Global IT Services Market to Reach $1.47 Trillion by 2026

Strategic Insights -

The IT services market is witnessing significant growth, driven by the increasing demand for cloud-based solutions and the need for companies to outsource non-core operations. The market is expected to register a CAGR of around 8.87% during the forecast period (2019-2026). Enterprises are opting for IT services across multiple industry verticals to optimize business operations, minimize wastage, and increase revenues.

Key Takeaways:

  • The IT services market is expected to reach $1.47 trillion by 2026, driven by the growing emphasis on leveraging core competencies by outsourcing non-core operations.
  • Cloud services are gaining traction, with organizations adopting cloud computing and implementing IT services that can analyze executions, applications, and network connections.
  • North America is the largest growing IT services market, with a robust IT infrastructure and a high degree of automation driving demand for IT services.
  • The market is segmented by type, deployment, size, end-user industry, and geography, with the cloud-based segment expected to witness significant growth.
  • Key companies mentioned in the report include Citrix Systems Inc, Cisco Systems Inc, Dell EMC, IBM Corporation, Hewlett Packard Enterprise, Microsoft Corporation, TCS Limited, Toshiba Corporation, Verizon Communications Inc, and Fujitsu Ltd.

Statistics:

  • CAGR of around 8.87% expected during the forecast period (2019-2026)
  • Cloud services expected to grow over the next few years, with immense demand from the IT & Telecommunication industry across the corporate sector
  • 89% of organizations in North America expect their IT budgets to grow by the end of 2019, according to the 2019 State of IT survey by Spiceworks
  • $1.47 trillion expected revenue by 2026

Sources:

  • "IT Services Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report by ResearchAndMarkets.com
  • 2019 State of IT survey by Spiceworks
  • M2 PRESSWIRE-March 24, 2021-
  • https://www.researchandmarkets.com/r/sa8w0d
  • press@researchandmarkets.com