IT Services Market size to grow by USD 402.79 billion from 2022 to 2027, APAC to account for 49% of the market growth - Technavio

NEW YORK, May 29, 2023 /PRNewswire/ -- The IT services market size is set to grow by USD 402.79 billion between 2022 and 2027 and register a CAGR of 5.57%, according to Technavio's latest market research report estimates. With a focus on identifying dominant industry influencers, Technavio's reports present a detailed study by way of synthesis, and summation of data from multiple sources. This report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment.

Technavio offers an up-to-date analysis of the current global market scenario and the overall market environment. View Sample Report

Factors such as the growing adoption of edge data centers, the need to adhere to regulatory guidelines and ensure compliance, and the growing demand for IoT and big data operations will offer immense growth opportunities. To leverage the current opportunities, market vendors must strengthen their foothold in the fast-growing segments, while maintaining their positions in the slow-growing segments. The IT services market is fragmented, and the degree of fragmentation will accelerate during the forecast period.

IT Services Market 2023-2027: Segmentation

• Service 
• IT Consulting And Other Services: The market share growth by the IT consulting and other services segment will be significant during the forecast period. The IT consulting and other services segment was valued at USD 436.36 billion in 2017 and continued to grow until 2021.
• Internet Services And Infrastructure
• Data Processing And Outsources Services
• End-user 
• Technology And Telecommunication
• BFSI
• Travel And Hospitality
• Healthcare
• Others
• Geography 
• APAC: APAC is estimated to contribute 49% to the growth of the global market during the forecast period. Due to the rapid adoption of technology across industries and the influx of small and medium-sized businesses, APAC is a desirable market for IT services.
• North America
• Europe
• South America
• Middle East And Africa

Receive our market sample report now to gain access to the detailed analysis of the IT services market: https://www.technavio.com/talk-to-us?report=IRTNTR70956

IT Services Market 2023-2027: Vendor Analysis and Scope

Some of the major vendors of the It services market in data processing and outsourced Services
industry include Accenture Plc, Cognizant Technology Solutions Corp., Dell Technologies Inc., DXC Technology Co., Fujitsu Ltd., HCL Technologies Ltd., Hewlett Packard Enterprise Co., Huawei Technologies Co. Ltd., Infosys Ltd., International Business Machines Corp., LTIMindtree Ltd., Microsoft Corp., Nokia Corp., Oracle Corp., Tata Consultancy Services Ltd., Tech Mahindra Ltd., Telefonaktiebolaget LM Ericsson, Toshiba Corp., Wipro Ltd., and Zunesis Inc. 

To help businesses improve their market position, Technavio's report provides a detailed analysis of around 15+ vendors operating in the market. To leverage the current opportunities, market vendors must strengthen their foothold in the fast-growing segments, while maintaining their positions in the slow-growing segments. Backed with competitive intelligence and benchmarking, our research reports on the IT services market are designed to provide entry support, customer profile & M&As as well as go-to-market strategy support.

The report also covers the following areas:

• IT Services Market size
• IT Services Market trends
• IT Services Market industry analysis

Market Drivers

• Growing adoption of edge data centers
• Need to adhere to regulatory guidelines and ensure compliance
• Growing demand for IoT and big data operations

Market Trends

• The emergence of AI in information management
• Integration of big data in information provider offerings
• Growing BFSI sector and go-green initiatives

Market Challenges

• Risks involved in outsourcing
• Shortage of domain expertise
• Lack of quality standards in SLAs

Get lifetime access to our Technavio Insights. Subscribe now to our most popular "Lite Plan" billed annually at USD 5000. View 3 reports monthly and Download 3 Reports Annually!

IT Services Market 2023-2027: Key Highlights

• CAGR of the market during the forecast period 2023-2027
• Detailed information on factors that will assist IT services market growth during the next five years
• Estimation of the IT services market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the IT services market
• Analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of IT services market vendors

Related Reports:

Shared Services Market- The shared services market size is estimated to grow at a CAGR of 17.64% between 2022 and 2027. The market size is forecast to increase by USD 156.78 billion. 

Consumer Network Attached Storage (NAS) Market- The Consumer Network Attached Storage (NAS) Market size is estimated to grow at a CAGR of 12.11% between 2022 and 2027. The market size is forecast to increase by USD 28,222.02 million.

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary ? Chart on Market Overview
• Exhibit 02: Executive Summary ? Data Table on Market Overview
• Exhibit 03: Executive Summary ? Chart on Global Market Characteristics
• Exhibit 04: Executive Summary ? Chart on Market by Geography
• Exhibit 05: Executive Summary ? Chart on Market Segmentation by Service
• Exhibit 06: Executive Summary ? Chart on Market Segmentation by End-user
• Exhibit 07: Executive Summary ? Chart on Incremental Growth
• Exhibit 08: Executive Summary ? Data Table on Incremental Growth
• Exhibit 09: Executive Summary ? Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022 

• 3.4 Market outlook: Forecast for 2022-2027
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ billion)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ billion)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global IT services market 2017 - 2021
• Exhibit 18: Historic Market Size ? Data Table on Global IT services market 2017 - 2021 ($ billion)

• 4.2 Service Segment Analysis 2017 - 2021
• Exhibit 19: Historic Market Size ? Service Segment 2017 - 2021 ($ billion)

• 4.3 Product Segment Analysis 2017 - 2021
• Exhibit 20: Historic Market Size ? Product Segment 2017 - 2021 ($ billion)

• 4.4 Geography Segment Analysis 2017 - 2021
• Exhibit 21: Historic Market Size ? Geography Segment 2017 - 2021 ($ billion)

• 4.5 Country Segment Analysis 2017 - 2021
• Exhibit 22: Historic Market Size ? Country Segment 2017 - 2021 ($ billion)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers ? Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers ? Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants ? Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes ? Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry ? Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Service

• 6.1 Market segments 
• Exhibit 30: Chart on Service - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Service - Market share 2022-2027 (%)

• 6.2 Comparison by Service 
• Exhibit 32: Chart on Comparison by Service
• Exhibit 33: Data Table on Comparison by Service

• 6.3 IT consulting and other services - Market size and forecast 2022-2027 
• Exhibit 34: Chart on IT consulting and other services - Market size and forecast 2022-2027 ($ billion)
• Exhibit 35: Data Table on IT consulting and other services - Market size and forecast 2022-2027 ($ billion)
• Exhibit 36: Chart on IT consulting and other services - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on IT consulting and other services - Year-over-year growth 2022-2027 (%)

• 6.4 Internet services and infrastructure - Market size and forecast 2022-2027 
• Exhibit 38: Chart on Internet services and infrastructure - Market size and forecast 2022-2027 ($ billion)
• Exhibit 39: Data Table on Internet services and infrastructure - Market size and forecast 2022-2027 ($ billion)
• Exhibit 40: Chart on Internet services and infrastructure - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Internet services and infrastructure - Year-over-year growth 2022-2027 (%)

• 6.5 Data processing and outsources services - Market size and forecast 2022-2027 
• Exhibit 42: Chart on Data processing and outsources services - Market size and forecast 2022-2027 ($ billion)
• Exhibit 43: Data Table on Data processing and outsources services - Market size and forecast 2022-2027 ($ billion)
• Exhibit 44: Chart on Data processing and outsources services - Year-over-year growth 2022-2027 (%)
• Exhibit 45: Data Table on Data processing and outsources services - Year-over-year growth 2022-2027 (%)

• 6.6 Market opportunity by Service 
• Exhibit 46: Market opportunity by Service ($ billion)
• Exhibit 47: Data Table on Market opportunity by Service ($ billion)

7 Market Segmentation by End-user

• 7.1 Market segments 
• Exhibit 48: Chart on End-user - Market share 2022-2027 (%)
• Exhibit 49: Data Table on End-user - Market share 2022-2027 (%)

• 7.2 Comparison by End-user 
• Exhibit 50: Chart on Comparison by End-user
• Exhibit 51: Data Table on Comparison by End-user

• 7.3 Technology and telecommunication - Market size and forecast 2022-2027 
• Exhibit 52: Chart on Technology and telecommunication - Market size and forecast 2022-2027 ($ billion)
• Exhibit 53: Data Table on Technology and telecommunication - Market size and forecast 2022-2027 ($ billion)
• Exhibit 54: Chart on Technology and telecommunication - Year-over-year growth 2022-2027 (%)
• Exhibit 55: Data Table on Technology and telecommunication - Year-over-year growth 2022-2027 (%)

• 7.4 BFSI - Market size and forecast 2022-2027
• Exhibit 56: Chart on BFSI - Market size and forecast 2022-2027 ($ billion)
• Exhibit 57: Data Table on BFSI - Market size and forecast 2022-2027 ($ billion)
• Exhibit 58: Chart on BFSI - Year-over-year growth 2022-2027 (%)
• Exhibit 59: Data Table on BFSI - Year-over-year growth 2022-2027 (%)

• 7.5 Travel and hospitality - Market size and forecast 2022-2027 
• Exhibit 60: Chart on Travel and hospitality - Market size and forecast 2022-2027 ($ billion)
• Exhibit 61: Data Table on Travel and hospitality - Market size and forecast 2022-2027 ($ billion)
• Exhibit 62: Chart on Travel and hospitality - Year-over-year growth 2022-2027 (%)
• Exhibit 63: Data Table on Travel and hospitality - Year-over-year growth 2022-2027 (%)

• 7.6 Healthcare - Market size and forecast 2022-2027
• Exhibit 64: Chart on Healthcare - Market size and forecast 2022-2027 ($ billion)
• Exhibit 65: Data Table on Healthcare - Market size and forecast 2022-2027 ($ billion)
• Exhibit 66: Chart on Healthcare - Year-over-year growth 2022-2027 (%)
• Exhibit 67: Data Table on Healthcare - Year-over-year growth 2022-2027 (%)

• 7.7 Others - Market size and forecast 2022-2027
• Exhibit 68: Chart on Others - Market size and forecast 2022-2027 ($ billion)
• Exhibit 69: Data Table on Others - Market size and forecast 2022-2027 ($ billion)
• Exhibit 70: Chart on Others - Year-over-year growth 2022-2027 (%)
• Exhibit 71: Data Table on Others - Year-over-year growth 2022-2027 (%)

• 7.8 Market opportunity by End-user 
• Exhibit 72: Market opportunity by End-user ($ billion)
• Exhibit 73: Data Table on Market opportunity by End-user ($ billion)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 74: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 75: Chart on Market share by geography 2022-2027 (%)
• Exhibit 76: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 77: Chart on Geographic comparison
• Exhibit 78: Data Table on Geographic comparison

• 9.3 APAC - Market size and forecast 2022-2027
• Exhibit 79: Chart on APAC - Market size and forecast 2022-2027 ($ billion)
• Exhibit 80: Data Table on APAC - Market size and forecast 2022-2027 ($ billion)
• Exhibit 81: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.4 North America - Market size and forecast 2022-2027
• Exhibit 83: Chart on North America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 84: Data Table on North America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 85: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.5 Europe - Market size and forecast 2022-2027
• Exhibit 87: Chart on Europe - Market size and forecast 2022-2027 ($ billion)
• Exhibit 88: Data Table on Europe - Market size and forecast 2022-2027 ($ billion)
• Exhibit 89: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.6 South America - Market size and forecast 2022-2027
• Exhibit 91: Chart on South America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 92: Data Table on South America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 93: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 95: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
• Exhibit 96: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
• Exhibit 97: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 US - Market size and forecast 2022-2027
• Exhibit 99: Chart on US - Market size and forecast 2022-2027 ($ billion)
• Exhibit 100: Data Table on US - Market size and forecast 2022-2027 ($ billion)
• Exhibit 101: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.9 China - Market size and forecast 2022-2027
• Exhibit 103: Chart on China - Market size and forecast 2022-2027 ($ billion)
• Exhibit 104: Data Table on China - Market size and forecast 2022-2027 ($ billion)
• Exhibit 105: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 106: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.10 UK - Market size and forecast 2022-2027
• Exhibit 107: Chart on UK - Market size and forecast 2022-2027 ($ billion)
• Exhibit 108: Data Table on UK - Market size and forecast 2022-2027 ($ billion)
• Exhibit 109: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 110: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.11 Germany - Market size and forecast 2022-2027
• Exhibit 111: Chart on Germany - Market size and forecast 2022-2027 ($ billion)
• Exhibit 112: Data Table on Germany - Market size and forecast 2022-2027 ($ billion)
• Exhibit 113: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 114: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.12 Japan - Market size and forecast 2022-2027
• Exhibit 115: Chart on Japan - Market size and forecast 2022-2027 ($ billion)
• Exhibit 116: Data Table on Japan - Market size and forecast 2022-2027 ($ billion)
• Exhibit 117: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 118: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 119: Market opportunity by geography ($ billion)
• Exhibit 120: Data Tables on Market opportunity by geography ($ billion)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers 

• 10.2 Market challenges 

• 10.3 Impact of drivers and challenges 
• Exhibit 121: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends 

11 Vendor Landscape

• 11.1 Overview 

• 11.2 Vendor landscape 
• Exhibit 122: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 123: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 124: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 125: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 126: Matrix on vendor position and classification

• 12.3 Accenture Plc 
• Exhibit 127: Accenture Plc - Overview
• Exhibit 128: Accenture Plc - Business segments
• Exhibit 129: Accenture Plc - Key offerings
• Exhibit 130: Accenture Plc - Segment focus

• 12.4 Cognizant Technology Solutions Corp.
• Exhibit 131: Cognizant Technology Solutions Corp. - Overview
• Exhibit 132: Cognizant Technology Solutions Corp. - Business segments
• Exhibit 133: Cognizant Technology Solutions Corp. - Key news
• Exhibit 134: Cognizant Technology Solutions Corp. - Key offerings
• Exhibit 135: Cognizant Technology Solutions Corp. - Segment focus

• 12.5 DXC Technology Co. 
• Exhibit 136: DXC Technology Co. - Overview
• Exhibit 137: DXC Technology Co. - Business segments
• Exhibit 138: DXC Technology Co. - Key news
• Exhibit 139: DXC Technology Co. - Key offerings
• Exhibit 140: DXC Technology Co. - Segment focus

• 12.6 Fujitsu Ltd. 
• Exhibit 141: Fujitsu Ltd. - Overview
• Exhibit 142: Fujitsu Ltd. - Business segments
• Exhibit 143: Fujitsu Ltd. - Key news
• Exhibit 144: Fujitsu Ltd. - Key offerings
• Exhibit 145: Fujitsu Ltd. - Segment focus

• 12.7 HCL Technologies Ltd. 
• Exhibit 146: HCL Technologies Ltd. - Overview
• Exhibit 147: HCL Technologies Ltd. - Business segments
• Exhibit 148: HCL Technologies Ltd. - Key news
• Exhibit 149: HCL Technologies Ltd. - Key offerings
• Exhibit 150: HCL Technologies Ltd. - Segment focus

• 12.8 Hewlett Packard Enterprise Co. 
• Exhibit 151: Hewlett Packard Enterprise Co. - Overview
• Exhibit 152: Hewlett Packard Enterprise Co. - Business segments
• Exhibit 153: Hewlett Packard Enterprise Co. - Key news
• Exhibit 154: Hewlett Packard Enterprise Co. - Key offerings
• Exhibit 155: Hewlett Packard Enterprise Co. - Segment focus

• 12.9 Huawei Technologies Co. Ltd. 
• Exhibit 156: Huawei Technologies Co. Ltd. - Overview
• Exhibit 157: Huawei Technologies Co. Ltd. - Business segments
• Exhibit 158: Huawei Technologies Co. Ltd. - Key news
• Exhibit 159: Huawei Technologies Co. Ltd. - Key offerings
• Exhibit 160: Huawei Technologies Co. Ltd. - Segment focus

• 12.10 Infosys Ltd. 
• Exhibit 161: Infosys Ltd. - Overview
• Exhibit 162: Infosys Ltd. - Business segments
• Exhibit 163: Infosys Ltd. - Key news
• Exhibit 164: Infosys Ltd. - Key offerings
• Exhibit 165: Infosys Ltd. - Segment focus

• 12.11 International Business Machines Corp.
• Exhibit 166: International Business Machines Corp. - Overview
• Exhibit 167: International Business Machines Corp. - Business segments
• Exhibit 168: International Business Machines Corp. - Key offerings
• Exhibit 169: International Business Machines Corp. - Segment focus

• 12.12 Microsoft Corp. 
• Exhibit 170: Microsoft Corp. - Overview
• Exhibit 171: Microsoft Corp. - Business segments
• Exhibit 172: Microsoft Corp. - Key news
• Exhibit 173: Microsoft Corp. - Key offerings
• Exhibit 174: Microsoft Corp. - Segment focus

• 12.13 Nokia Corp. 
• Exhibit 175: Nokia Corp. - Overview
• Exhibit 176: Nokia Corp. - Business segments
• Exhibit 177: Nokia Corp. - Key offerings
• Exhibit 178: Nokia Corp. - Segment focus

• 12.14 Oracle Corp. 
• Exhibit 179: Oracle Corp. - Overview
• Exhibit 180: Oracle Corp. - Business segments
• Exhibit 181: Oracle Corp. - Key news
• Exhibit 182: Oracle Corp. - Key offerings
• Exhibit 183: Oracle Corp. - Segment focus

• 12.15 Tata Consultancy Services Ltd. 
• Exhibit 184: Tata Consultancy Services Ltd. - Overview
• Exhibit 185: Tata Consultancy Services Ltd. - Business segments
• Exhibit 186: Tata Consultancy Services Ltd. - Key news
• Exhibit 187: Tata Consultancy Services Ltd. - Key offerings
• Exhibit 188: Tata Consultancy Services Ltd. - Segment focus

• 12.16 Telefonaktiebolaget LM Ericsson 
• Exhibit 189: Telefonaktiebolaget LM Ericsson - Overview
• Exhibit 190: Telefonaktiebolaget LM Ericsson - Business segments
• Exhibit 191: Telefonaktiebolaget LM Ericsson - Key news
• Exhibit 192: Telefonaktiebolaget LM Ericsson - Key offerings
• Exhibit 193: Telefonaktiebolaget LM Ericsson - Segment focus

• 12.17 Toshiba Corp. 
• Exhibit 194: Toshiba Corp. - Overview
• Exhibit 195: Toshiba Corp. - Business segments
• Exhibit 196: Toshiba Corp. - Key news
• Exhibit 197: Toshiba Corp. - Key offerings
• Exhibit 198: Toshiba Corp. - Segment focus

13 Appendix

• 13.1 Scope of the report 

• 13.2 Inclusions and exclusions checklist
• Exhibit 199: Inclusions checklist
• Exhibit 200: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 201: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 202: Research methodology
• Exhibit 203: Validation techniques employed for market sizing
• Exhibit 204: Information sources

• 13.5 List of abbreviations 
• Exhibit 205: List of abbreviations

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio