Information technology (IT) services spending forecast worldwide from 2008 to 2021 (in billion U.S. dollars)

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Spending in billion U.S. dollars
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About This Statistic

The statistic depicts spending on the global IT services market from 2008 to 2021. In 2015, spending on IT services amounted to around 866 billion U.S. dollars worldwide.

IT services – additional information

The IT services market encompasses the range of services that assist individuals and enterprises to implement, manage, and operate the wide variety of IT processes, systems, software, equipment, and peripherals that are available. Globally, the broader information technology market reached 3.4 trillion U.S. dollars in 2016, with IT services spending representing more than a quarter of the total market. In terms of market growth, IT services is advancing steadily, second only to the growth of enterprise software spending. Year on year, IT services spending is expected to increase at a rate of around 4 percent, which is predicted to last until at least 2021.

Subsegments of the IT services market include business process services, application services, and infrastructure services, many of which are often outsourced to companies focused on service provision. In 2015, the global market for outsourced services was put at 88.9 billion U.S. dollars. Approximately a third of that market, the equivalent of about 64 billion U.S. dollars, was devoted to information technology outsourcing. One particularly sizeable market for IT outsourcing comes from the healthcare industry, which one estimate put at 40 billion U.S. dollars worldwide in 2015. Tata Consultancy Services (TCS), one of India's and the world's largest provider of services, brought in approximately 14.5 billion U.S. dollars in revenue in 2015, largely on the strength of the service market.

Perhaps one of the most exciting developments in IT services in recent years has been the growth of cloud computing. Cloud computing describes the use of networks of remote servers - usually accessed over the Internet - to store, manage, and process data. As a segment of IT services, cloud computing generates billions of dollars in revenue annually and is showing few signs of slowing. For customers, cloud computing offers access to numerous technologies - which are typically categorised within the cloud service market into three primary service models, encompassing infrastructure, platforms, and software - while lowering or removing the barriers to entry, such as insufficient technical expertise or costs. Depending on business needs and security concerns, customers have the additional choice of selecting between private, public, or hybrid deployment options.

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