$20+ Billion Green IT Services Market - Global Growth, Trends, COVID-19 Impact, and Forecasts to 2026 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Green IT Services Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.

The green IT services market was valued at USD 11.28 billion in 2020 and expected to reach USD 20.48 billion by 2026 and grow at a CAGR of 10.47% over the forecast period (2021 - 2026).

The use of sustainable sources has been a widely adopted trend as the enormous cost-savings and optimization of the resources have proved to be a favoring factor for the industry.

The growing emphasis on reducing carbon footprints and the growing need for eco-friendly services are pushing the growth of green IT services. Companies around the world have started improving the efficiencies of operations. The need to reduce wastage, efficiently utilize resources, and reduce carbon footprints warrants the deployment of innovative and sustainable solutions.

Due to the increase in environmental conditions and carbon footprints, the companies and the government have started to control and improve the condition by the deployment of IT solutions, which acts as a driver to the green IT services market.

However, the high initial costs of such services are limiting the growth of this market. Many companies and organizations have limited or no budgets for green IT resources.

Key Market Trends

Application in IT and Telecom to Drive the Green IT Service Market

• The use of green IT services is expected to increase in the IT and telecom industry as the number of start-ups and organizations is growing rapidly. Information technology and the telecom industry are among the leading industries utilizing the green IT services in the recent past.
• Since there is a large presence of users on social media platforms the internet traffic has elevated with significant growth, storage and cloud space has to be updated with the installation of high capacity powerful servers replacing the old outdated servers. Green IT services come into the role by utilizing the same old disposing of computers products and using them in an environmentally friendly manner.
• The telecom industry has recorded strong growth over the last few decades, aided by the growing adoption in developing regions. They provide support for telephone systems, cabling, installation and repair, fault tracing, and survey services. Also, they make sure that the quality of the wiring installation will be long lasting and less hazardous and also replace the old ones.

North America to Have the Higher Market Share

• The rapidly evolving market in the North American region has a diverse group of providers for green IT services, which is led by major software and service players. The government has also issued norms that promotes the practice of green IT services.
• For instance, Johnson Controls helped establish energy performance contracting in 1983 and has implemented more than 3,000 performance contracts in North America alone.
• Johnson Controls facility audits to identify opportunities to improve the efficiency of the building envelope, lighting, HVAC, power management, water, and other systems.
• In North America, the environmental regulations, rising energy costs, and expanding data centers are some of the challenges that drive the energy efficient and sustainable infrastructure to build green infrastructure, which gives different approaches for the entire infrastructure. Green IT services help the systems to reduce costs, alleviate operational issues, and prepare for the rapidly emerging regulatory environment.

Competitive Landscape

The major players include IBM Corporation, Accenture PLC, Johnson Controls, Green Step Solutions, SAP SE, Schneider Electric SE, and others. The market is fragmented since the market is competitive, without any dominating player. Hence, the market concentration will be low.

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