The Business Research Company’s IT Services Global Market Report 2020-30: COVID-19 Impact and Recovery
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Over the past five years, cloud software solutions have been gaining acceptance from companies across all industries. Cloud is a software delivery method where a vendor hosts a software application in a remote server and customers can access it through the internet. Cloud software solutions are widely used in customer relationship management (CRM), HR/payroll, project management and accounting software systems. For example, Vodafone is utilizing Salesforce.com’s software services to make connections through social media.
The Business Research Company’s global IT services market research report is segmented by type into hardware support services, software and BPO services, cloud services, by organization size into large enterprises, small and medium enterprises, by end-user industry into financial services, retail & wholesale, manufacturing, healthcare, others, and by service provider location into North America, Asia Pacific, Western Europe, Eastern Europe, and the rest of the world.
The global IT services market size is expected to grow from $3450.1 billion in 2019 to $3506.2 billion in 2020 at a compound annual growth rate (CAGR) of 1.7%. The low growth is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 12% from 2021 and reach $4788.7 billion in 2023. North America accounted for the largest IT services market share with 32% of the market in 2019. Asia Pacific was the second largest region accounting for 29% of the global IT services market.
Here Is A List Of Similar Reports By The Business Research Company:
Information Technology Global Market Report 2020-30: COVID-19 Impact and Recovery
Cloud Services Market – By Segments (Infrastructure As A Services (Iaas), Platform As A Services (Paas), Software As A Service (Saas), Business Process As A Services (Bpaas)), By Country, And By Region, Opportunities And Strategies – Global Forecast To 2022
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