Seattle, WA -- (SBWIRE) -- 11/22/2019 -- Information Technology (IT) is the application of computers to study, store, retrieve, transmit, and manipulate data or information often in the context of business or other enterprise. IT as a service is an operational model where the information technology (IT) service provider delivers information to a business. Several industries are associated with information technology including computer hardware, software, electronics, internet, semiconductors, and ecommerce. The IT service provider could be internal IT organization or external IT organization. Surge in need for low cost IT services would supplement the use of IT as a service framework driving the global IT services market.

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Key factors driving the growth of IT services market are increase in number of start-up community and increasing technology. Growing emphasis on developing an IT efficient infrastructure and implementation of IT services such as consulting services and system integration services by organizations is also supplementing the growth of the market.

The global IT Services market is valued at 1011000 million USD in 2018 and is expected to reach 1150600 million USD by the end of 2024, growing at a CAGR of 2.6% between 2019 and 2024.

Market Segmentation:

The IT services market is segmented by service type, consulting type, industry vertical, infrastructure, and geography. By service type, the market is classified into application development, application modernization, system integration, performance engineering, and others. By consulting type, the market is segmented as IT consulting and network consulting. By industry vertical the market is segmented as financial, government, computer services, manufacturing, telecom, transportation, and others. By infrastructure, the segmentations considered in the report are desktop support infrastructure, data center infrastructure, mainframe support infrastructure, help desk infrastructure, and others.

Regional Outlook:

Based on geography, the IT Services Market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). North America is further bifurcated into U.S., Canada, and Mexico whereas Europe consist of UK, Germany, and others. Asia-Pacific is segmented into India, China, and others while RoW is bifurcated into South America, Middle East and Africa.

Regional Analysis:

North America is the largest IT service market in the world these years, and USA is the largest consumption countries of IT services in the world in the past few years and it will keep increasing in the next few years. USA market took up about 36% the global market in 2016 (90% of North America IT service market), while Europe was about 29%, and Japan is followed with the share about 13.5%.

Key Players:

IBM, HP, Fujitsu, Accenture, CSC, Lookheed, Capgemini, NTT Data, SAIC, Xerox, Oracle, Hitachi, NCC, ADP, NEC, TCS, Infosys, Atos, Wipro, HCL Tech

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