Information Technology Services Market To Grow At A Higher Rate Due To Economic Boom
Posted February 8, 2019 by praneethtbrc
The IT services market size is expected to reach $1 trillion by 2022, significantly growing at a CAGR of around 5% during the forecast period.
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The global information technology services market is forecast to grow at a CAGR (compound annual growth rate) of around 8.5 % to 2022.
Information technology services Trends
Software products integration, growing demand for cloud data recovery and software installations automation are the major trends witnessed in the global IT services market. With smart cities, government initiatives, internet of things (IoT), the scope and potential for the global IT services market is expected to significantly rise in the forecast period.
Governments around the world are investing in the creation of smart cities. The overall smart–city experience involves systems and objects interconnected through various technologies like local, wide and wireless networks. The European Union is actively promoting smart–city initiatives, with funds for research and sustainability targets for member states. The concept of smart cities is becoming more popular in developing nations too. In China and India alone almost 300 smart–city pilots are currently planned.
The global information technology services is primarily driven by increase in smart cities in various developing countries and government initiatives.
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The global information technology services market report covers the following regions under the geographical analysis section: Asia Pacific, Western Europe, North America, Middle East, Africa, South America, and Eastern Europe. Major countries under each of these regions are also covered under the country analysis chapters.
With emergence of internet of things technology (IOT) and high valuations of information technology companies the global information technology services is expected to increase in potential and scope. TBRC’s report also covers the global information technology services market report drivers and restraints in the market.
The global information technology services market segment shares in each geographic region are mentioned in the report, along with the historic and forecast growth rates for each segment presented visually with supporting reasons to justify the growth rates.
The top companies included in the global information technology services report are Microsoft, IBM, HP, Oracle, Fujitsu
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| Categories | Business , Software , Technology |
| Tags | cloud services market , global it services market , it services industry , it services market |
| Last Updated | February 8, 2019 |