 On-premise
5.3 Size
5.3.1 Small and Medium Enterprises
5.3.2 Large Enterprises
5.4 End User Industry
5.4.1 BFSI
5.4.2 Telecommunication
5.4.3 Healthcare
5.4.4 Retail
5.4.5 Manufacturing
5.4.6 Government
5.4.7 Other End-user Industries
5.5 Geography
5.5.1 North America
5.5.1.1 United States
5.5.1.2 Canada
5.5.2 Europe
5.5.2.1 Germany
5.5.2.2 United Kingdom
5.5.2.3 France
5.5.2.4 Rest of Europe
5.5.3 Asia Pacific
5.5.3.1 China
5.5.3.2 Japan
5.5.3.3 India
5.5.3.4 South Korea
5.5.3.5 Rest of Asia Pacific
5.5.4 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 COMPANY PROFILES*
6.1.1 Citrix Systems Inc
6.1.2 Cisco Systems Inc
6.1.3 Dell EMC
6.1.4 IBM Corporation
6.1.5 Hewlett Packard Enterprise
6.1.6 Microsoft Corporation
6.1.7 TCS Limited
6.1.8 Toshiba Corporation
6.1.9 Verizon Communications Inc.
6.1.10 Fujitsu Ltd
7 RELATIVE POSITIONING OF KEY VENDORS
8 INVESTMENT ANALYSIS
9 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/bbn2gp