IT Services

Revenue in the IT Services market is projected to reach US$128.90m in 2024.
IT Outsourcing dominates the market with a projected market volume of US$50.57m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 6.59%, resulting in a market volume of US$177.40m by 2029.
The average Spend per Employee in the IT Services market is projected to reach US$93.26 in 2024.
In global comparison, most revenue will be generated United States (US$522.00bn in 2024).

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.

Structure:

IT Services contains four distinct markets that are based on different services:

IT Consulting & Implementation covers advisory services that help businesses evaluate their technology strategies and align them with their business strategies or internal processes.
Business Process Outsourcing (BPO) refers to the transfer of entire business processes or individual activities from a company to a third party and is often IT based. BPO covers a wide variety of business processes, usually either in the back office (e.g., human resources) or in the front office (e.g., customer service in call centers).
IT Outsourcing refers to the external contracting of all IT-related services instead of relying on company-owned resources. In an IT context, these activities include IT administration, IT application, and web hosting services.
The Other IT Services market covers revenues for areas that are not specifically mentioned in the other markets, such as system integration, software installation and support, and IT education and training.

Additional Information:

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.

For more information on the data displayed, use the info button right next to the boxes.

IT consulting & implementation, such as Accenture, Hitachi, and Hewlett Packard Enterprise
Business process outsourcing, such as IBM, Infosys, and NTT Data
IT outsourcing, such as Capgemini, Cognizant, and Fujitsu
System integration services, such as Deloitte, CGI, and Tata Consultancy Services
IT training & education, such as Skillsoft, LinkedIn Learning, and NIIT

Infrastructure as a service, such as Microsoft Azure, Alibaba Cloud, and DigitalOcean
Platform as a service, such as Microsoft Azura, Google Cloud, and Engine Yard
Software as a service, such as Oracle Cloud Applications, Google Workspace, and Workday
Support or maintenance of company-owned software products

Albania, a small country in the Balkans, has seen steady growth in its IT Services market in recent years.

Customer preferences: Albanian businesses have shown a growing interest in IT services, including software development, web design, and digital marketing. This trend is driven by the increasing need for businesses to have a strong online presence and to keep up with the latest technological advancements. In addition, many Albanian businesses are looking to outsource their IT services to third-party providers, which has led to the growth of the outsourcing industry in the country.

Trends in the market: One of the major trends in the IT Services market in Albania is the increasing demand for cloud computing services. This trend is driven by the need for businesses to have access to scalable and cost-effective IT infrastructure. Another trend is the growing popularity of mobile applications, which has led to an increase in demand for mobile app development services. In addition, there has been a growing interest in cybersecurity services, as businesses are becoming more aware of the risks associated with cyber threats.

Local special circumstances: Albania has a relatively small IT Services market compared to other countries in the region, which means that there is significant potential for growth. However, the market is also highly competitive, with many local and international providers vying for business. In addition, the country's infrastructure and connectivity can be a challenge for IT service providers, particularly those operating in remote areas.

Underlying macroeconomic factors: Albania has experienced steady economic growth in recent years, which has helped to drive demand for IT services. In addition, the country has made significant investments in its telecommunications infrastructure, which has improved connectivity and made it easier for businesses to access IT services. However, the country still faces challenges in terms of corruption and bureaucracy, which can make it difficult for businesses to operate.

Data coverage:

The data encompasses B2G, B2B, and B2C enterprises. Figures are based on enterprises' technology spending on products, consulting, and outsourcing services.

Modeling approach / Market size:

Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players in the industry, Statista's primary research and surveys, and IT associations. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, internet users, and telecommunication. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing method is used based on the market data characteristics. The main drivers are the GDP and its sector composition, internet penetration, the level of digitization, and the attitude toward IT security.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Technology market, in a PDF format.

Unseen yet omnipresent, Information Technology (IT) services are the invisible gears driving modern organizations. These services support business operations and digital transformation through outsourcing, managed services, security, data management, and cloud computing. By leveraging these services, companies enhance efficiency, reduce costs, and gain competitive advantages in a digital marketplace. Prominent cloud providers worldwide include Amazon Web Services, Microsoft Azure, Google Cloud, and Alibaba Cloud. In the managed services sector, Oracle, Accenture, and IBM are among the largest providers globally.