IT Professional Services Market to be Worth $1,598.41 Billion by 2030: Grand View Research, Inc.
SAN FRANCISCO, Feb. 6, 2023 /PRNewswire/ — The global IT professional services market size is expected to reach USD 1,598.41 billion by 2030, registering a CAGR of 9.1% over the forecast period, according to recent reports from Grand View Research, Inc. The growth can be attributed to the technology shift by small & medium enterprises (SMEs) to enhance their IT infrastructure, growing adoption of cloud computing, and increasing usage of advanced technologies such as machine learning, artificial intelligence, and robotic process automation (RPA). Market players are assisting various organizations in automating their business operations with these technologies. Furthermore, big data analytics technology combined with the internet of things (IoT) increases the overall productivity of IT professional services, contributing to the industry’s growth.
Key Industry Insights & Findings from the report:
- The ITO service segment is anticipated to grow at a CAGR of 9.9% over the forecast period. Large organizations are increasingly turning to IT support and training services to familiarize their employees with the latest technologies and reduce training time by utilizing a single platform throughout the organization. In addition, other businesses are outsourcing IT services for regular updates and maintenance of their IT systems.
- The cloud segment is anticipated to grow at a CAGR of 9.6% over the forecast period. Shifting focus of organizations on developing a single unified digital platform to handle holistic data operations with the minimum hardware requirement is creating a favorable environment for cloud integration solutions.
- The SMEs segment is anticipated to grow at a CAGR of 11.2% over the forecast period. Small & medium-sized enterprises are using IT professional services and solutions for process time management, automating various tasks to allow employees to focus on other important works and control unnecessary spending of the company, thereby contributing to the IT professional services market size expansion.
- The technology companies segment is anticipated to grow at a CAGR of 9.6% over the forecast period. The high demand for automation, business intelligence, and technology as a service (TaaS) is prompting the growth of the segment.
- Asia Pacific is anticipated to grow at a CAGR of 11.0% over the forecast period. The rapid increase in the number of SMEs and startups across the region are focusing on implementing new-generation technologies and services to sustain in the market. Also, economies such as China and India are the hub for IT companies which drives the growth even further.
Read 208-page market research report, “IT Professional Services Market Size, Share & Trends Analysis Report By Type (Project-oriented Services, ITO Services, IT Support & Training Services), By Deployment, By Enterprise Size, By End-use, By Region, And Segment Forecasts, 2023 – 2030“, published by Grand View Research.
IT Professional Services Market Growth & Trends
The growing adoption of cloud-based platforms across the globe is expected to drive the market growth. Established industry players are highly emphasizing on strategic partnerships with software companies to accelerate the business migration to hybrid cloud architecture. For instance, in December 2021, Software AG joined Cloud Modernization Center and IBM Z to assist IBM Z clients in modernizing their processes, data & applications through infrastructure software in hybrid cloud architecture. Moreover, in November 2021, Google Cloud and T-Systems International GmbH established a Co-Innovation Center for the development of cloud infrastructure in Munich. Google Cloud will invest around USD 1.2 billion in the program through 2030. These developments would further drive the industry’s growth during the forecast period.
Rapid advancements in advanced technologies, as well as the growing popularity of IT professional solutions, are encouraging a variety of businesses to enter the IT professional services market to expand their business. Startups in the IT professional services market place a high value on participation in funding rounds to raise funds and strengthen their brand presence. For instance, Atera, an Israeli remote IT management and professional services automation software company, raised USD 77 million in a Series B financing round led by K1 Investment Management and General Atlantic in July 2021
IT Professional Services Market Segmentation
Grand View Research has segmented the global IT professional services market based on type, deployment, enterprise size, end-use, and region
IT Professional Services Market – Type Outlook (Revenue, USD Billion, 2018 – 2030)
- Project-oriented Services
- ITO Services
- IT Support & Training Services
- Enterprise Cloud Computing Services
IT Professional Services Market – Deployment Outlook (Revenue, Billion, 2018 – 2030)
IT Professional Services Market – Enterprise Size Outlook (Revenue, Billion, 2018 – 2030)
- Small & Medium Enterprises (SMEs)
- Large Enterprises
IT Professional Services Market – End-use Outlook (Revenue, Billion, 2018 – 2030)
- Technology Companies
- Consulting Companies
- Marketing & Communication Companies
- Others (Architectural Companies, Scientific & Market Research Organizations, Educational Institutions, and Hospitality Industry)
IT Professional Services Market – Regional Outlook (Revenue, Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
List of Key Players in IT Professional Services Market
- Datto, Inc.
- International Business Machines Corporation
- DXC Technology Company
- Hewlett Packard Enterprise Development LP
- Microsoft Corporation
- Oracle Corporation
- VMware, Inc.
Check out more related studies published by Grand View Research:
- Professional Services Automation Software Market – The global professional services automation software market size is expected to reach USD 25.25 billion by 2030, expanding at a CAGR of 11.9% from 2023 to 2030, according to a new study conducted by Grand View Research, Inc. Increasing usage of advanced technologies such as machine learning, artificial intelligence, and robotic process automation (RPA) in Professional Services Solutions (PSA) for making profitable decisions in businesses is creating robust market opportunities.
- Financial Auditing Professional Services Market – The global financial auditing professional services market size is likely to reach USD 190.7 billion by 2025, expanding at a CAGR of 7.4% from 2018 to 2025, according to a new study conducted by Grand View Research, Inc. Introduction of stringent laws and regulations pertaining to auditing and reporting of financial statements by corporates and enterprises is estimated to drive the market over the forecast period.
- Payment As A Service Market – The global payment as a service market size is expected to reach USD 45.84 billion by 2030, expanding at a CAGR of 15.2% from 2023 to 2030, according to a new study conducted by Grand View Research, Inc. The proliferation of smartphones for online shopping, rising E-commerce sales, and increasing internet penetration rate are some of the major factors that are driving the industry’s growth. Initiatives being adopted by various governments worldwide to promote digital payment are also contributing to the growth. Moreover, payment service providers’ emphasis on providing upgraded payment solutions also bodes well for growth.
Browse through Grand View Research’s Next Generation Technologies Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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