IT Services - Worldwide

  • Worldwide
  • Revenue in the IT Services market is projected to reach AU$2.09tn in 2024.
  • IT Outsourcing dominates the market with a projected market volume of AU$0.79tn in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 6.81%, resulting in a market volume of AU$2.72tn by 2028.
  • The average Spend per Employee in the IT Services market is projected to reach AU$596.40 in 2024.
  • In global comparison, most revenue will be generated in the United States (AU$759.70bn in 2024).

Key regions: United States, China, India, Japan, Germany

 
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Analyst Opinion

The IT Services market has been rapidly growing in recent years, with a significant increase in demand for technology services worldwide.

Customer preferences:
Customers are increasingly seeking technology solutions that can help them improve their business operations and increase efficiency. Cloud computing, cybersecurity, and artificial intelligence are among the most popular services that customers are seeking. Additionally, customers are also looking for IT services that can help them adapt to the changing business environment and stay competitive in the market.

Trends in the market:
In the United States, the IT Services market is expected to grow due to the increasing adoption of cloud computing and the rise of digital transformation. The healthcare and financial sectors are among the industries that are driving this growth. In Europe, the IT Services market is expected to grow due to the increasing demand for cybersecurity services and cloud computing. Germany and the United Kingdom are among the countries that are driving this growth. In the Asia-Pacific region, the IT Services market is expected to grow due to the increasing adoption of digital technologies and the rise of e-commerce. China and India are among the countries that are driving this growth.

Local special circumstances:
In Japan, the IT Services market is expected to grow due to the increasing demand for digital transformation services. The government's push for digitalization and the need to improve business operations are among the factors driving this growth. In the Middle East, the IT Services market is expected to grow due to the increasing adoption of cloud computing and the rise of e-government initiatives. The United Arab Emirates and Saudi Arabia are among the countries that are driving this growth. In Latin America, the IT Services market is expected to grow due to the increasing demand for cybersecurity services and the rise of digital transformation. Brazil and Mexico are among the countries that are driving this growth.

Underlying macroeconomic factors:
The increasing adoption of digital technologies, the rise of e-commerce, and the need to improve business operations are among the macroeconomic factors driving the growth of the IT Services market. Additionally, the increasing demand for cloud computing and cybersecurity services is also contributing to the growth of the market. The COVID-19 pandemic has also accelerated the adoption of digital technologies, leading to an increase in demand for IT services. However, the shortage of skilled IT professionals and the increasing competition in the market are among the challenges that the IT Services industry is facing.

Methodology

Data coverage:

The data encompasses B2G, B2B, and B2C enterprises. Figures are based on enterprises' technology spending on products, consulting, and outsourcing services.

Modeling approach / Market size:

Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players in the industry, Statista's primary research and surveys, and IT associations. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, internet users, and telecommunication. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing method is used based on the market data characteristics. The main drivers are the GDP and its sector composition, internet penetration, the level of digitization, and the attitude toward IT security.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.

Overview

  • Revenue
  • Key Players
  • Analyst Opinion
  • Global Comparison
  • Methodology
  • Key Market Indicators
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