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 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 ...

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.

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 size and share of the market is categorized based on Type (Data Center Services, End User Services, Application Support and Services, Network Management Services, Remote Infrastructure Services, Others) and Application (SMEs, Large Enterprises) and geographical regions (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa).

According to Cognitive Market Research, the Global Professional Services market size was USD 6,103.24 billion in 2022 and is projected to boost at a compound annual growth rate (CAGR) of 5.17% from 2023 to 2030. How are the Major Factors Impacting the Professional Services Market Growth?

Rising Focus On Digitizing Business Processes to Provide Viable Market Output

The professional services market is anticipated to be driven by an increasing focus on digitizing business processes. The term 'digital transformation' represents the expanding trend of businesses executing digital technologies to improve general business operations and customer experience. It's the action that officially shows in the digital era in business, and it has the possibility to impact markets in different industries significantly.

For instance, as per Zippia, a US-based developer of online recruitment and job insights media, the global price of digital transformation was $1.5 trillion in 2021 and by 2023, it is expected that global spending on digital modification will total $6.8 trillion. Hence, the rising digitization of business operations will enhance the professional services market.

(Source:www.zippia.com/advice/digital-transformation-statistics/)

The expansion of automation to eliminate ordinary tasks and radical changes in consumer demand, such as customized pricing and improved customer experience, are pushing companies to implement IT services globally and the increasing demand for operational efficiency in the professional service enterprise.

Technological Advancements to Fuel Market Growth

The professional services market has revolutionized because of increased competition, and digitalization is pushing companies to entertain with professional service providers. IT professional service providers deliver a streamlined and standardized process to the organization's administrative processes, helping in the digital transformation of the institution's operations.

For instance, Amazon Web Services, Inc., in February 2022, declared AWS local zones and infrastructure deployment global development in 16 U.S. cities with approximately 30 new local zones. These infrastructure deployments will help AWS extend its computing, database, storage, and other services to a large population from numerous industries. These developments would also drive the industry's growth.

Professional service companies can deliver various services, including audit and accounting, consultation, implementation support, and financial risk protection. They deliver analytic capabilities as well as a foundation for operating business information.

Increasing Cyber Threats Propels the Professional Services Market Growth

Increasing demand for business support services (Access Detailed Analysis in the Full Report Version)

The Factors Hindering the Growth of the Professional Services Market

Lack of Knowledge and Expertise to Hinder Market Growth

Lack of knowledge and expertise to affect the utilization of professional services among companies Due to the complicated nature and the high demand for research, operating with the cloud is often a highly tedious task. It needs immense knowledge and comprehensive expertise on the topic.

According to the PwC CEO Survey 2020, 77% of CEOs were concerned regarding the availability of a skilled workforce. The survey also discovered that those firms that focused on developing their employees' skills were ahead of their peers in multiple ways and were more secure in their future.

(Source:www.pwc.com/gx/en/ceo-survey/2020/trends/pwc-talent-trends-2020.pdf)

Therefore, upskilling is required so that these professionals can easily handle cloud-based applications with fewer problems and ensure improved performance and reliability.

Impact of COVID-19 on the Professional Services Market

The COVID-19 pandemic tried the professional services industry by pushing them to execute remote work at a large scale and adjust their business processes to rapidly changing market conditions. COVID-19 accelerated numerous technological changes across industries, companies countered the pandemic with the use of technology by concentrating on resource management and talent acquisition. The rising focus of businesses on security, cost efficiency, and compliance created a demand for professional services. What is...

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.

According to Cognitive Market Research, the global Shared Services market size will be USD 42154.2 million in 2024. It will expand at a compound annual growth rate (CAGR) of 23.50% 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 16861.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 21.7% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 12646.26 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 9695.47 million in 2024 and will grow at a compound annual growth rate (CAGR) of 25.5% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 2107.71 million in 2024 and will grow at a compound annual growth rate (CAGR) of 22.9% 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 843.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 23.2% from 2024 to 2031.
The banking, financial services and insurance category is the fastest growing segment of the Shared Services industry

Market Dynamics of Shared Services Market

Key Drivers for Shared Services Market

Escalating demand in underdeveloped nations for shared services, to Boost Market Growth

Rapid industrialization, economic expansion, and technical developments are transforming developing nations and fostering an atmosphere that is conducive to corporate and organizational expansion. The growing need for shared services in these areas is caused by a number of causes, which presents an appealing opportunity for service providers. Developing economies frequently provide a corporate climate that is more affordable, with reduced labor and operating costs. Through the centralization and simplification of back-office processes, shared services enable enterprises to take advantage of these cost advantages, leading to cost savings and increased operational efficiency. There is a sizable and varied pool of highly qualified professionals with knowledge in a wide range of subjects in many developing economies. This talent pool can be accessed by shared service centers, giving them access to a variety of abilities and skills at affordable prices

Growing need for cutting-edge ways to improve customer service, to Drive Market Growth

Organizations are becoming more and more aware of how critical it is to provide outstanding client experiences in today's fiercely competitive business environment in order to get a competitive edge and cultivate customer loyalty. In order to meet this demand, shared services are essential since they offer creative solutions that enhance customer service in a number of ways. Shared service centers may respond more quickly and efficiently, resulting in quicker issue resolution and improved customer satisfaction, by combining client requests and comments. Furthermore, shared customer care centers frequently offer round-the-clock customer help by operating around the clock. This accessibility guarantees that clients get support and resolution whenever they need it, regardless of where they are or what time zone they are in, which improves the organization's overall responsiveness.

Restraint Factor for the Shared Services Market

Issues with data security and the risk of private information being leaked, will Limit Market Growth

Shared service providers manage the private and sensitive data, especially complex data, of a business. Strict policies and procedures are in place to restrict access to this private information, making sure that only individuals with permission can view and handle it within the shared service system. Nevertheless, in spite of these security measures, there is still a chance that hackers would attempt to launch cyberattacks in an effort to steal or corrupt the data. Encouraging the use of shared services across businesses is dependent on protecting the sensitive and personal data of their clients.

Impact of Covid-19 on the Shared Services Market

COVID-19 had a significant impact on the Shared Services market. Lockdowns, travel restrictions, and remote work arrangements were some of the extraordinary challenges that the world faced, and organizations swiftly adjusted to the new normal. S...

Quality Assurance Services Market was valued at USD 5.3 Billion in 2024 and is projected to reach USD 12.9 Billion by 2031, growing at a CAGR of 11.2% during the forecast period 2024-2031.

Global Quality Assurance Services Market Drivers

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

Increasing Complexity of Products and Services: The growing complexity of products and services across various industries necessitates robust quality assurance (QA) services to ensure compliance with standards and regulations.
Emphasis on Regulatory Compliance: Stringent regulatory requirements in industries such as healthcare, pharmaceuticals, aerospace, and automotive drive the demand for quality assurance services to meet regulatory standards and certifications.
Focus on Customer Experience: Organizations prioritize quality assurance to enhance customer satisfaction, improve product reliability, and maintain brand reputation through consistent delivery of high-quality products and services.
Globalization and Supply Chain Management: Globalization of supply chains requires rigorous quality control and assurance processes to manage product quality across international markets and ensure consistency.
Adoption of Industry 4.0 Technologies: Integration of advanced technologies such as IoT, AI, big data analytics, and automation in manufacturing and service sectors increases the need for quality assurance services to optimize processes and ensure product reliability.
Risk Management and Mitigation: Quality assurance services help mitigate risks associated with product defects, recalls, non-compliance, and potential legal liabilities, thereby protecting organizational assets and reputation.
Continuous Improvement Initiatives: Organizations adopt quality assurance as part of continuous improvement initiatives to achieve operational excellence, reduce waste, and enhance overall efficiency and productivity.
Demand for Software Testing Services: With the rise of digital transformation and software-driven solutions, there is an increasing demand for quality assurance services in software testing and validation to ensure application reliability and security.
Outsourcing Trends: Outsourcing of quality assurance services by organizations to specialized QA providers helps reduce costs, access expertise, and focus on core competencies, driving market growth.
Focus on Sustainable Practices: Increasing focus on sustainable practices and corporate social responsibility (CSR) encourages organizations to implement rigorous quality assurance measures to ensure environmental and ethical standards are met.

The worldwide public cloud computing market continues to grow and is expected to reach an estimated 723.42 billion U.S. dollars in 2025. This encompasses business processes, platform, infrastructure, software, management, security, and advertising services delivered by public cloud services. A public cloud is a cloud deployment model that offers computing services over the internet. The physical hardware of this cloud model is shared by multiple companies. The services offered to customers include storage, bandwidth, or CPU cycles. Public clouds are cost-effective Among the many benefits of a public cloud is that services are offered to the customer through a pay-as-you-go model. This means that no upfront investments must be made, which otherwise lead to running costs for maintaining on-premise hardware and application infrastructure. Instead, the cloud service provider ensures proper management and maintenance of the system and the customer only pays for services consumed. AWS, Azure, and Google are dominating the market Key companies offering public cloud platforms to customers are Amazon Web Services, Microsoft Azure, and Google Cloud. Their preeminence on the market is demonstrated by organizations’ plans to continually migrate their data to the cloud and use cloud applications for their business operations on a global scale.

The Business Services Market Report is Segmented by Component (Consulting, Managed Services, Support and Maintenance), by Enterprises (SMEs, Large Enterprises), by End-User (BFSI, IT and Telecom, Healthcare, Retail and E-Commerce, Manufacturing, Other End-Users), by Geography (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa). The Market Sizes and Forecasts are Provided in Terms of Value (USD) for all the Above Segments.

The shared services market size is predicted to reach $58.98 billion in 2024 to $473 billion by 2035, growing at a CAGR of 20.84% from 2024 to 2035.

The revenue in the IT services market in Ireland was forecast to continuously increase between 2024 and 2029 by in total 1.4 billion U.S. dollars (+33.59 percent). After the ninth consecutive increasing year, the indicator is estimated to reach 5.7 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 the United Kingdom and Germany. The Statista Market Insights cover a broad range of additional markets.

Expansion Services Market size was valued at USD 2.6 Billion in 2023 and is projected to reach USD 4.3 Billion by 2030, growing at a CAGR of 7.5% during the forecast period 2024-2030.

Global Expansion Services Market Drivers

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

Globalization: The need for expansion services is fueled by companies’ growing desire to expand into markets outside of their home country. In order to take advantage of emerging market opportunities, diversify revenue streams, and reach a wider customer base, businesses are branching out into new regions.

Market Saturation: Businesses may experience market saturation or fierce competition in developed markets, which may lead them to consider geographic expansion as a growth strategy. Businesses can get a foothold for future growth and navigate the challenges of breaking into uncharted markets with the aid of expansion services.

Technology Advancements: Technological innovations have made it easier for businesses to expand internationally by making it possible for them to reach audiences around the world more effectively and economically. In order to support their clients’ expansion efforts, providers of expansion services make use of technological platforms for supply chain management, e-commerce, digital marketing, market research, and localization.

Access to Emerging Markets: Due to expanding consumer populations and rising disposable incomes, businesses are focusing more and more on emerging markets. Providers of expansion services assist businesses in navigating the particular difficulties of conducting business in emerging markets by providing local knowledge, support for regulatory compliance, and market entry strategies.

According to the forecasts, the cloud development service market in China would reach around 7.81 billion yuan by 2023. Such growth would be a result of the increasing penetration rate of cloud services in the IT industry.

IAM Professional Services Market size was valued at USD 1.27 Billion in 2023 and is projected to reach USD 3.0 Billion by 2030, growing at a CAGR of 6.9% during the forecast period 2024-2030.

Global IAM Professional Services Market Drivers

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

Growing Concerns about Cybersecurity: Organisations are giving IAM solutions more importance in order to improve their security posture as a result of the rise in cybersecurity threats and data breaches. The need for expert services to create strong IAM strategies and solutions is fueled by this.

Tight Requirements for Regulatory Compliance: Strong identity and access management controls must be implemented by organisations in order to comply with regulatory obligations like GDPR, CCPA, HIPAA, and others and to secure sensitive data. Organisations may build compliant IAM solutions and negotiate difficult regulatory landscapes with the assistance of professional services.

Initiatives for Fast Digital Transformation: IAM solutions are necessary for securely managing identities and access across a variety of IT environments in organisations undergoing digital transformation projects, such as cloud adoption, IoT integration, and enabling remote workforces. Expert services help to match digital transformation objectives with IAM strategy.

Increasing BYOD and Remote Work Adoption: Managing identities and access has become more complicated due to the spread of Bring Your Own Device (BYOD) regulations and the increase in remote work. Organisations can adopt identity verification procedures and secure remote access solutions with the assistance of IAM professional services.

Put User Experience and Productivity First: By enabling easy access to resources while upholding security, IAM solutions are essential to improving user experience. Organisations can improve IAM operations, expedite authentication procedures, and guarantee a smooth user experience with the aid of professional services.

The size and share of the market is categorized based on Application (Location Based Advertising, Social Networking & Entertainment, Business Intelligence, Mapping & Navigation, Disaster Management & Emergency Support, Other) and Product (Hardware, Software, Services) and geographical regions (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa).

The size and share of the market is categorized based on Application (Marketing, Sales, Logistics, Finance And Accounting, Customer Support, Others) and Product (Cloud Based, On-premises) and geographical regions (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa).

Managed Print Services Market size was valued at USD 49.51 Billion in 2024 and is projected to reach USD 118.27 Billion by 2031, growing at a CAGR of 11.5% during the forecast period 2024-2031.

Global Managed Print Services Market Drivers

Cost-Reduction and Operational Efficiency: The desire of businesses to lower printing expenses and optimise their printing procedures is one of the main factors driving the MPS market. Businesses can cut costs through centralised billing, better print fleet management, proactive maintenance, and outsourced print management to MPS providers. This improves operational efficiency.
Prioritise your core business functions: By outsourcing print management, businesses can free up their own resources to concentrate on their core competencies rather than maintaining a fleet of printing equipment and supplies. By taking care of all areas of print fleet management, such as supply replenishment, usage monitoring, and maintenance issues, MPS providers free up internal resources for strategic projects.

Scalability and Flexibility: MPS solutions’ scalability and flexibility make them appealing to businesses of all sizes, from startups to major conglomerates. With MPS providers, clients can scale their print infrastructure up or down as needed without having to make large upfront investments because they offer customisable solutions that are suited to each client’s unique demands and growth ambitions.

Digital Transformation Initiatives: MPS solutions that interface with digital workflows and document management systems are becoming more and more in demand as businesses embrace these initiatives. To assist digital transformation initiatives and boost efficiency, MPS providers provide cutting-edge capabilities including workflow automation, cloud-based document storage, and mobile printing.

Environmental Sustainability: As businesses look to lessen their environmental impact and fulfil their CSR obligations, sustainability is playing a bigger role in driving the MPS market. Through the use of print optimisation techniques, duplex printing, and responsible printing guidelines, MPS solutions assist businesses in reducing their use of paper, energy, and carbon emissions.

Security and Compliance Requirements: Organisations are looking to MPS providers to improve the security of their print infrastructure and safeguard sensitive data as data security and regulatory compliance become more and more important. To prevent data breaches and guarantee adherence to industry standards, MPS solutions provide features like encrypted document transmission, secure printing, and user authentication.