IT Services

Revenue in the IT Services market is projected to reach US$12.20bn in 2024.
IT Outsourcing dominates the market with a projected market volume of US$4.06bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.16%, resulting in a market volume of US$15.68bn by 2029.
The average Spend per Employee in the IT Services market is projected to reach US$105.30 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

The IT Services market in CIS is experiencing growth and development due to various underlying macroeconomic factors and local special circumstances.

Customer preferences: Customers in CIS are increasingly demanding IT services that are customized to their specific needs. They are looking for service providers who can offer a range of services, including cloud computing, cybersecurity, and data analytics. Additionally, customers are seeking IT services that are cost-effective and provide a quick return on investment.

Trends in the market: One of the major trends in the IT Services market in CIS is the increasing adoption of cloud computing. This trend is driven by the need for cost-effective and scalable IT solutions that can be easily accessed from anywhere. Another trend in the market is the growing demand for cybersecurity services, which is due to the increasing number of cyber threats and attacks. Finally, there is a trend towards the use of data analytics to improve business operations and decision-making processes.

Local special circumstances: One of the special circumstances in the CIS region is the high level of IT expertise and talent. This has led to the development of a thriving IT industry, with many local companies offering IT services to both domestic and international clients. Additionally, the region's strategic location between Europe and Asia has made it an attractive destination for IT outsourcing.

Underlying macroeconomic factors: The IT Services market in CIS is being driven by several underlying macroeconomic factors. One of these factors is the region's growing economy, which is creating opportunities for businesses to invest in IT services. Additionally, the increasing adoption of technology in various industries is driving demand for IT services. Furthermore, the region's large population and growing middle class are creating a strong demand for IT services, particularly in areas such as e-commerce and mobile applications.In conclusion, the IT Services market in CIS is experiencing growth and development due to a range of factors, including customer preferences, local special circumstances, and underlying macroeconomic factors. The increasing adoption of cloud computing, cybersecurity, and data analytics, along with the region's high level of IT expertise and talent, are driving the growth of the market. As the region's economy continues to grow and technology becomes increasingly important in various industries, the demand for IT services is expected to continue to increase.

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.