Global IT services providers ranked 2023, by revenue

In 2023, Microsoft generated approximately 161 billion U.S. dollars in revenue, making it the largest IT services company in the world in terms of revenue. Other major firms in the IT services market include IBM, with revenues of over 57 billion U.S. dollars, followed by Accenture and Oracle.

IT services market

A key sub-sector of the larger information technology industry is the IT services market. This sub-sector brings in hundreds of millions of dollars each year, with forecasts suggesting that this number will reach 1.42 trillion U.S. dollars in spending in 2023 after eclipsing the one trillion dollar mark in 2019. Digitalization, along with constant technological advancement, means that businesses in nearly every industry rely on IT services which results in continuous market spending.

What are IT services products?

The term IT services refers to a large amount of services and solutions used by businesses to assess, manage, and deliver information. These services include cloud computing, database management, as well as hardware deployment and support. Notably, these IT solutions assist in a vast array of business functions and thereby empower companies to stay agile and adaptive in a quickly changing environment.