IT Professional Services Global Market Report 2024

IT professional services encompass the process of organizing, supplying, functioning, and managing IT solutions for clients, as instructed using guidelines, systems, and practices designed by a business or enterprise.

Professional IT services encompass project-oriented services, information technology outsourcing (ITO) services, IT support and training services, and enterprise cloud computing services. Enterprise cloud computing services offer businesses access to virtualized IT resources from public or private cloud service providers on a pay-per-use basis. These services can be deployed on-premises or in the cloud and are utilized by technology companies, consulting firms, marketing and communications companies, and other end-users.

The it professional services market size has grown strongly in recent years. It will grow from $845.56 billion in 2023 to $923.46 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth in the historic period can be attributed to proliferation of mobile devices, growing cybersecurity concerns, outsourcing trends, remote work enablement, rise of the internet.

The it professional services market size is expected to see strong growth in the next few years. It will grow to $1348.26 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%. The growth in the forecast period can be attributed to rollout of 5g networks, proliferation of iot devices, adoption of ar/vr technologies, remote work support, growing emphasis on sustainability. Major trends in the forecast period include ai-driven automation, cybersecurity innovation, hybrid cloud solutions, cross-platform integration, user-friendly it solutions.

The it professional services market size has grown strongly in recent years. It will grow from $845.56 billion in 2023 to $923.46 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth in the historic period can be attributed to several factors, including the proliferation of mobile devices, which has expanded connectivity and access to digital services. Growing cybersecurity concerns have driven investment in protective measures and technologies to safeguard data and systems. Outsourcing trends have also contributed, as businesses seek to optimize costs and access specialized skills. Remote work enablement has become increasingly important, especially with the rise of the internet, allowing for flexible work arrangements and collaboration across geographies.

The it professional services market size is expected to see strong growth in the next few years. It will grow to $1348.26 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%. The anticipated growth in the forecast period can be attributed to the rollout of 5G networks, the proliferation of IoT devices, the adoption of AR/VR technologies, support for remote work, and the growing emphasis on sustainability. Major trends expected in this period include AI-driven automation, innovation in cybersecurity, the adoption of hybrid cloud solutions, cross-platform integration, and the development of user-friendly IT solutions.

The rising need for digital upgrades in businesses is anticipated to drive the expansion of the IT professional services market in the future. A digital upgrade can involve purchasing a new platform or updating existing systems to address technological challenges. These upgrades often result in time savings for staff, reduced system downtime, and improved end-user experiences. PTC reported that over 52% of companies had completed digital transformations or were in the process of doing so in 2021. This trend indicates a significant market opportunity for IT professional services as businesses continue to prioritize digital upgrades to remain competitive. Therefore, the increasing demand for digital upgrades in businesses is expected to fuel the growth of the IT professional services market.

The expected rise in cyberattacks is poised to drive the growth of the IT professional services market in the foreseeable future. Cyberattacks involve deliberate and malicious attempts to exploit vulnerabilities in computer systems, networks, or digital devices, aiming to gain unauthorized access, disrupt operations, steal sensitive information, or cause damage. IT professional services used to combat cyberattacks encompass cybersecurity consulting, penetration testing, and incident response. These services enable organizations to assess vulnerabilities, develop robust security strategies, and respond effectively to security incidents, ensuring a proactive and resilient cybersecurity approach. For instance, data from the Australian Cyber Security Centre in February 2023 revealed that cybercrime reports received in 2022 reached 76,000, indicating a nearly 13% increase from the previous financial year. Consequently, the escalating number of cyberattacks serves as a significant driver propelling the growth of the IT professional services market, as organizations seek comprehensive solutions and strategies to combat evolving cybersecurity threats.

Technological advancement is indeed a significant trend reshaping the landscape of IT professional services. One notable example is VMware Inc.'s initiative in October 2021, where they introduced Cross-Cloud services tailored for multi-cloud management. This suite of integrated services was designed to offer a swifter and more intelligent transition to the cloud for digital businesses. By utilizing VMware Cross-Cloud services, customers gained the capability to construct, operate, and fortify applications across diverse cloud infrastructures, empowering them with the freedom and flexibility to navigate through multiple cloud environments. This service not only expedited cloud adoption but also facilitated cost-effectiveness, flexibility, and control, offering customers a unified platform to efficiently manage and oversee multiple clouds.

Major players in the IT professional services sector are creating fresh solutions such as enterprise AI frameworks to secure a competitive edge. An enterprise AI framework is a comprehensive, structured strategy or set of principles that an organization adopts to implement artificial intelligence (AI) solutions across its operations. For example, in July 2023, iOPEX Technologies, a US-based digital transformation company, introduced iOPEX.AI, an advanced Enterprise AI framework intended to empower businesses to realize their full potential through digital innovation. This framework utilizes enterprise data and incorporates both closed-loop and open-loop machine learning models, enabling organizations to construct a comprehensive repository of long-term memory. This state-of-the-art technology supports the development of intelligent applications that can be deployed across the enterprise, providing valuable insights, optimizing operations, and enhancing overall efficiency. iOPEX.AI aims to drive intelligent decision-making, enhance customer experiences, and foster business growth while offering simplicity and scalability in constructing AI solutions from scratch. The framework seamlessly integrates with existing data, systems, and workflows, ensuring a smooth transition into an AI-driven future and positioning iOPEX as a leader in delivering cutting-edge Generative AI technologies to its clients.

In August 2022, Flotek, a US-based company providing IT and managed services, acquired Gower Business Systems for an undisclosed amount. This acquisition was intended to expand Flotek's client base and enhance the technology offerings for existing Gower Business Systems clients, particularly through the implementation of new technologies such as cloud computing. Gower Business Systems, based in the UK, is known for its expertise in IT professional services.

Major companies operating in the it professional services market report are Microsoft Corporation, Intel Corporation, Accenture PLC, International Business Machines Corporation, Deloitte Touche Tohmatsu Limited, Cisco Systems Inc., Ernst & Young Global Limited, Oracle Corporation, KPMG International Ltd., Salesforce Inc., Tata Consultancy Services Limited, Hewlett Packard Enterprise Company, Fujitsu Limited, Larsen & Toubro Infotech Limited, Capgemini SE, Cognizant Technology Solutions Corporation, Infosys Limited, Adobe Inc., DXC Technology Company, Atos SE, VMware Inc., Wipro Limited, CGI Inc., HCL Technologies Limited, Tech Mahindra Limited, Mphasis Limited, Mindtree Limited, Hexaware Technologies Limited, Syntel Inc., Datto Inc.

North America was the largest region in the IT professional services market share in 2023. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the it professional services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the it professional services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The IT professional services market includes revenues earned by entities by providing services including IT consulting services, technology training services, freelancers, standard technical support, and other services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

IT Professional Services Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on it professional services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for it professional services ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The it professional services market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Type: Project-Oriented Services; ITO Services; IT Support And Training Services; Enterprise Cloud Computing Services
• 2) By Deployment: On-Premise; Cloud
• 3) By End-Use: Technology Companies; Consulting Companies; Marketing And Communication Companies; Other End-Users
• Companies Mentioned: Microsoft Corporation; Intel Corporation; Accenture plc; International Business Machines Corporation; Deloitte Touche Tohmatsu Limited
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.