LONDON--(BUSINESS WIRE)--The global IT support services market is expected to grow at a slow but steady CAGR of over 2% during the forecast period, according to Technavio category spend intelligence researchers.
This procurement market intelligence report covers the market outlook and growth prospects of the global IT support services market for 2016-2020. The report also labels Microsoft, IBM, Dell, Oracle, and BT Global as the top five suppliers in the market and outlines a far-reaching analysis of their market dominance.
With buyers increasingly demanding reduction in timelines for resolving problems and enhancement in productivity, suppliers are prompted to innovate and adopt sophisticated technologies, such as knowledge base and autonomic computers, to enhance their service capabilities. Moreover, large organizations across industries are increasingly adopting cloud infrastructure. This is prompting suppliers to expand their service portfolios to enable them to support cloud-based services.
Angad Singh, a category specialist at Technavio, says, “There is an increased demand for IT support services due to growing investments in IT infrastructure by SMEs across sectors such as e-commerce, particularly start-ups such as Swiggy whose entire business depends on IT infrastructure. The demand from SMEs for IT infrastructure has increased by 15%-30% over the past 2-4 years, and this is a major contributor to the growth of the support services market.”
The report segments the global IT support services market into the following key regions:
- Middle East and Africa
Category spend on IT support services by geography 2015 (USD 164.3 billion)
|Middle East and Africa||12%|
In 2015, the Americas were the highest revenue contributor with more than 40% market share. IT support service spend is expected to grow at a CAGR of 2.8% in the Americas during 2016–2019, with South America expected to witness the fastest growth in the region with a CAGR of 3.3%.
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The IT support services market in Europe is expected to grow at CAGR of 2.2% over the next 2-3 years due to the recent economic crisis and maturity of the market in the region.
Markets such as India, China, Singapore, and Australia witnessed the highest growth, between 4%-6%, in IT support spend in 2015 due to an increase in business activities across industry sectors in these markets. Moreover, increased adoption of IT systems by governments across markets such as India and China has led to the rapid growth of the market in the APAC region.
In 2015, investments by the government of South Africa in the IT sector rose at the rate of 11.6%, and this proved to be a major boost for IT support services in this region. Such initiative by the government is due to their desire to provide real-time information to citizens and to adopt paperless governance.
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