GITNUX MARKETDATA REPORT 2024

It Services Industry Statistics [Fresh Research]

Highlights: IT Services Industry Statistics

  • The IT services market share is forecasted to increase to $1.7 trillion by 2025.
  • The Asia Pacific region accounted for around 37.8% of the total IT services market in 2020.
  • In 2020, managed services remained the largest market segment, holding 24% of the market share in the tech industry.
  • The managed IT services sector was predicted to reach $329.1 billion by 2025, with a CAGR of 8.1%.
  • The IT services market in India was expected to witness a growth rate of 6.9% reaching up to $13 billion in 2020.
  • Research highlights that 70% of businesses have already migrated at least one application or a portion of their infrastructure to the cloud.
  • Post-pandemic, 51% of business and IT leaders are focusing on increasing their IT agility.
  • The top three IT services companies in terms of their revenues are Accenture, TCS, and IBM respectively.
  • In 2020, over 60% of IT professionals reported seeing an increase in the demand for their services.
  • The average IT budget allocated for outsourcing was 13.6% in 2021.
  • Approximately 44% of companies intend to increase IT budgets because of the pandemic.
  • Global public cloud IT service revenue will reach over $600 billion by 2023.
  • Enterprises plan to shift an additional 21% of their workloads to the cloud in the next two years.
  • Cybersecurity, cloud computing, and artificial intelligence are the top three technology areas in which businesses are investing.
  • The software-as-a-service (SaaS) market is anticipated to grow over $60.36 billion during 2019-2023.
  • Worldwide spending on IT services and business services exceeded $1 trillion for the first time in 2018.

Table of Contents

The dynamic landscape of the IT Services Industry continues to experience staggering growth and fast-paced changes that shape economies around the globe. Behind the rapid technological advancements lie intriguing numbers and data that speak volumes about the industry’s trajectory.

This blog post unravels comprehensive insights into the IT Services Industry Statistics, providing a detailed analysis of trends, forecasts, and patterns. Whether you’re a digital enthusiast, an IT professional, or a business leader navigating the labyrinth of IT services, our deep dive into the numerical world of IT will offer critical understanding and guidance in maneuvering today’s digital era.

The Latest IT Services Industry Statistics Unveiled

The global IT services market is predicted to grow from $1.16 trillion in 2021 to $1.25 trillion in 2022 at a compound annual growth rate (CAGR) of 8%.

Delving into these numbers offers an insightful journey into the heart of the ever-evolving IT services sector. Notably, the projected leap from a staggering $1.16 trillion in 2021 to an astronomical $1.25 trillion in 2022 is a testament to the industry’s relentless advancements and its profound role in the current digital maze. More startling yet is the compound annual growth rate (CAGR) of 8%. This robust rate unearths a thrilling narrative of continual and rapid adaptation, flourishing innovation, and hefty investments in this sector.

Seen through the lens of a blogger, this powerful statistic is akin to the north star, guiding readers towards an appreciation of the vast potential and valuable opportunities on the horizon in the IT services industry. It also serves as an indispensable tool for tech aficionados and IT professionals alike seeking to navigate, thrive, or even pioneer in this expanding digital universe.

The IT services market share is forecasted to increase to $1.7 trillion by 2025.

Steering the discussion into this interesting forecast, it appears that the trajectory of the IT services industry is akin to a shooting star, targeting a whopping $1.7 trillion market cap by 2025. This lucrative prediction not only underscores the industry’s exponential growth, but also earmarks its developing centrality in world economy.

Considering such an impressive surge in its value signals potential opportunities for businesses, investors, and stakeholders within the sector. This realization could serve as a catalyst for innovation, strategic planning, and investment in IT services, adding a new dimension to discussions on the future of this dynamic industry.

The Asia Pacific region accounted for around 37.8% of the total IT services market in 2020.

Diving into the heart of the digital revolution, we observe that the Asia Pacific region emerges as a titan in the IT services arena. Claiming a staggering 37.8% of the global IT services market in 2020, this illuminates the region’s significant contribution to technological growth and digital transformation worldwide.

This intriguing timescape of numbers draws an image not just of dominance, but of untapped potential for future market expansion. It sets the stage for understanding regional market dynamics, growth drivers, and competitive burdens in blog content centered around IT Services Industry Statistics.

In 2020, managed services remained the largest market segment, holding 24% of the market share in the tech industry.

Unveiling the silent master of the tech industry in 2020, managed services clung on to an impressive share of the pie, commanding 24% of the market. Within the cosmos of IT Services Industry Statistics, this metric provides vibrant insight, spotlighting the magnitude, dominance, and sheer resilience of managed services, even amidst a turbulent economic climate.

It’s like finding a shining diamond of information within a swirling storm of data – it lights the way, directing potential investors to profitable ventures and enabling tech leaders to trace patterns and plot their strategic navigation forward in the vast, rapidly-evolving tech landscape. Moreover, it’s a pulsating testament to the continual rise and relevance of managed services for both consumers and providers within the IT sector, serving as a sturdy pillar that upheld the tech industry during an unpredictable year.

The managed IT services sector was predicted to reach $329.1 billion by 2025, with a CAGR of 8.1%.

Highlighting the forecasted value of the managed IT services sector at $329.1 billion by 2025, coupled with a Compound Annual Growth Rate (CAGR) of 8.1%, underscores the expansive potential and progressive momentum present within the IT services industry. This insight paints a vibrant picture of a sector in significant upwards swing, inviting entrepreneurs, businesses, and investors to capitalize on its growth.

It signals the potential for robust returns for investors and profitable opportunities for existing and aspiring businesses, spearheading a narrative of economic breakthrough and technological advancement. Ultimately, it underscores the industry’s massive influence in shaping the digital economy into 2025 and beyond.

The IT services market in India was expected to witness a growth rate of 6.9% reaching up to $13 billion in 2020.

Unveiling this compelling statistic gives us a glimpse into the mounting strength of India’s IT services industry. More than just numbers, this 6.9% expected growth rate, reaching up to $13 billion in 2020, underscores the accelerating momentum of the tech sector in this region. It pulls the curtain back on the tremendous potential, setting the stage for a narrative about the rise of technology in India’s economic scenery.

Additionally, it’s a beacon that could guide investors, entrepreneurs, and policy makers alike in their strategic decision-making. This proclamation of growth implicitly shines a light on an ecosystem rife with possibilities – be it in job creation, technological innovations or global collaborations.

Research highlights that 70% of businesses have already migrated at least one application or a portion of their infrastructure to the cloud.

Unveiling the impressive figure that 70% of businesses have already migrated at least one application or a part of their infrastructure to the cloud, serves as a powerful testament to the evolving direction of the IT services industry.

This compelling trend spotlights the increasing trust businesses hold in cloud technologies and their growing reliance on these solutions to propel their operations forward. Additionally, such a statistic emphasizes the ongoing transition towards digital transformation, signaling lucrative opportunities for enterprises within the IT service arena to offer innovative solutions and cater to this expanding target market.

Post-pandemic, 51% of business and IT leaders are focusing on increasing their IT agility.

In the realm of IT Services Industry Statistics, the compelling figure of 51% of business and IT leaders pivoting focus towards elevating their IT agility in the post-pandemic world speaks volumes. It highlights the growing urgency and necessity for better adaptability and flexibility in technology infrastructures. Considering the dynamic nature of the IT hemisphere, this piece of information underscores a significant shift in priorities, underlining a key trend to watch out for.

Furthermore, it connotes a fundamental change in the business landscape, dictated by the pandemic’s domino effect, laying the groundwork for future strategies and decision-making in the IT world. Therefore, it drives home the message of resilience and adaptability in an ever-evolving tech-centric environment.

The top three IT services companies in terms of their revenues are Accenture, TCS, and IBM respectively.

The intriguing narrative of the IT services industry is reflected in the financial muscle of these top three companies – Accenture, TCS, and IBM. Their staggering revenue figures serve as a testament to the sector’s influence and dominance, marking them as industry pace-setters. Showing up in the top echelons of the revenue ladder indicates not only scale and reach, but also the trust and regard of businesses worldwide.

When dissecting industry statistics in the field of IT services, their performance stands as a clear benchmark, narrating both the industry’s journey and its promising future. Furthermore, their market stance helps stakeholders understand competitive landscapes, market trends, and strategies, offering valuable insights behind the figures.

In 2020, over 60% of IT professionals reported seeing an increase in the demand for their services.

Emphasizing the ever-evolving terrain of the IT Services Industry, this statistic offers a striking snapshot of the landscape from 2020. Over 60% of IT professionals noticed a rising wave in demand for their services, a clear indicator that IT services are far from arcane. If anything, the thirst for tech-centric solutions is gaining momentum. Embedded within this statistic lies the exciting revelation that IT services are not just essential but increasingly sought after.

This uptick very well might be a harbinger of future trends, showing readers the burgeoning avenues within the IT services industry such as cybersecurity, cloud computing, and AI. Hence, it’s akin to an X-ray image, offering a glimpse into the industry’s robust and dynamic pulse that will shape our technologically driven future.

The average IT budget allocated for outsourcing was 13.6% in 2021.

This intriguing piece of data – ‘The average IT budget allocated for outsourcing was 13.6% in 2021’ – serves as a powerful lighthouse amidst the vast sea of IT Services Industry Statistics. This percentage, more than just a number, offers intriguing insights into the industry’s evolving dynamics and resource allocation strategies.

In the ever-changing terrain of IT services, it indicates the rising emphasis on outsourcing and the trust businesses are placing in external expertise. This pattern illustrates the increasing importance of outsourced professional knowledge in enhancing efficiency, cost-effectiveness, and staying abreast with innovations. It gives readers a clear direction of trends to anticipate, the shifts to prepare for, and strategies to potentially adopt, hence adding a unique flavor to the discourse on IT Services Industry Statistics.

Approximately 44% of companies intend to increase IT budgets because of the pandemic.

The wake of the pandemic has brought about a digital revolution of seismic proportions with this insightful statistic that indicates approximately 44% of companies are aiming to increase their IT budgets. Within the landscape of an IT Services Industry Statistics blog post, this number becomes not just a number, but a trend. It paints a graphic picture depicting the growing significance of IT services in sustaining and amplifying business operations amid pandemic-imposed constraints.

It’s like seeing an altered blueprint of the corporate world where IT budgets aren’t just supportive scaffolds, but vital building blocks of sustainable business infrastructure. Hence, stand witness to this shifting paradigm where companies are no longer looking at IT services as optional expenditures, but essential investments, underscoring the evolving face of the IT services industry in a post-pandemic world.

Global public cloud IT service revenue will reach over $600 billion by 2023.

Highlighting the projected global public cloud IT service revenue of over $600 billion by 2023 essentially serves as the beacon and benchmark of the IT Services Industry’s potential growth. It encapsulates the staggering pace of digital evolution worldwide and the emerging reliance on cloud technology.

These numbers give us a vivid portrayal of the colossal financial scale this industry will ascend to in the near future. Further, it indicates the thriving and lucrative opportunities for businesses in this sector, thereby painting an overarching panorama of the future trajectory for IT services.

Enterprises plan to shift an additional 21% of their workloads to the cloud in the next two years.

Undeniably, the statistic that enterprises anticipate shifting an additional 21% of their workloads to the cloud within the next two years provides a potent pulse-check on the ongoing evolution of the IT Services industry. This switch not only marks an accelerating trend of digital adoption but also underscores the intensifying demand for cloud-based solutions, positioning them as a potent force in shaping the sector’s landscape.

Furthermore, this sizable shift represents a telling nod to the rising confidence in, and reliance on, cloud technologies within the industry, forecasting a future where traditional IT workloads may become the exception rather than the norm. This dynamic change serves as a bellwether for growing business opportunities for IT service providers, hinting at a broadening market horizon teeming with prospects for technology buffs and strategists alike.

Thus, it’s safe to say that this statistic, in essence, acts as a compass that points towards an increasingly interconnected, online, and cloud-centric future for the IT services sector. As such, it’s a crucial consideration for any thoughtful discourse on industry statistics and trends.

Cybersecurity, cloud computing, and artificial intelligence are the top three technology areas in which businesses are investing.

Illustrating the power of numbers in technology trends, this striking statistic underscores the ever-evolving landscape of the IT Services Industry. In an age dominated by digital evolution, this statistic paints a vivid picture of where businesses are placing their technological bets. Cybersecurity’s top rank highlights the universal consciousness regarding the mounting threats in the digital sphere, emphasizing the dire need for robust security measures.

Meanwhile, the robust investments in cloud computing and artificial intelligence reflect the ceaseless quest for efficiency and innovation in business operations. Thus, this statistic serves as a pivotal compass, navigating readers through the dynamic investment trends in the vibrant canvas of the IT Services Industry.

The software-as-a-service (SaaS) market is anticipated to grow over $60.36 billion during 2019-2023.

Drawing attention to the compelling growth projection for the Software-as-service (SaaS) market, an upward surge of over $60.36 billion between 2019 and 2023 signals a seismic shift in the IT Services Industry landscape. Not only does this transformational expansion forecast a bright future for SaaS providers, it simultaneously underlines an evolving industry dynamic, where businesses globally are progressively shifting away from traditional on-premise software models, in favor of more flexible and accessible cloud-based solutions.

Imagine the significance of this statistic when viewed through the lens of an investor, a technology entrepreneur, or even an existing IT service provider – the potential for new business opportunities, investment growth, and strategic diversification are enormous. This trend, essentially, offers powerful insights into the trajectory of the IT industry, forecasting a vibrant, growth-oriented future.

Worldwide spending on IT services and business services exceeded $1 trillion for the first time in 2018.

In considering the towering figure of $1 trillion spent on IT and business services worldwide in 2018, one can truly fathom the lush and fertile landscape of the IT sector – an industry pulsating with vigorous growth and transformative possibilities. Not only does this stellar amount point to the sector’s vast scale, it also signifies the captivating influence of IT and business services on the global economy – a testament to our deepening dependence on technology in all walks of life.

It’s akin to painting a picture of a vibrant investing ecosystem, where myriad opportunities bloom for businesses and startups to exploit. This single impression signals that we are skating along the bleeding edge of a constantly evolving sector, one that is dictating the rhythm of progress in the world today.

Conclusion

In essence, the IT services industry is not just thriving—it’s becoming an indispensable part of the global economic infrastructure. With the increasing reliance on technology in various sectors, the demand for IT services continues to surge yearly. Based on the statistics explored in this blog post, one can conclude that this realm has vast potential for growth and holds a promising future.

Therefore, companies looking to streamline their operations and increase their productivity should explore investing more in IT solutions, aligning with the current trends and forecasts for a sustained competitive advantage. Staying informed about these statistics is key to understanding the evolving dynamics of the IT services industry. Tune in for more updates as we continue exploring this exciting realm.

References

0. – https://www.www.spiceworks.com

1. – https://www.www.enterprisedigi.com

2. – https://www.www2.deloitte.com

3. – https://www.www.reportlinker.com

4. – https://www.www.parkplacetechnologies.com

5. – https://www.www.businesswire.com

6. – https://www.www.itproportal.com

7. – https://www.www.flexera.com

8. – https://www.www.technavio.com

9. – https://www.www.grandviewresearch.com

10. – https://www.www.statista.com

11. – https://www.economictimes.indiatimes.com

12. – https://www.www.gartner.com

13. – https://www.www.comptia.org

14. – https://www.www.idc.com

FAQs

What is the IT services industry?

The IT services industry refers to the range of services that organizations offer to manage, implement, and deliver information technology systems and data. They include software development, network administration, configuration management, IT consulting, security services, data backup, and cloud-based services.

What is the size of the global IT services industry?

As of 2020, the global IT services market is valued at around 1.4 trillion U.S. dollars.

What are the primary growth drivers for the IT services industry?

The key growth drivers include expanding internet penetration globally, increasing demand for digital services, the advent of technologies such as artificial intelligence, cloud computing, and Big Data, and the increasing need for cybersecurity solutions.

What is the future outlook for the IT services industry?

The IT services industry is projected to grow substantially in the coming years due to high demand for cloud-based services, AI, IoT, and evolving technologies. Digital transformation in various sectors and the rise in remote work culture have also increased the demand for IT services.

Who are the leading players in the IT services industry?

Some of the prominent players in the industry include IBM, Microsoft, Apple, Amazon Web Services, Dell Technologies, Hewlett-Packard, Oracle Corporation, and Accenture.

How we write our statistic reports:

We have not conducted any studies ourselves. Our article provides a summary of all the statistics and studies available at the time of writing. We are solely presenting a summary, not expressing our own opinion. We have collected all statistics within our internal database. In some cases, we use Artificial Intelligence for formulating the statistics. The articles are updated regularly.

See our Editorial Process.

Table of Contents

... Before You Leave, Catch This! 🔥

Your next business insight is just a subscription away. Our newsletter The Week in Data delivers the freshest statistics and trends directly to you. Stay informed, stay ahead—subscribe now.

Sign up for our newsletter and become the navigator of tomorrow's trends. Equip your strategy with unparalleled insights!