PUBLISHER: MarketLine | PRODUCT CODE: 1486394
PUBLISHER: MarketLine | PRODUCT CODE: 1486394
Global IT Services industry profile provides top-line qualitative and quantitative summary information including: industry size (value , and forecast to 2028). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the industry.
The IT services market involves the design, development, implementation, management, and support of information technology systems and applications for organizations. Market values include revenues generated from (a) signed deals that remain under contract and (b) new contracts signed within that calendar year.
The market is segmented into BPO services, application services, and infrastructure services.
The BPO services segment includes customer relationship management (CRM), finance and accounting, human resources, knowledge process outsourcing, and procurement and supply chain.
The application services segment covers application development, application management, and application performance monitoring.
The infrastructure services segment includes cloud computing, data center & hosting services, IT management, managed security services, and storage services.
All market data and forecasts are adjusted for inflation and all currency conversions used in the creation of this report have been calculated using yearly annual average exchange rates.
The global IT services industry registered revenues of $1,612.2 billion in 2023, representing a compound annual growth rate (CAGR) of 8.2% between 2018 and 2023.
The infrastructure services segment accounted for the industry's largest proportion in 2023, with total revenues of $1,014.7 billion, equivalent to 62.9% of the industry's overall value.
The industry growth is being driven by growing digitalization and technological adoption by businesses.