IT services: Key market research findings
- The Americas dominate the market geographically
- The project-oriented services segment accounts for a majority of the market revenue
- Key vendors – Accenture, CSC, HP, Fujitsu, and IBM
Technavio’s market research analysts predict the global IT services market to grow at a CAGR of almost 6% between 2016 and 2020. The growth in the market is driven by the need to comply with regulatory guidelines and ensure compliance. The need to comply with regulatory norms improves operational efficiency, focus on the Internet and mobile banking strategies, enhance customer experience and creates new business opportunities within the reach of unbanked population. During 2015, the Americas dominated the global IT Services market by accounting for almost 43% of the overall market share. The growth in numerous industrial verticals such as banking, financial services, and insurance (BFSI), telecom, public sector firms, and oil and gas is expected to fuel growth in IT services market in Americas during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the IT services segments based on the IT service offerings.
“Recently, there has been a significant rise in the adoption of IT-as-a-service. It is basically an IT service delivery model for organizations that can be used to manage IT systems in tandem with strategic business requirements. Organizations are increasingly adopting this model in an attempt to remain competitive in the business. Besides, this model reduces upfront IT costs and increases business agility in SMEs,” says Amit Sharma, Lead Analyst, ICT, Technavio Research.
The project-oriented services segment was the dominant shareholder in the global IT services market in 2015 with a market share of almost 50%. Project-oriented services include the following three main services – system integration services, IT consulting services, and application development services. Integration services include project planning, project management, and detailed design and implementation of application programming interfaces along with the deployment services that consist of installation, interoperability testing, and other system deployment services.
The key vendors in the market include Accenture, CSC, HP, Fujitsu, and IBM. This market is primarily dominated by large companies that offer innovative and high-quality services. To gain a competitive edge, vendors are opting for the automation of processes, simplification of the IT environment, and development of an economical cost structure. IT service providers are providing re-engineered solutions to enable firms to acquire the benefits of process re-engineering.
A more detailed analysis is available in the Technavio report, Global IT Services Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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