IT Services Market Worth $186.4 Billion By 2028 | CAGR 9.5%

 IT Services Industry Overview

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. 

 

IT Services Market Segmentation

Grand View Research has segmented the IT services market based on type and region: 

Based on the, the market is segmented into Security Outsourcing, IT Support, Managed Security Services, Systems and Network Implementations, Security Strategy and Planning 

  • The managed security services segment dominated the market and contributed a revenue share of around 45% in 2021 and is forecast to grow at a CAGR of 10.0% from 2022 to 2028. According to an NTT Ltd. commissioned report by IDG, nearly 55% of the businesses are looking for managed service providers to choose for their value-added services and decrease security risks, which have augmented multifold since the outbreak of the COVID-19 pandemic as personnel is working remotely, also business partners and clients are dependent completely on electronic communication. Thus, the demand for managed security services was high and contributed more to the market revenue.
  • The security outsourcing segment is expected to witness the 2ndhighest CAGR of 9.7% from 2022 to 2028. In the first half of 2019, data breaches exposed over 4.1 billion records. The constantly increasing number of cyberattacks is a key concern for business owners globally. Security outsourcing is more economical compared to in-house IT security. Due to this small and mid-sized businesses frequently opt to outsource their security Thus, the security outsourcing demand is increasing rapidly and is expected to grow at a considerable CAGR during the forecast period. 

 

IT Services Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Central & South America
  • Middle East & Africa

 

Key Companies Profile & Market Share Insights

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.

Some of the prominent 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
  • NTT Data Corporation

 

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

 

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