Global IT Services Market Outlook 2021-2026: Growing Demand for Cloud Based IT Services and Emerging Big Data Technology Driving Market Growth
DUBLIN, April 12, 2021 /PRNewswire/ -- The "IT Services Market" report has been added to ResearchAndMarkets.com's offering.
The Global IT Services Market size is expected to reach $1123.57 billion by 2026, growing at a CAGR of 8.02% during 2021-2026.
The growing popularity of cloud based software and rising concerns of the need to automate business processes are continuously increasing the demand for IT services worldwide. The cloud based IT services market is experiencing rapid growth among SMEs since 2018 and is expected to capture more than 80% market share by 2026. Similarly, the emerging big data technology and rising number of connected devices across enterprises are increasing the demand for IT service management and information security management platform.
Key Takeaways
- North America dominates the IT services market owing to rising preferences of companies to avail cloud based services.
- The rising penetration IoT based devices and large volume of data generation in enterprises are creating new opportunity for IT services market.
- Cloud based IT services is expected to accelerate the IT services market at a faster pace due to low cost deployment.
- Lack of standardization would lead end users to spend in IT services with uncertain ROI, which may inhibit the IT services industry growth.
The IT Infrastructure services market is likely to increase at a CAGR of 9.76% during 2021-2026. Most companies, these days are facing challenges in maintaining their IT infrastructure functioning and cost. Hence, there are rising number of vendors tapping into this market to provide managed IT services. Similarly, managed Infrastructure are gaining popularity, as it helps companies to focus only on their core business activities. The emerging technologies such as big data has also fuelled the growth of IT Infrastructure Services Market. The Big Data Market is expected to reach approximately $318 billion by 2026. Similarly, with the growing volume of data, enterprise's IT infrastructure need to ensure the most stable information security management so as to protect the enterprise data from hackers. This requirement further accelerate the IT services market from IT infrastructure service application.
Cloud based IT services are gaining popularity owing to low cost of deployment. Similarly, with cloud based IT services, scale up and scale down of businesses can be achieved easily. Thus, cloud based IT services is considered to be the most effective deployment platform by many small and medium sized enterprises. Cloud based IT Services is expected to grow at a CAGR of 9.98% during 2021-2026. In 2019, approximately 80% of companies worldwide were using some form of cloud based services, out of which 15%-20% companies are likely to choose 100% cloud based services in the next 5 years. It is also expected that by 2021, 60% of enterprise software will be fully cloud based.
The success of IT services in businesses depends on multiple factors and is often varied with the companies. Similarly, each business is unique and hence use specific technologies to meet the particular business solution. Thus, due to lack of standardization, it is difficult for businesses to estimate the viability of IT services based on the success factor of the same technology in another company. A typical IT service deployment may cost between $75 to $300 per users. Thus, lack of ineffective IT services may cost a huge financial burden for the enterprises.
Key Topics Covered:
1. IT Services Market - Overview
2. IT Services Market - Executive summary
2.1 Market Revenue, Market Size and Key Trends by Company
2.2 Key Trends by type of Application
2.3 Key Trends segmented by Geography
3. IT Services Market
4. IT Services Market Forces
5. IT Services Market -Strategic analysis
5.1 Value chain analysis
5.2 Opportunities analysis
5.3 Product life cycle
5.4 Suppliers and distributors Market Share
6. IT Services Market - By Product Type (Market Size -$Million / $Billion)
7. IT Services Market - By Service Type (Market Size -$Million / $Billion)
8. IT Services Market - By Organization Size (Market Size -$Million / $Billion)
9. IT Services Market - By Deployment Type (Market Size -$Million / $Billion)
10. IT Services Market - By Business Function (Market Size -$Million / $Billion)
11. IT Services Market - By Vertical (Market Size -$Million / $Billion)
12. IT Services - By Application Type (Market Size -$Million / $Billion)
13. IT Services- By Geography (Market Size -$Million / $Billion)
14. IT Services Market - Entropy
15. IT Services Market Company Analysis
15.1 Market Share, Company Revenue, Products, M&A, Developments
15.2 Accenture PLC
15.3 Capgemini
15.4 Cognizant Technology Solutions Corporation
15.5 Ericsson
15.6 Fujitsu
15.7 HCL Technologies Limited
15.8 Hewlett Packard Enterprise
15.9 Huawei Technologies Co. Ltd.
15.10 IBM Corporation
15.11 Infosys
15.12 Nokia Networks
15.13 Oracle Corporation
15.14 Tata Consultancy Services
15.15 Tech Mahindra
15.16 Wipro Limited
For more information about this report visit https://www.researchandmarkets.com/r/7elav0
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