Global IT Professional Services Market is valued at approximately USD 753.1 billion in 2021and is anticipated to grow with a healthy growth rate of more than 9.1% over the forecast period 2022-2029.IT Professional Services enable individuals and organizations to accomplish a goal by providing a wide range of technical knowledge and expert advisory services. These professional services include research, consultancy services, accounting and technical services. Benefits of services such as increased efficiency, minimal human errors, and reduced time aregaining an advantage over the market. Additionally, the rising need for automation to increase operational efficiency and easy low-cost implementation of a few factors such as cloud services is boosting the market for IT Professional Services.
The increasing need for automation is estimated to generate nearly USD 214 billion worldwide by 2021. People are shifting towards automation as it is efficient and time-saving. IT professional service providers lay a standardized approach to digitally transform business operations. For instance, a new infrastructure was deployed by Amazon Web Services (AWS) to expand its services to multiple industries. Remote working on large scale was prevailing during the pandemic leading to several technological services across companies. The global cloud services market is expected to reach nearly 168.6 billion U.S. dollars by 2025. It is anticipated to have the largest share in the market at about 65%. The prevailing IT services is also projected by individual spending on it which is USD 345.50 in 2023. Additionally, government focus on the digitalization of their economic operations and continuous advancements, technological improvements are expected to create market opportunities for professional services. However, the high cost of IT Professional Services stifles market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global IT Professional Services Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World.North America dominated the market for IT Professional Services due to the adoption of cloud services by several industries. The rising use of advanced technologies such as artificial intelligence (AI) and Machine Learning (ML) is fueling the demand inthe region. Furthermore, the majority of industries are investing in IT Professional services driving the market.Asia Pacific is expected to be the fastest-growing region with a CAGR of 11.0% over the forecast period. It comprises several small and medium enterprises that rely on professional services for their day-to-day operations.
Major market player included in this report are:
Capgemini Technology Services India Limited
International Business Machines Corporation
DXC Technology Company
Hewlett Packard Enterprise Development LP
Recent Developments in the Market:
? In June 2022, new innovations were made by Hewlett Packard Enterprise for the HPE GreenLake edge cloud platform to provide cloud services at minimum costs.
? In July 2021, Hewlett Packard Enterprise acquired a major cloud service provider Zerto to expand HPE GreenLake.
Global IT Professional Services Market Report Scope:
Historical Data 2019-2020-2021
Base Year for Estimation 2021
Forecast period 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Type, Deployment, Enterprise-size, End-user, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporatespotential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and Type offerings of key players. The detailed segments and sub-segment of the market are explained below:
IT Support & Training Services
Enterprise Cloud Computing Services
Small & Medium Enterprises (SMEs)
Marketing & Communication Companies
Rest of the World