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Definition: The IT Services market encompasses a wide range of services used by organizations to create, manage, and deliver information, and it includes services that provide assistance with various other business functions. The primary goal of IT services is to ensure that information technology infrastructure, applications, and systems are effectively implemented, operated, and optimized to support an organization's business objectives and requirements. The specific range of services offered may vary depending on the service provider and the client's requirements.
IT Services contains four distinct markets that are based on different services:
The IT Services market comprises revenues, revenue change, average spend per employee, and a list of the key players in the market and their consolidated revenues. Market values represent revenues that are generated by primary vendors either directly or through distribution channels at the manufacturer price level (excluding VAT). Reported market revenues include spending by enterprises (B2B) and governments (B2G). Detailed definitions of each market can be found on the respective page where the market data is displayed. Key players in the market include IBM, Cognizant, Hewlett Packard Enterprise, and TCS.
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Notes: Data was converted from local currencies using average exchange rates of the respective year.
Average Spend per Employee by Segment
The IT industry is experiencing constant development, and new trends are emerging year after year, making the market one of the most significantly growing markets in the technology industry.
Accelerated by the COVID-19 pandemic, many organizations have recognized the need for digital adoption in their business activities (e.g., remote work support, software support, and data security). In order to embrace new technological solutions in a fast, modern, and innovative way, more companies are likely to use external support. There has been a steady increase in demand for IT services that ensure business continuity and strengthen business resilience to weather future disruption. This is the reason why the growth rate of IT services has been on a growth trajectory since 2021. With ongoing digital transformation and automated business processes, the global IT Services market is expected to reach approximately US$1,771 billion in 2028.
Cloud technology will continue to expand and gradually become a foundation of digital transformation. The increasing demand for cloud services and infrastructure upgrading activities is significantly driving the demand for managed IT services across the emerging market.
Sources: Statista Market Insights , Financial Statements of Key Players , National statistical offices
Notes: Based on data from IMF, World Bank, UN and Eurostat
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