The statistic depicts spending on global IT services from 2008 to 2019. In 2018, spending on IT services is expected to amount to 987 billion U.S. dollars worldwide. The IT services market encompasses the range of services that assist individuals and enterprises in implementing, managing, and operating the wide variety of processes, systems, software, equipment, and peripherals that are used in the modern IT environment. Globally, the broader information technology market reached 3.5 trillion U.S. dollars in 2017, with IT services spending representing more than a quarter of the total market. In terms of IT market growth, services are advancing steadily, second only to enterprise software spending. Year on year, IT services spending is expected to increase at a rate of around 5.5 percent.
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 2017, the global market for outsourced services was put at 88.9 billion U.S. dollars. Approximately two thirds of that market, the equivalent of about 64.3 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 categorized 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.
