In this report, Technavio covers the market outlook and growth prospects of the global IT services market for 2016-2020. To calculate the market size, the report considers revenue generated from the following IT service offerings:
- Project-oriented services
- Information technology outsourcing (ITO) services
- IT support and training services
- Enterprise cloud computing services
One of Technavio’s lead analysts for IT professional services research, Amit Sharma, says, “Increase in IT consolidation and modernization is one of the major drivers for the growth of the global IT services market. IT consolidations in organizations have helped improve operational efficiency and achieve economy of scale. The continuous change in technology and the need for IT modernizations in industry vertical, such as manufacturing, BFSI, telecom, and healthcare, are the key factors for the growing adoption of IT services.”
Technavio’s research study segments the global IT services market into the following regions:
Americas: Largest market for IT services
The demand for IT services in Latin America originates primarily from large corporations, SMEs, and government organizations, driven by the growth in various industrial verticals such as BFSI, telecom, public sector firms, and oil and gas. Organizations operating their businesses in numerous industry verticals are implementing IT services such as ITO services, consulting services, system integration services, IT support services, and cloud computing services.
In North America, IT services adoption is the highest in the US. IT services adoption in Latin American countries such as Brazil, Chile, Mexico, and Argentina is also increasing significantly. Virtualization, cloud computing, and SaaS-hosted services are expected to spur the demand for IT services in Latin America. ITO vendors in Brazil, Costa Rica, Guatemala, and Argentina offer ITO services. The close proximity of these countries to the major US market and proficiency in English and Spanish are some of the advantages enjoyed by outsourcing vendors in this region.
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Organizations focus towards modernizing their IT infrastructure driving IT services market in EMEA
The IT services market in Europe is promising as numerous organizations implement IT services to modernize their IT infrastructure. Organizations in Germany, the UK, France, and Spain adopt IT solutions for application and infrastructure management. The IT services market in Central and Eastern European (CEE) countries, such as Poland, Hungary, the Czech Republic, Romania, and Slovenia, is promising for vendors to offer IT services. SMEs in Europe also implement IT services on a large scale. “IT firms, such as IBM and Accenture, have opened their IT service delivery centers to offer IT solutions directly in the domestic market,” adds Amit.
Growing popularity of social media and mobile devices driving IT services market in APAC
The growing economic expansions of India, China, Malaysia, and Thailand coupled with the need for modernizing infrastructure across the continent and growing popularity of social media and mobile devices are the main factors behind the increased adoption of IT solution in Asia. The need to modernize industries and infrastructure has increased the demand for IT, which is propelling the market for IT services.
For instance, the healthcare industry in Asia is focused on digitizing paper records, which is boosting IT solutions in the continent. The growing IT services market in Japan and expansion of Japanese companies worldwide will create a wide range of opportunities for several cost-effective service providers to showcase their capabilities. Emerging technologies, such as cloud computing, mobility, analytics, and some wearable technologies, are expected to contribute to the growth of the IT market in Australia.
The top vendors in the global IT services market highlighted in the report are:
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