IT Services - Peru

Peru

Revenue in the IT Services market is projected to reach US$1,509.00m in 2024.
IT Outsourcing dominates the market with a projected market volume of US$551.00m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 6.22%, resulting in a market volume of US$2,040.00m by 2029.
The average Spend per Employee in the IT Services market is projected to reach US$82.40 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

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.

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Analyst Opinion

The IT Services market in Peru has been experiencing steady growth over the past few years.

Customer preferences: Peruvian customers are increasingly looking for IT services that can help them improve their business operations and increase efficiency. Many companies in Peru are looking for IT solutions that can help them automate their processes and reduce costs. Additionally, there is a growing demand for cloud-based services, as more businesses are looking to move their operations online.

Trends in the market: One of the key trends in the IT Services market in Peru is the increasing adoption of cloud-based services. Many businesses are looking to move their operations online and are looking for cloud-based solutions that can help them do so. Additionally, there is a growing demand for IT consulting services, as businesses are looking for expert advice on how to improve their IT infrastructure and operations.

Local special circumstances: One of the unique factors in the Peruvian market is the large number of small and medium-sized businesses. These businesses often have limited budgets and are looking for cost-effective IT solutions that can help them compete with larger companies. As a result, there is a growing demand for IT services that are tailored to the needs of smaller businesses.

Underlying macroeconomic factors: The Peruvian economy has been growing steadily over the past few years, which has helped to fuel the growth of the IT Services market. Additionally, there is a growing awareness of the importance of technology in driving business growth and innovation. As a result, many businesses are investing in IT services to help them stay competitive in the market.

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.