IT Services - G7

  • G7
  • Revenue in the IT Services market is projected to reach US$907.70bn in 2024.
  • IT Outsourcing dominates the market with a projected market volume of US$351.00bn in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.48%, resulting in a market volume of US$1,185.00bn by 2029.
  • The average Spend per Employee in the IT Services market is projected to reach US$2.25k in 2024.
  • In global comparison, most revenue will be generated in the United States (US$522.00bn in 2024).

Key regions: United States, China, India, Japan, Germany

 
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Analyst Opinion

The IT Services market in G7 has been experiencing significant growth in recent years, driven by various factors such as increasing demand for cloud computing, big data analytics, and digital transformation.

Customer preferences:
Customers in G7 countries are increasingly seeking IT services that can help them achieve their digital transformation goals. This has led to a rise in demand for services such as cloud computing, cybersecurity, and big data analytics. Additionally, customers are looking for IT services providers that can offer customized solutions that cater to their unique business requirements.

Trends in the market:
In the United States, the IT Services market has been growing rapidly, driven by the increasing adoption of cloud computing and big data analytics. The market is also witnessing a rise in demand for cybersecurity services, as businesses look to protect themselves from cyber threats. In Japan, the IT Services market is being driven by the government's push towards digital transformation, which has led to an increase in demand for services such as cloud computing and IoT. In Germany, the market is being driven by the country's focus on Industry 4.0, which has led to an increase in demand for services such as automation and robotics.

Local special circumstances:
In France, the IT Services market is being driven by the government's focus on digitalization, which has led to an increase in demand for services such as cloud computing and big data analytics. In Canada, the IT Services market is being driven by the country's focus on innovation, which has led to an increase in demand for services such as IoT and AI. In Italy, the market is being driven by the country's focus on digitalization, which has led to an increase in demand for services such as cybersecurity and cloud computing.

Underlying macroeconomic factors:
The IT Services market in G7 is being driven by various macroeconomic factors such as increasing globalization, rising disposable incomes, and technological advancements. Additionally, the increasing adoption of cloud computing and big data analytics is driving the growth of the market, as businesses look to leverage these technologies to improve their operations and gain a competitive advantage. The ongoing COVID-19 pandemic has also accelerated the adoption of digital technologies, leading to an increase in demand for IT services across various industries.

Methodology

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.

Overview

  • Revenue
  • Key Players
  • Analyst Opinion
  • Global Comparison
  • Methodology
  • Key Market Indicators
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