LONDON, Jan. 25, 2023 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the IT services market, the multi-cloud model has experienced a steady rise amongst the other IT services market trends. In 2018, the multi-cloud adoption rate rose to 81% among enterprises, while the adoption rate of hybrid cloud declined from 58% in 2017 to 51% in 2018. Multi-cloud solutions provide enterprises with the flexibility to innovate at speed as the solutions are not tied to one provider. The use of multi-cloud solutions also helps minimize costs of data storage by providing an option of shifting operational data to the cheapest cloud service provider whenever there is a change in price. In 2020, with the increasing trend of work from home movement, there is an increase in demand for cloud infrastructure adoption. Thus, IT service providers made more applications and data available to remote workers making multi-cloud data solutions essential to manage the day-to-day operations.
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The global IT services market size grew from $3.5 trillion in 2020 to $3.74 trillion in 2023 at a compound annual growth rate (CAGR) of 7%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $5.73 trillion in 2025 at a CAGR of 11%.
Adoption of cloud-based solutions in developing economies such as India, China, Brazil, and Africa will drive the growth of the market. These countries and region require cost-effective solutions as they lack financial resources and are in early development. Also, during pandemic situations, the companies in these countries and region can benefit from saving their IT expenditures by adopting cloud computing services. The ability to use on-demand, scalable cloud models to achieve cost efficiency and business continuity is providing the chance for organizations to rapidly accelerate their digital business transformation plans. For instance, according to the survey by Gartner, almost 70% of organizations that are using cloud services today are planning to increase their cloud spending in the wake of the disruption caused by COVID-19. Additionally, the proportion of IT spending is shifting to the cloud which is projected to make up to 14.2% of the total global enterprise IT spending market in 2024, up from 9.1% in 2020.
The IT services market is fairly fragmented with a small number of large players dominating the market. The top ten competitors in the market made up to 17.26% of the total market in 2020. Major players in the market include Microsoft, Amazon.com Inc., International Business Machines Corporation, Dell Technologies Inc. and Intel Corporation.
The global IT services market segmentation is categorized by type into hardware support services, software and BPO services, cloud services; by organization size into large enterprises, small and medium enterprises; by end-user industry into financial services, retail and wholesale, manufacturing, healthcare, others; by service provider location into North America, Asia Pacific, Western Europe, Eastern Europe, rest of the world.
North America was the largest region in the global IT services market, accounting for 33% of the market in 2020. Asia Pacific was the second largest region accounting for 29% of the global market. Africa was the smallest region in the global IT services market.
IT Services Market Global Report 2022: Market Size, Trends, And Global Forecast 2023 – 2026 is one of a series of new reports from The Business Research Company that provide IT services market overviews, IT services market analyze and forecast market size and growth for the whole market, IT services market segments and geographies, IT services market trends, IT services market drivers, IT services market restraints, IT services market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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