IT services global spending forecast 2008-2021

In 2020, spending on IT services is expected to reach around 1.1 trillion U.S. dollars worldwide, a record high. The IT services market has grown by around 200 billion dollars since 2008 and is forecast to grow by another 110 billion between 2019 and 2021.

IT Services market

The IT services market encompasses a range of offerings that assist enterprises in implementing, managing, and operating a wide variety of systems, software, and equipment that are used in modern IT environments. Some of the market’s major sub-segments are managed services, which is expected to account for nearly 200 billion dollars in revenue in 2019, and Software-as-a-service (SaaS), which is forecast to account for over 140 billion dollars in the same year. IT services are one of the fastest growing segments in the overarching IT industry, trailing only enterprise software in terms of year over year growth.

Developments in the 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 down.