Dublin, Oct. 31, 2023 (GLOBE NEWSWIRE) -- The "IT Services Market Size, Share & Trends Analysis Report By Technology (AI & ML, Big Data Analytics), By Approach (Proactive, Reactive), By Deployment, By Enterprise Size, By End-use, By Type, By Application, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global IT services market size is expected to reach USD 2.59 trillion by 2030. The market is anticipated to grow at a CAGR of 9.7% from 2023 to 2030.
Increasing concerns regarding data security and privacy protection drive the demand for IT services from companies across various industry verticals. Moreover, rising network infrastructure complications are the main impediments to effective data security management, thus driving the requirement for and implementation of IT services. The need for IT infrastructure from SMEs has grown significantly over recent years, boosting market growth. SMEs heavily invest in IT support services across industries, including e-commerce, particularly start-ups such as Indian food ordering and delivery platform Swiggy, whose complete enterprise depends on IT infrastructure.
Businesses of all sizes and industries increasingly provide their employees with digital tools. AI and machine learning (ML) are revolutionizing the market. The vast availability of data empowers AI to analyze extensive datasets, extract valuable insights, and optimize decision-making processes, leading to enhanced personalized customer experiences and streamlined operations. As computing power costs decrease, businesses are adopting AI solutions more affordably, facilitating real-time fraud detection and predictive maintenance.
The growing demand for automation drives the implementation of AI and ML in streamlining tasks such as customer service, freeing human resources for more intricate roles, and fueling market expansion. With continuous advancements in AI technology and increasing investment from various industries, the market is witnessing a remarkable transformation and exponential growth.
The increase in demand for cloud services is also driving the industry growth. With governments making substantial investments in the IT industry, the demand for IT support services has increased. One key reason for the widespread popularity of cloud services is their superior data security compared to on-site servers. Cloud storage ensures data integrity and remains impervious to physical threats like theft or building damage. Numerous corporate enterprises have expressed positive experiences with cloud computing's security as it reduces human mistakes. Additionally, cloud computing safeguards the private data of multiple companies.
Companies Mentioned:
- Amazon Web Services, Inc.
- Avaya
- Cisco Systems, Inc.
- DXC Technology Company
- Fortinet, Inc.
- Hewlett Packard Enterprise Development LP
- Huawei Technologies Co., Ltd.
- IBM Corporation
- Juniper Networks, Inc.
- Microsoft
- Broadcom
- Oracle
IT Services Market Report Highlights
- The reactive IT services segment led the market in 2022. Factors, such as adopting new technologies, software updates, and cybersecurity threats, have led to a higher demand for reactive IT services
- The application management segment held the largest revenue share in 2022 due to factors, such as the rising complexity of enterprise applications, need for improved IT agility & efficiency, and growing demand for mobile applications
- The AI and ML segment held the largest revenue share in 2022. With continuous advancements in AI technology and increasing investment from various industries, the market is witnessing a remarkable transformation and exponential growth
- The on-premises segment held the largest revenue share in 2022. On-premises solutions offer a higher level of control and security over data and applications
- The IT & telecom segment held the largest revenue share in 2022. The telecommunications sector often requires significant IT services support to expand and maintain network infrastructure. For instance, the rollout of 5G networks has driven the demand for IT services in this segment
- North America dominated the market in 2022 accounting for over 36% share of the global revenue. The region, particularly the U.S., has a strong and diverse economy that drives investments in IT services
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 100 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $1.22 trillion |
| Forecasted Market Value (USD) by 2030 | $2.59 trillion |
| Compound Annual Growth Rate | 9.7% |
| Regions Covered | Global |
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Market Variables, Trends, and Scope
3.1. Market Lineage
3.2. Industry Value Chain Analysis
3.3. IT Services Market - Market Dynamics
3.3.1. Market Driver Analysis
3.3.1.1. Increase In Demand For Cloud Services
3.3.1.2. Increased Investment By Small And Medium Enterprises In IT Support Services
3.3.1.3. Integration Of Support Services With Social Media
3.3.2. Market Restraint Analysis
3.3.2.1. Security And Privacy Concerns
3.3.3. Industry Challenges
3.4. Business Environmental Tools Analysis: IT Services Market
Chapter 4. IT Services Market: Approach Estimates & Trend Analysis
Chapter 5. IT Services Market: Type Estimates & Trend Analysis
Chapter 6. IT Services Market: Application Estimates & Trend Analysis
Chapter 7. IT Services Market: Technology Estimates & Trend Analysis
Chapter 8. IT Services Market: Deployment Estimates & Trend Analysis
Chapter 9. IT Services Market: Enterprise Size Estimates & Trend Analysis
Chapter 10. IT Services Market: End-Use Estimates & Trend Analysis
Chapter 11. IT Services Market: Regional Estimates & Trend Analysis
Chapter 12. Competitive Landscape
For more information about this report visit https://www.researchandmarkets.com/r/syte6c
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