IT services global spending forecast 2008-2024

In 2023, spending on IT services is projected to amount to around 1.42 trillion U.S. dollars worldwide.

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 accounted for over 152 billion U.S. dollars in 2020, and Software-as-a-service (SaaS), which was forecasted to account for over 157 billion dollars in 2020. 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.