Expanding financial access for unbanked and underbanked populations is expected to provide a lucrative opportunity for the growth of the market during the forecast period.
WILMINGTON, Del., March 11, 2025 -- Allied Market Research published a report, titled, "IT Services Market by Approach (Reactive IT Services, Proactive IT Services), Enterprise Size (Large Enterprise, Small and Medium-sized Enterprise), Industry Vertical (BFSI, Government, Healthcare, Manufacturing, Media and Communications, Retail, IT and Telecom, Others), by Type (Design and Implementation, Operations and Maintenance), Application (Systems and Network Management, Data Management, Application Management, Security and Compliance Management, Others), and Deployment (On-Premise, Cloud): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the IT services market was valued at $2600.8 billion in 2023, and is estimated to reach $6459.8 billion by 2033, growing at a CAGR of 9.4% from 2024 to 2033.
The IT services market is expected to witness notable growth owing to the rise in the expansion of managed and outsourced IT services, and increase in demand for industry-specific IT solutions. On the contrary, the complexity of legacy system integration and high implementation & maintenance costs limit the growth of the IT services market.
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Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2024–2033 |
Base Year | 2023 |
Market Size in 2023 | $2,600.8 Billion |
Market Size in 2033 | $6,459.8 Billion |
CAGR | 9.40 % |
Segments Covered | Approach, Enterprise Size, Industry Vertical, Type, Application, Deployment, and Region. |
Drivers | Rise in the expansion of managed and outsourced IT services. |
Increase in the demand for industry-specific IT solutions. | |
Opportunities | Expanding financial access for unbanked and underbanked populations. |
Restraints | The complexity of legacy system integration. |
High implementation & maintenance costs. |
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The reactive IT services segment accounted for the largest share in 2023.
By approach, the reactive IT service segment accounted for the largest share in 2023, contributing for more than half of the market revenue, owing to increase in dependence on technology and the need for uninterrupted business operations are driving the demand for reactive IT services, contributing to the growth of the IT services industry.
The large enterprise segment accounted for the largest share in 2023
By enterprise size, the large enterprise segment accounted for the largest share in 2023, contributing for more than two-thirds of the market revenue. owing to their extensive scale of operations and substantial financial resources. As IT infrastructure becomes more complex, there is a need for specialized expertise and resources to ensure effective management, with large enterprises being well-equipped to cater to these demands.
The IT & telecom segment accounted for the largest share in 2023
By industry vertical, the IT & telecom segment accounted for the largest share in 2023, contributing for more than one-fifths of the market revenue. The sector is witnessing steady growth on account of the increasing adoption of cloud computing and other advanced digital technologies by telecom operators to modernize their infrastructure and provide value-added services to their customers.
The design and implementation segment accounted for the largest share in 2023
By type, the design and implementation segment accounted for the largest share in 2023, contributing for less than three-fifths of the market revenue, owing to the emergence and adoption of a range of technological advancements, growing demand for user-focused solutions, and an urgent need for rapid deployment of IT infrastructure.
The system and network management segment accounted for the largest share in 2023
By application, the system and network management segment accounted for the largest share in 2023, contributing for less than one-third of the market revenue, owing to the increase in the complexity of enterprise IT environments and the need for seamless connectivity. The rapid expansion of cloud computing, hybrid IT infrastructures, and remote work adoption has led businesses to invest in advanced network monitoring and management solutions.
The on-premises segment accounted for the largest share in 2023
By deployment, the on-premises segment accounted for the largest share in 2023, contributing for less than three-fifths of the market revenue, as companies in highly regulated sectors consider on-premises solutions to be highly secure, as data is not stored on remote servers, which could be susceptible to cyberattacks. Furthermore, they are in full control over data security instead of being reliant on the protocols of third-party organizations, preventing any non-compliance issues.
North America region to maintain its dominance by 2033
By region, the North America segment held the highest market share in terms of revenue in 2023, contributing for less than one-third of the market revenue. The high pace of technological advancements, implementation of digital transformation initiatives, and a growing reliance on technology across industries have driven regional expansion.
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Leading Market Players: -
- Accenture
- TATA Consultancy Services Limited.
- IBM
- Infosys Limited.
- HCL Technologies Limited.
- Cognizant
- Capgemini, Inc.
- Fujitsu
- NTT DATA Group Corporation
- Wipro
- DXC Technology Company
- Tech Mahindra Limited
- LTIMindtree Limited
- SAP SE
- Oracle
- Atos SE
- CGI Inc.
- Virtusa Corp
- Unisys
- EPAM Systems, Inc.
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The report provides a detailed analysis of these key players in the IT services market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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