IT services market is likely to witness an impressive CAGR of 8.2% during the forecast period, according to a report from Stratview Research.
COVID-19 pandemic – Boon or a Curse to the industry?
The outbreak of COVID-19 has severely impacted several industries across the world. Tough government measures such as lockdown of major economies, has pressed the ‘pause button’ for most of the industries. For most of the industries, the revenue has gone down in 2020 and has resumed an uptrend gradually from 2021.
Key insights on IT services market
IT services market is likely to witness an impressive CAGR of 8.2% during the forecast period. The growing demand for IT services is mainly due applicability of services in different industries and increasing adaptability of digitalization in various developing countries and increasing usage in small & medium enterprises.
North America is estimated to be the largest as well as the fastest-growing market for IT services during the forecast period, with the USA being the major country offering lucrative growth opportunities. The region’s growth is owing to the presence of a large number of IT service providers in country. The USA is considered to be the IT and software hub of the world. The IT services market of North America is mainly driven by huge IT budgets of governments. Europe and Asia-Pacific also offer substantial growth opportunities during the forecast period.
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Report Scope & Market Segmentation
IT Services Market Share: By Development Type
Based on the development type, the market is segmented as cloud and on-premise. The cloud services segment is expected to remain dominant as well as fastest-growing during the forecast period owing to advancement in the IT sector and consumer preference of cloud computing due to its various benefits such as remote access optimization, operational efficiency, and business opportunity discovery.
IT Services Market Share: By End-Use Industry Type
Based on the end-use industry type, the IT services market is segmented as BFSI, telecommunication, healthcare, retail, manufacturing, government, and others. The BFSI (Banking, financial services and insurance) segment leads the market owing to wide networking and central control units of various financial institutions. These institutions require huge data handling and real time support, and the IT services provide best solutions to them.
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Which key questions will this report answer?
This market research report focuses to deliver relevant information regarding the market trends, structure and growth during the forecast period. It also offers insights into different market segments and other factors affecting the market.
Some of the key questions answered by the report are:
What is the impact of COVID-19 on the market forecast?
What are the trends, drivers, and challenges?
How competitive is the market? Who are the market leaders?
What are the key strategies adopted by the market players?
Which segments offer the greatest opportunities?
Which are the most attractive regions?
What are the key success factors for the market players?
How does the business environment impact the market?
Which strategic alliances have taken place recently and their significance?
Stratview Research’s reports are generated after accumulating data from various authenticated sources. > 10 primary interviews with industry experts are conducted by us for every report. Insights gained from primary interviews, in-depth analysis of company statements and annual reports, accompanied by a number of articles, whitepapers, and reports help us to connect the dots and triangulate the market in the most effective manner.
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