Global IT Services Market Report 2022
Major companies in the market include Microsoft, Amazon. com Inc., International Business Machines Corporation, Nippon Telegraph And Telephone Corp. , Dell Technologies Inc., Intel Corporation, SAP SE, telefonaktiebolaget lm ericsson, TCS and Cisco Systems, Inc.
New York, March 21, 2022 (GLOBE NEWSWIRE) — Reportlinker.com Announces Release of “IT Services Global Market Report 2022” – https://www.reportlinker.com/p06246412/?utm_source=GNW
The global IT services market is expected to grow from $3,471.35 billion in 2021 to $3,935.73 billion in 2022 at a compound annual growth rate (CAGR) of 13.4%. The growth is mainly due to companies reorganizing their operations and recovering from the impact of COVID-19, which had previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities that resulted in operational challenges. The market is expected to reach $6,275.18 billion in 2026 with a CAGR of 12.4%.
The IT services market includes sales of IT services and related goods by entities (organizations, sole proprietorships, and partnerships) that apply technical expertise and knowledge to enable organizations to create, manage, and optimize their IT processes.
The main types of IT services are hardware support services, software and BPO services, and cloud services. Cloud services are infrastructure, platforms or software hosted by third-party providers and made available to users via the Internet.
The different types of organization sizes are large enterprises, small and medium enterprises. Financial services, retail and wholesale, manufacturing, healthcare, and others are end user industries of IT services.
North America was the largest IT services market region in 2021. Asia-Pacific was the second largest IT services market region.
Regions covered in the IT services market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Europe. ‘Africa.
Businesses in all industries are increasingly outsourcing their IT facilities management and data recovery operations. Spending by IT services on outsourcing increased from 12.7% in 2019 to 13.6% in 2020. This trend is expected to be particularly prevalent in emerging markets, given their current generally lower penetration rates. Hence, the increase in outsourcing services is expected to drive the IT services market during the forecast period.
Internet access varies widely across the world, with relatively low Internet access in developing countries compared to developed countries. Countries in South Asia and Sub-Saharan Africa have the lowest rates of Internet use.
This low access is further fragmented based on the number of people with computers, people with computer literacy, and people with smart phone owners. For example, internet penetration was around 40% in India and 59.3% in China in January 2020.
Data analytics is increasingly being used across industries to find key insights from raw data for better decision making. Data analytics examines large amounts of data to identify correlations and hidden patterns that can directly or indirectly affect business.
Large companies from different sectors use data analysis tools. Data analysis tools are industry specific; and custom computer programming companies offer custom data analysis tools based on the operation and demands of their customers.
For example, the city of Toulouse in France uses IBM’s social media analytics platform to identify and prioritize citizen issues.
The countries covered in the IT services market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt , Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel. , Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, United Arab Emirates, United Kingdom, United States, Venezuela and Vietnam.
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