The IT Services Market estimated size and share is projected to exceed USD 3,035.20 billion by 2032, with a forecasted CAGR of 9.3% during the period.

The IT Service in the USA is Segmented by Type (IT Consulting and Implementation, IT Outsourcing, Business Process Outsourcing), End-User (Manufacturing, Government, BFSI, Healthcare, Retail and Consumer Goods, Logistics). The Market Sizes and Forecasts are Provided in Terms of Value in USD for all the Above Segments.

According to Cognitive Market Research, the global IT Services market size was USD 984.8 billion in 2022 and will grow at a compound annual growth rate (CAGR) of 8.70% from 2023 to 2030. What are the Key Opportunities Influencing the IT Services Market?

Increasing Number Of Smart Cities Supports Industry Growth

Governments throughout the world are investing in the creation of smart cities. With research money and environmental aims for member countries, the European Union supports smart city activities. Smart cities are also becoming more popular in developing countries. Around 300 smart city pilot projects are being developed in China and India alone. These objectives necessitate the implementation of cutting-edge IT infrastructure.

The emergence of AI is significantly driving the IT Services Market

This will be a big future growth driver for the IT services industry. Tencent also pledged a $70 billion investment in artificial intelligence, cloud computing, and cybersecurity between 2022 and 2030. Chinese firms have shown a significant desire to establish themselves in India through investments.

(Source:www.cnbc.com/2020/05/27/china-tech-giant-tencent-pledges-70-billion-investment-in-ai-cloud.html)

Still, their condition has deteriorated as New Delhi's attitude toward Chinese technology and investment in its domestic market has shifted. This will be a major future growth driver for the IT services sector.

The Factors Are Limiting The Growth Of The IT Services Market

Skills Shortages Are Limiting Market Growth

As automation adoption in the IT services business expands, the demand for highly qualified personnel is expected to skyrocket. Historically, the IT services industry relied heavily on entry-level jobs that did not require prior expertise. Because entry-level employment is expected to be automated in the near future, the number of employees requiring skilled labour is expected to grow during the forecast period, generating concern among 52% of IT services industry organizations. Accounting, human resources, web design, and coding are the most common industries that require highly competent labour. The scarcity of highly trained labour, i.e., labour with a specific background or a managerial position with at least five years of experience, is expected to limit the expansion of the BPO services market.

Impact of the COVID-19 Pandemic on the IT Services Market:

The epidemic has expedited digital transformation across industries, as firms have had to adjust to distant work and online operations. This raised demand for IT services such as cloud computing, cybersecurity, and digital transformation consultancy. Companies needed to quickly integrate remote collaboration solutions, improve their cybersecurity procedures, and optimize their digital infrastructure. On the other hand, some firms experienced financial limits and had to curtail their IT spending, resulting in a temporary downturn in the market. Introduction of IT Services:

The IT services market refers to the industry that delivers a wide range of information technology-related services. It covers a wide variety of services, including software development, system integration, IT consulting, cybersecurity, cloud computing, and others. IT service providers provide businesses and organizations with expertise and solutions to help them effectively manage and utilize technology to achieve their goals and objectives. The growing reliance on technology in many industries, as well as the requirement for organizations to efficiently manage and utilize IT resources, are driving the market.

Furthermore, data-driven analysis, aided by technology, is guiding strategic decisions around the world. Furthermore, the volume of data generated globally is skyrocketing.

For instance, According to Seagate Technology PLC, the volume of data generated globally is predicted to expand from 12 zettabytes in 2015 to 47 zettabytes and 163 zettabytes in 2020 and 2025, respectively. To make the most use of these data reserves, IT service providers must create smart IT services and platforms for data extraction and analysis.

(Source:http://www.networkworld.com/article/3325397/idc-expect-175-zettabytes-of-data-worldwide-by-2025.html)

United Kingdom IT Services Market Report is Segmented by Type (IT Outsourcing, IT Consulting & Implementation, and Business Process) and End User (IT and Telecommunication, Government, BFSI, Energy & Utilities, Consumer Goods & Retail, and Other End Users). The Market Sizes and Forecasts are Provided in Terms of Value (USD) for all the Above Segments.

The revenue in the IT services market in the United Kingdom was forecast to continuously increase between 2024 and 2029 by in total 41.3 billion U.S. dollars (+39.24 percent). After the ninth consecutive increasing year, the indicator is estimated to reach 146.56 billion U.S. dollars and therefore a new peak in 2029. Notably, the revenue of the IT services market was continuously increasing over the past years.Find more information concerning Germany and Belgium. The Statista Market Insights cover a broad range of additional markets.

South Korea IT services market size is projected to exhibit a growth rate (CAGR) of 7.41% during 2024-2032. The widespread adoption of remote working module, rising utilization of advanced technologies like cloud computing, artificial intelligence (AI), and data analytics, and the increasing reliance on e-commerce platforms represent some of the key factors driving the market.

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2024-2032. Our report has categorized the market based on service type, enterprise size, deployment mode, and end use industry.

The managed services market size is projected to grow from USD 323.8 billion in the current year to USD 1,026 billion by 2035, representing a CAGR of 11.1%, during the forecast period till 2035

According to Cognitive Market Research, the global business information service market size will be USD 51245.2 million in 2024. It will expand at a compound annual growth rate (CAGR) of 6.00% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 20498.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.2% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 15373.56 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 11786.40 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.0% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 2562.26 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.4% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 1024.90 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.7% from 2024 to 2031.
The BFSI category is the fastest-growing segment of the business information service industry.

Market Dynamics of Business Information Services Market

Key Drivers for Business Information Services Market

Rising Need for Data-Driven Decisions to Boost Market Growth

The business information service market is increasing because the importance of data in the development of plans and effective operation is being recognized by more and more firms, which is driving demand for business information services to stay ahead of the competition in today's market, businesses need rapid and reliable information to see patterns in the market, analyze customer behavior, and improve internal operations. Moreover, to meet this demand, companies are investing in business intelligence solutions, reporting tools, and advanced analytics so that they can make better decisions that boost productivity and profits. Businesses are always searching for new ideas to improve their responsiveness, which is driving market growth. For instance, Infosys, a global leader in next-generation digital services and consulting, and IBM launched a global alliance to help businesses use the IBM public cloud to speed up their digital transformation. By using the IBM public cloud’s security, open innovation, and enterprise features, the partnership will help businesses, even those in highly regulated fields like healthcare, financial services, and insurance, move, update, and change their business workloads and apps.

Technological Advancements to Drive Market Growth

The business information service industry has been expanding at a steady rate, propelled by innovations in technology that improve the capacity to gather, analyze, and report on data. Companies can now swiftly handle massive volumes of data and get useful insights due to advancements in AI, ML, and big data analytics. Additionally, decision-makers find it easier to comprehend data because of the advent of visualization tools and dashboards that are easy to use. With the rise of cloud-based solutions, businesses are able to access analytics and data in real time, which improves collaboration and allows for more informed decision-making. Furthermore, businesses are better able to respond to shifting market conditions as a result of this technical growth, which in turn is leading to the business information service market expanding.

Restraint Factor for the Business Information Service Market

High Initial Investments Will Limit Market Growth

A major obstacle to market growth in the business information service sector is due to high starting costs for technology deployment and infrastructure development. Many businesses, particularly smaller and medium-sized ones, find the high prices of purchasing sophisticated software, hardware, and data analytics tools to be too much to bear. Additionally, a major obstacle in the business information service sector is the shortage of trained workers; many companies have trouble finding people who can properly analyze and understand complicated data. Further straining budgets are continuing expenditures associated with data protection, staff training, and system maintenance. The market's overall growth could be slowed due to the financial load.

Impact of ...

The Report Covers Global Managed Service Provider Industry Share & Growth and the Market is Segmented by Deployment (On-Premise and Cloud), Type (Managed Data Center, Managed Security, Managed Communications, Managed Network, Managed Infrastructure, and Managed Mobility), Enterprise Size (Small and Medium Enterprise and Large Enterprise), End-User Vertical (BFSI, IT and Telecommunication, Healthcare, Entertainment and Media, Retail, Manufacturing, Government, Other End-User Verticals), and Geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa). The Market Sizes and Forecasts are Provided in Terms of Value (USD Billion) for all the Above Segments.

Snapshot img

IT Professional Services Market Size 2025-2029

The IT professional services market size is forecast to increase by USD 657.9 billion at a CAGR of 10.6% between 2024 and 2029.

The market is experiencing significant growth, driven by key trends such as the increasing adoption of digital transformation and hybrid and multi-cloud environments. These trends are leading to an increased demand for IT services to support the implementation and management of complex technologies. However, the market also faces challenges, including the shortage of skilled workforce to meet this demand. As businesses continue to digitize and move towards more agile and flexible IT infrastructure, the need for professional services to help navigate these transitions will only continue to grow. This market analysis report provides a comprehensive overview of these trends and challenges, offering insights into the factors shaping the future of the IT professional services industry.

What will be the Size of the Market During the Forecast Period?

Request Free Sample

IT professional services have become an indispensable component of modern business operations. With the increasing adoption of automation and digital transformation, customer demand for these services has surged. Professional service firms are responding by implementing new business strategies to meet these demands and enhance operational efficiency. Remote working has become a norm in the IT professional services sector, enabling firms to allocate resources more effectively and reduce expenses. Project management and revenue management have become critical functions, requiring advanced business analytics and IT services to optimize processes and meet client demands. Large enterprises are recognizing the importance of IT professional services in streamlining business operations.
Moreover, ITO services, including expense management and talent recruiting, are essential tools for organizations seeking to stay competitive. Business plans must account for technological developments and the evolving needs of customers. The professional services sector is undergoing significant changes, driven by customer demand and the need for operational efficiency. Businesses are investing in advanced tools and resources to improve their processes and deliver high-quality services. The use of IT services and business analytics is becoming increasingly important in this context, enabling firms to make data-driven decisions and respond to changing market dynamics. In conclusion, IT professional services play a vital role in enabling businesses to adapt to the changing market landscape.

How is this market segmented and which is the largest segment?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Type

  Project-oriented services
  Information technology outsourcing
  IT supporting and training services
  Enterprise cloud computing services


End-user

  Large enterprises
  Small and medium enterprises


Geography

  North America

    Canada
    US


  Europe

    Germany
    UK
    France
    Italy


  APAC

    China
    India
    Japan


  Middle East and Africa



  South America

    Brazil

By Type Insights

The project-oriented services segment is estimated to witness significant growth during the forecast period.

Project-oriented IT professional services refer to the delivery of IT projects on a defined scope, timeline, and set of deliverables. These services cater to unique business needs and are engaged by organizations for access to specialized expertise, resources, and technical skills. Project-oriented services encompass maintenance, modernization, installation, and decommissioning. Customization is key to addressing specific client requirements, enhancing operational effectiveness, and ensuring project completion on schedule and within budget. The market includes offerings related to AI, IoT, 5G, AR, development, networks, digital transformation, LTE, autonomy, complex systems, machine learning, IT infrastructure, and scalability. Organizations leverage these services to stay competitive and innovate in areas such as 5G network implementation, AI integration, and digital transformation initiatives.

Get a glance at the market report of share of various segments Request Free Sample

The project-oriented services segment was valued at USD 288.20 billion in 2019 and showed a gradual increase during the forecast period.

Regional Analysis

North America is estimated to contribute 37% to the growth of the global market during the forecast period.

Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

For more insights

Green It Services Market size is estimated to be valued at USD 31.66 Bn in 2025 and is expected to expand at a CAGR of 18.0%, reaching USD 100.92 Bn by 2032.

Telecom IT Services Market size was valued at USD 742.12 Billion 2023 and is projected to reach USD 3485.67 Billion by 2031, growing at a CAGR of 26.45% during the forecast period 2024-2031.

Telecom IT services include a variety of technology, solutions, and support services designed exclusively for the telecom business. As telecommunications organizations manage the complexity of an ever-changing digital market, telecom IT services are important to ensuring smooth operations, improving customer experiences, and fostering innovation. These services include many components of information technology (IT) that are required for the proper operation of telecommunications networks, systems, and services.

Network management, which includes the monitoring, optimization, and maintenance of telecommunications networks, is a critical component of Telecom IT services. This comprises functions like problem detection, performance monitoring, capacity planning, and network security management. Telecom IT services also include billing and revenue management systems, which are required for exact usage tracking, invoice generation, subscription management, and payment processing.

Additionally, customer relationship management (CRM) systems are an essential component of Telecom IT services, allowing telecommunications companies to successfully manage client interactions, resolve inquiries, and provide personalized services.

The revenue in the IT services market in Mexico was forecast to continuously increase between 2024 and 2029 by in total 5.5 billion U.S. dollars (+30.9 percent). After the ninth consecutive increasing year, the indicator is estimated to reach 23.27 billion U.S. dollars and therefore a new peak in 2029. Find more key insights for the revenue in countries like Panama, Costa Rica, and Honduras.. The Statista Market Insights cover a broad range of additional markets.

Explore the Information Services Market trends! Covers key players, growth rate 6.9% CAGR, market size $245.33 Billion, and forecasts to 2034. Get insights now!

The Latin America IT Services Market is segmented by Type (IT Consulting & Implementation, IT Outsourcing, Business Process Outsourcing), End-user (Manufacturing, Government, BFSI, Healthcare, Retail & Consumer Goods, Logistics), and by Country. The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.

B2B Information Services Market size was valued at USD 900.02 Million in 2023 and is projected to reach USD 1238.91 Million by 2030, growing at a CAGR of 6.6% during the forecast period 2024-2030.

Global B2B Information Services Market Drivers

The market drivers for the B2B Information Services Market can be influenced by various factors. These may include:

Digital Transformation: One important factor is the continuous digital transformation that is occurring across sectors. In order to simplify operations, businesses are depending more and more on digital platforms and technologies, and B2B information services are essential for supplying the data and insights that are required.

Data analytics and business intelligence: The need for B2B information services has increased due to the growing significance of data-driven decision-making. Businesses are looking for business intelligence and advanced analytics technologies to help them glean insights from massive amounts of data.

Globalisation of Businesses: As companies grow internationally, they need to have precise and thorough knowledge of foreign markets, laws, and rivals. Global coverage B2B information services are highly sought after.

Regulatory Compliance: Organisations must be up to date on compliance obligations due to the constantly shifting regulatory environment. Organisations can better manage complicated compliance challenges by using B2B information services that offer current regulatory information.

Risk Management: Effective risk management is a growing area of concern for businesses. To help businesses reduce operational risks, B2B information services that include risk assessment, market knowledge, and assistance with due diligence are crucial.

Artificial Intelligence and Machine Learning: By incorporating cutting-edge technologies like AI and machine learning into business-to-business information services, businesses can improve their capacity for data analysis, trend prediction, and automated decision-making.

Industry-specific Solutions: Customised B2B information services are becoming more and more popular. Examples of these include healthcare, banking, and manufacturing. These sector-specific solutions assist corporate strategies and offer focused insights.

Demand for Real-time Information: As corporate processes move more quickly, there is an increasing need for real-time information. The value of B2B information services that can provide pertinent and timely data is growing.

Cybersecurity Concerns: Businesses are being increasingly watchful of cybersecurity as cyber threats continue to change. Organisations need B2B information services that provide cybersecurity intelligence and threat assessments in order to safeguard their digital assets.

Economic and Market Trends: The requirement for ongoing observation of economic indicators and market trends stems from variations in the global economy and market dynamics. Businesses are assisted in making wise decisions by B2B information services that offer insights into these variables.

According to Future Market Insights research, during the projected period, the global managed database services market is expected to grow at a CAGR of 13.1%. The market value is projected to increase from US$ 347.9 billion in 2023 to US$ 999.7 billion by 2033. The managed database services market was valued at US$ 317.7 billion at the end of 2022 and is anticipated to exhibit Y-o-Y growth of 12.7% in 2023.

Country-Wise Insights

The global green IT services market size was valued at USD 20.47 Billion in 2024. Looking forward, IMARC Group estimates the market to reach USD 102.47 Billion by 2033, exhibiting a CAGR of 18.20% from 2025-2033. North America currently dominates the market, holding a market share of over 37.2% in 2024. The North America Green IT services market is driven by regulatory pressure, growing sustainability initiatives, demand for energy-efficient solutions, technological advancements, and increasing corporate focus on reducing carbon footprints and operational costs.

IMARC Group provides an analysis of the key trends in each segment of the global green IT services market, along with forecast at the global, regional, and country levels from 2025-2033. The market has been categorized based on type, deployment, and end use.

The size of the Europe IT Services Market was valued at USD 19942.01 million in 2023 and is projected to reach USD 33084.77 million by 2032, with an expected CAGR of 7.50% during the forecast period. IT services in Europe encompass a wide range of technological solutions designed to support businesses, governments, and other organizations in improving efficiency, enhancing productivity, and staying competitive in a rapidly evolving digital landscape. These services typically include the management, support, and maintenance of IT infrastructures such as hardware, software, networks, and data centers. IT services also involve providing cloud solutions, cybersecurity measures, data analytics, and artificial intelligence (AI) integration to help businesses make informed decisions and streamline operations. This surge in demand is attributed to an array of factors, including the widespread digitization of industries, the increasing adoption of cloud computing solutions, and the growing demand for IT infrastructure management services. Recent developments include: February 2023: Tata Consultancy Services has been awarded a contract of EUR 600 million for digital transformation by the UK-based insurance and financial services company Phoenix Group. TCS would provide end-to-end customer service digitization for Phoenix as part of the project, along with the creation of self-service capabilities., August 2022: Together with Accenture, Sky undertook a cloud-based transformation of its entire business to modernize its HR and employee experience functions., August 2022: The UK government Treasury has contracted with Wipro Limited to provide service integration and management services for a period of years..

The revenue in the IT services market in the Netherlands was forecast to continuously increase between 2024 and 2029 by in total 7.6 billion U.S. dollars (+28.1 percent). After the ninth consecutive increasing year, the indicator is estimated to reach 34.61 billion U.S. dollars and therefore a new peak in 2029. Notably, the revenue of the IT services market was continuously increasing over the past years.Find further information concerning Belgium and France. The Statista Market Insights cover a broad range of additional markets.