IT Services Market To Reach $2.59 Trillion By 2030 | CAGR 9.5%

IT Services Market Growth & Trends

The global IT services market size is expected to reach USD 2.59 trillion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to grow at a CAGR of 9.5% from 2024 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.

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IT Services Market Report Highlights

• The reactive IT services segment led the market in 2023. 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 2023 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 2023. 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 2023. 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 2023. 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 2023 accounting for over 36.5% share of the global revenue. The region, particularly the U.S., has a strong and diverse economy that drives investments in IT services

IT Services Market Segmentation

Grand View Research has segmented the global IT services market report based on approach, type, application, technology, deployment, enterprise size, end use, and region

IT Services Approach Outlook (Revenue, USD Billion, 2017 - 2030)

• Reactive IT Services

• Proactive IT Services

IT Services Type Outlook (Revenue, USD Billion, 2017 - 2030)

• Design & Implementation

• Operations & Maintenance

IT Services Application Outlook (Revenue, USD Billion, 2017 - 2030)

• Systems & Network Management

• Data Management

• Application Management

• Security & Compliance Management

• Others

IT Services Technology Outlook (Revenue, USD Billion, 2017 - 2030)

• AI & Machine Learning

• Big Data Analytics

• Threat Intelligence

• Others

IT Services Deployment Outlook (Revenue, USD Billion, 2017 - 2030)

• On-premises

• Cloud

IT Services Enterprise Size Outlook (Revenue, USD Billion, 2017 - 2030)

• Large Enterprise

• Small & Medium Enterprise

IT Services End Use Outlook (Revenue, USD Billion, 2017 - 2030)

• BFSI

• Government

• Healthcare

• Manufacturing

• Media & Communications

• Retail

• IT & Telecom

• Others

IT Services Regional Outlook (Revenue, USD Billion, 2017 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • Germany

  • UK

  • France

• Asia Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

• Latin America

  • Brazil

  • Mexico

• Middle East and Africa (MEA)

  • Kingdom of Saudi Arabia

  • UAE

  • South Africa

List of Key Players of IT Services Market

• IBM

• Accenture

• TATA Consultancy Services Limited

• Infosys Limited

• Wipro

• Capgemini

• Cognizant

• Cisco Systems, Inc.

• HCL Technologies Limited

• DXC Technology Company

• Microsoft