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IT Services Global Market Report 2021: COVID 19 Impact and Recovery to 2030

·3-min read

Major companies in the IT services market include Microsoft; IBM; HP; Oracle and Fujitsu. The global it services market is expected to grow from $3501. 26 billion in 2020 to $3745. 08 billion in 2021 at a compound annual growth rate (CAGR) of 7%.

New York, Feb. 02, 2021 (GLOBE NEWSWIRE) -- announces the release of the report "IT Services Global Market Report 2021: COVID 19 Impact and Recovery to 2030" -
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 $5734.09 billion in 2025 at a CAGR of 11%.

The IT services market consists of sales of IT services and related goods by entities (organizations, sole traders and partnerships) that apply technical expertise and knowledge to enable organizations to create, manage and optimize their IT processes. The IT services market is segmented into hardware support services; software and BPO services and cloud services.

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 it services market. Africa was the smallest region in the global it services market.

Data analytics is increasingly being used across all industries to find key information from raw data for better decision making. Data analytics examines large amounts of data to identify correlations and hidden patterns that may directly or indirectly affect business. Major companies across different industries are using data analytics tools. Data analytics tools are specific to the industry; and custom computer programming companies are offering customized data analytics tools based upon the functioning and demands of their clients. For example, the city of Toulouse in France is using IBM’s social media analytics platform to identify and prioritize citizens’ issues.

Access to the internet varies widely across the globe, with relatively poor access to the internet in developing countries than developed nations. Countries in South Asia and sub–Saharan Africa have the lowest rates of internet usage. This low access is further fragmented to the number of people who own a computer, computer literate people, and people who own smart phone owners. For example, internet penetration was around 40% in India and 59.3% in China as of January 2020.

Companies across all industries are increasingly outsourcing their computer facilities management and data recovery operations. Around 65% of firms outsourced their services in 2017 and are expected to continue their outsourcing in the forecast period. This trend is expected to be particularly prevalent in emerging markets, given their generally lower current penetration rates. Therefore, rise in outsourcing services is expected to drive the IT services market during the forecast period.

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