IT Services Global Market Report 2024

The it services market size has grown strongly in recent years. It will grow from $3414.09 billion in 2023 to $3615.86 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The expansion observed in the historical period can be attributed to factors such as increased internet penetration, the growing adoption of the cloud in small and medium-sized enterprises (SMEs), increasing government support, and the impact of the COVID-19 pandemic.

The it services market size is expected to see strong growth in the next few years. It will grow to $5074.84 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The anticipated growth in the forecast period can be attributed to factors such as the rising penetration of e-commerce, the increasing development of smart cities, the emergence of startups, and the growing adoption of the Internet of Things (IoT). Major trends expected in the forecast period include leveraging data analytics, using artificial intelligence (AI) to enhance efficiency, exploring quantum computing for seamless data encryption, adopting augmented reality, utilizing cloud desktops, and engaging in strategic partnerships and collaborations.

The IT services market is witnessing a surge in companies outsourcing their computer facilities management and data recovery operations. In September 2023, Radix Web, an India-based IT outsourcing company, reported that spending on IT outsourcing is projected to reach $1.3 trillion by 2023. This trend is expected to be particularly prominent in emerging markets, driven by their generally lower current penetration rates. Consequently, the rise in outsourcing services is anticipated to propel the IT services market during the forecast period.

The growth of the information technology services market is further fueled by the increasing adoption of IoT devices. The Internet of Things (IoT) involves a network of physical objects embedded with sensors, software, and connectivity capabilities for data collection and exchange over the Internet. The successful deployment, management, and utilization of IoT devices are facilitated by information technology services, providing the necessary infrastructure, connectivity, security, and analytics capabilities. According to the GSM Association in January 2022, global IoT connections are projected to surge to 23.3 billion by 2025, a significant increase from the 15.1 billion connections recorded in 2021. Hence, the growing adoption of IoT devices contributes to the expansion of the information technology services market.

Data analytics is becoming increasingly integral across industries for extracting key insights from raw data to enhance decision-making. The examination of extensive data sets to identify correlations and hidden patterns is crucial for businesses. Major companies in various industries are leveraging data analytics tools, often customized based on industry-specific needs by custom computer programming companies. For example, the city of Toulouse in France utilizes IBM’s social media analytics platform to identify and prioritize citizens' issues.

Major players in the information technology services market are introducing innovative services that incorporate artificial intelligence (AI) to provide reliable solutions to customers. AI is employed to enhance IT infrastructure by automating tasks and improving efficiency. In May 2023, Infosys, an India-based IT company, launched Infosys Topaz, the first set of artificial intelligence services, solutions, and platforms using generative AI technologies. This set of services integrates an Infosys-applied AI framework to establish an AI-first core, empowering individuals to deliver cognitive solutions that accelerate value creation.

Major companies operating in the it services market report are Microsoft, Amazon.com Inc., International Business Machines Corporation, Dell Technologies Inc., SAP SE, KDDI Corporation, OpenText Corporation, Tencent, CodeLab, Telefonaktiebolaget LM Ericsson, Amadeus IT Group, Tensor, Kitopi, Wipro Ltd., Red Hat, Inc., Fulcrum Digital, T-Systems, Indra Sistemas, Kingsoft Corporation, Intel Corporation, Dimension Data, Wirecard, Neuron Soundware, Sequel, GFI Informatique, Accenture, CGI Group Inc., BairesDev, T-Systems South Africa (TSSA), Apprenda Inc., Mimecast, Supercell, Infosys Technologies Ltd., DigitalOcean Inc., Alibaba, Wise, TCS, GoCardless, BlackBerry Limited, Salesforce.com, Inc., Constellation Software Inc., NetApp India Pvt. Ltd., Zenith Infotech Limited, Google LLC, Servionic, Fujitsu Ltd., Shopify Inc., Commerce Decisions, Softline, Sopra Steria Bechtle, Teraco Data Environments, Manta, Sage, Nippon Telegraph And Telephone Corp, Micro Focus, ATOS, Rostelecom, Hitachi Ltd., Oracle Software Systems Co. Ltd., SAVVIS Australia Pty Ltd., Cisco Systems, Inc., Oracle Corporation, Capgemini, SKB Kontur, Dassault Systèmes, Agfa-Gevaert, Barco, Genpact India Pvt Ltd., Comarch, LMKR, Main Data Nigeria Limited (MDXi), Duffel, UCloud Information Technology, Toshiba Corporation, Mango Telecom, Adobe Inc.

North America was the largest region in the IT services market in 2023. Asia-Pacific was the second largest region of the IT services market. The regions covered in the it services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the it services market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa. The IT services market includes revenues earned by entities by providing IT services by applying technical expertise and knowledge to enable organizations to create, manage and optimize their IT processes. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.


The primary types of IT services include hardware support services, software and business process outsourcing (BPO) services, and cloud services. Cloud services encompass infrastructure, platforms, or software hosted by third-party providers and made available to users through the internet. These services cater to various organization sizes, including large enterprises, small and medium enterprises, and are utilized by end-users such as BFSI (banking, financial services and insurance), retail and wholesale, communication, media and technology, manufacturing, life science and healthcare, among others.

The information technology (IT) market research report is one of a series of new reports that provides information technology (IT) market statistics, including information technology (IT) industry global market size, regional shares, competitors with information technology (IT) market share, detailed information technology (IT) market segments, market trends and opportunities, and any further data you may need to thrive in the information technology (IT) industry. This information technology (IT) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.