In a recent published report, Kenneth Research has updated the market report for IT Services Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for IT Services Market products.
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Moreover, the median health expenditure per capita recorded in the high-income, upper-middle income, and low & lower-middle income countries, recorded to be over USD 2,000, USD 400, and USD 100 respectively. Additionally, in the same year, the spending on health in high-income countries and in the low- and middle-income countries comprised approximately 8.2% and 6.3% of the GDP respectively.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
IT Services Market is estimated to reach $1,752 Billion by 2024; growing at a CAGR of 5.4% from 2016 to 2024. The term Information technology (IT) refers to the computers used to study, store, retrieve, spread and manipulate information. The IT service is an operational model where the IT service to a business is been delivered by the information technology (IT) service provider. IT service are integrated with various industries such as software, e-commerce, computer hardware, internet, electronics, and semiconductors. The IT service pwrovider might be internal IT organization or external IT organization.
A rising start-up community and growing technology are the primary factors boosting in the market growth of IT services. 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. However, high competition is a major challenge for the market players. However, the IT services market will place a great importance on the needs and outcome demands by the business to improve employee productivity, and profitability in the coming years.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
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.
Based on geography, IT Service Market is segmented into North America, Europe, Asia-Pacific, Rest of the World (RoW). North America is further bifurcated in 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.
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The key market players include Hewlett Packard Enterprise, International Business Machine Corporation, Infosys Limited, Accenture PLC, Capgemini SE, Cisco Systems, Cognizant Technology Solutions Corporation, HCL Technologies Limited, Oracle Corporation, and Tata Consultancy Services, among others.
The key takeaways from the report
The report will provide detailed analysis of IT Services Market with respect to major segments such as service type, industry vertical, consulting type, and infrastructure. The report will include the qualitative and quantitative analysis with market estimation over 2015-2024 and compound annual growth rate (CAGR) between 2016 and 2024. Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report. An exhaustive regional analysis of IT Services Market has been included in the report. Profile of the key players in the IT Services Market will be provided, which include key financials, product & services, new developments and business strategies
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Scope of IT Services Market Service Type Segments:
Application Development
Application Modernization
System Integration
Performance Engineering
Others
Consulting type Segments
IT Consulting
Network Consulting
Industry Vertical Segments
Financial
Government
Computer services
Manufacturing
Telecom
Transportation
Others
Infrastructure Segments
Desktop Support Infrastructure
Data Center Infrastructure
Mainframe Support Infrastructure
Help Desk Infrastructure
Others
Geographical Segments
North America
U.S.
Canada
Mexico
Europe
Germany
UK
Others
Asia Pacific
China
India
Others
RoW
South America
Middle East
Africa
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