IT services - Statistics & Facts

Global IT services market size

IT services form part of the broader information technology market that also encompasses communication services, devices, enterprise software, and data center systems. In 2019, global IT services spending surpassed one trillion U.S. dollars for the first time. Although spending slightly decreased at the beginning of 2020, recently accelerated enterprise digitization processes boosted spending again, which is now expected to amount to 1.1 trillion U.S. dollars in 2021. The Americas region is currently the largest market for IT services and business services worldwide.

IT services segments and leaders

The broader market for IT services is made up of several segments including outsourcing, managed services, security services, data management, and cloud computing. Cloud computing is a strongly growing segment, with end-user spending expected to reach 332 billion U.S. dollars in 2021. Accordingly, approximately 36 percent of enterprises worldwide are spending more than 12 million U.S. dollars annually on public clouds.

Among the most prominent cloud providers are Amazon Web Services, Microsoft Azure, and Google Cloud, as well as Alibaba Cloud. Other eminent companies in the overall IT services market include Dell, IBM, Cisco, Accenture, and Oracle, all of which generate revenues in the double-digit billions annually.

IT services industry outlook

In general, the IT services industry is shaped by a plethora of technologies and infrastructure strategies that complement each other. Among these are cloud strategies, the integration of technologies such as artificial intelligence (AI) and machine learning (ML) in business solutions, as well as a heightened demand for IT security approaches such as zero trust frameworks.

Further, the tech industry prepares for more regulation as authorities worldwide enforce legal penalties for the exposure of data. Next to these developments, the IT industry is looking to fill knowledge gaps in the future, demonstrated by issues in recruiting certain talent. Nonetheless, the IT services industry is thriving overall, with spending not forecast to decline much as a result of the continued utilization of technologies to ensure business continuity and innovation.

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