In the period 2016-2020, the global IT services market grew at an average annual rate of 10.9%, reaching EUR 1.164.6 billion in 2020. The Asia-Pacific market has grown at an average annual rate of 10.1% over the last 5 years, reaching € 358 billion in 2020, while the US IT services market has grown at an average annual rate of 10% over this period and generated a revenue of € 387 billion in 2020. In Europe, the IT services market has grown at an average annual rate of 12.9% over the last 5 years, generating € 301 billion in revenue in 2020. Into this analysis of IT services Business Process Outsourcing services, application services, and information infrastructure services were included.
Due to the many high-level cybersecurity threats and the interconnected nature of network technologies, cybersecurity has become crucial for many businesses. This has stimulated growth in the IT services market and innovation and development in this area.
The global cloud computing market is expected to record an average annual growth of 9.5% over the next 5 years, which will help boost the growth of the global IT services market. Cloud computing systems are expected to achieve dynamic growth as customers expand the use of data centres and advanced analytics to manage large amounts of data generated in a connected world.
Information infrastructure services are the largest segment of the global IT services market. The segment generated EUR 710.2 billion in revenue in 2020, representing 61% of the total market value. The BPO services segment generated revenues of EUR 255.6 billion or 21.9% of the total market value during this period.
Analysts predict that the global IT services market will grow at an annual rate of 8.9% over 2021-2025, reaching € 1,668.8 billion in 2025. The Asia-Pacific market is expected to grow at an annual rate of 8.7% over the next 5 years, reaching € 507.9 billion in 2025, while the US IT services market is expected to grow at an average annual rate of 8.1% over the forecast period. level and reached a value of EUR 535 billion in 2025. In Europe, the market is expected to grow at an average annual rate of 10.4% over the forecast period, reaching € 461.6 billion in 2025.
Demand for IT services is expected to increase in the coming years as many companies introduce home and outsourcing systems to deal with potential virus outbreaks or other types of disruptions. Therefore, companies will invest heavily in information technology and new technologies.
Source: Izvozno okno. The complete article in Slovene is available here.