IT Services Market 2028 – Key Metrics You Need to Know to Invest in Industry

IT Services Market Growth & Trends

The global IT services market size was estimated to reach USD 186.4 billion by 2028 and is anticipated to grow at a CAGR of 9.5% from 2022 to 2028, according to a new report by Grand View Research, Inc.Growing concerns about data security and privacy protection are the key factors driving the demand for IT services from enterprises working in various industries. Increasing difficulties in network infrastructure are acting as key impedances to ineffective data security management; therefore increasing the demand for IT services. Lack of expertise with the end-users in integrating the latest technologies and implementing IT services is hampering the growth of the market. Most of the major players operating in the IT services market are implementing the strategy of mergers, and acquisitions to gain maximum share in the market.

Gather more insights about the market drivers, restrains and growth of the Global IT Services Market

Market Segmentation:

Grand View Research has segmented the IT services market based on type (Security Outsourcing, IT Support, Managed Security Services, Systems and Network Implementations, Security Strategy and Planning).

Based on Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa.

Asia Pacific is projected to register the highest CAGR of 10.0% from 2022 to 2028.

According to ISG, the rise in IT service spending from enterprises in the Asia Pacific comes as COVID-19 speeds up digital transformation and the move to the cloud, with global demand for IT services reaching a new record. Most of the companies across the Asia Pacific have increased their investment in new technologies to quickly implement and react to business disruptions. Thus, the region is expected to grow at the fastest CAGR during the forecast period.

North America accounted for a significant market revenue share of around 40% in 2021.

The growing implementation of smart technologies and swelling security investment are some of the major factors driving the demand for IT services in North America. According to the CompTIA’s Cyberstates, the economic impact of the U.S. technology sector exceeded other industries, such as retail, construction, and transportation. Thus, the demand for IT services is high and it contributes to more revenue generation in North America.

Europe is expected to showcase strong growth in the adoption of IT services during the forecast period.

Europe is expected to showcase strong growth in the adoption of IT services during the forecast period backed by high adoption of professional and managed services, increasing security investment, and rising adoption of smart technologies. IT services have become more data-driven and real-time due to developments of the cloud-based platform, producing higher value for the company, particularly in the areas of operational efficiency, business opportunity identification, and remote access optimization. This is further expected to contribute to the growth of the regional market.

Browse through Grand View Research’s Network Security Industry Research Reports.

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Key Companies

The key players in the global IT services market include –  Accenture PLC, Tata Consultancy Services Limited, Cognizant Technology Solutions Corporation, Wipro Limited, HCL Technologies Limited, Capgemini SE, IBM Corporation, Infosys Limited, DXC Technologies, and NTT Data Corporation.

The market is characterized by the existence of established as well as new companies. Most of the companies operating in the market have adopted different strategies such as collaborations, partnerships, mergers & acquisitions, and joint ventures to reinforce their position in the global market and to gain maximum market share. 

Order a free sample PDF of the IT Services Market Intelligence Study, published by Grand View Research.