IT Services Market Growth & Trends
The global IT services market size was estimated to reach USD 186.4 billion by 2028 and is anticipated to grow at a CAGR of 9.5% from 2022 to 2028, according to a new report by Grand View Research, Inc. Growing concerns about data security and privacy protection are the key factors driving the demand for IT services from enterprises working in various industries. Increasing difficulties in network infrastructure are acting as key impedances to ineffective data security management; therefore increasing the demand for IT services. Lack of expertise with the end-users in integrating the latest technologies and implementing IT services is hampering the growth of the market. Most of the major players operating in the IT services market are implementing the strategy of mergers, and acquisitions to gain maximum share in the market.
The IT revolution has revolutionized the way organizations operate, and IT services have been at the forefront of that transition. These services have not only improved the efficiency of corporate operations but have allowed businesses to focus on their core skills rather than worrying about the IT infrastructure they have in place. IT services assist businesses in managing a variety of tasks including, day-to-day tasks like employee document management and also complicated business processes like operations management and supply chain management.
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Over the last few years, cloud computing has made great progress, as cloud solutions provide numerous benefits while also exposing data stored to serious hazards, such as privacy and identity theft, among other things. IT services that can examine all executions, security pipelines, and network connections should be considered by organizations embracing cloud computing.
The COVID-19 pandemic has positively impacted the market. The FBI reported a nearly 300% surge in reported cybercrimes in the first couple of months after the commencement of the COVID-19 pandemic. The COVID 19 pandemic has enforced companies to quickly digitalize their business models, form flexible and remote working surroundings, reach clients, and handle employees predominately over digital channels. Therefore, the demand for IT services from companies augmented to secure their business process and operations.
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IT Services Market Segmentation
Grand View Research has segmented the IT services market based on type and region:
IT Services Type Outlook (Revenue, USD Million, 2017 – 2028)
- Security Outsourcing
- IT Support
- Managed Security Services
- Systems and Network Implementations
- Security Strategy and Planning
List of Key Players of IT Services Market
- Accenture PLC
- Tata Consultancy Services Limited
- Cognizant Technology Solutions Corporation
- Wipro Limited
- HCL Technologies Limited
- Cap Gemini SE
- IBM Corporation
- Infosys Limited
- DXC Technologies
- NTT Data Corporation
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Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. Grand View Research database is used by the world's renowned academic institutions and Fortune 500 companies to understand the global and regional business environment. Our database features thousands of statistics and in-depth analysis on 46 industries in 25 major countries worldwide.
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