IT services consists of wide scale application used across businesses enabling organizations for creating, managing, and optimizing of access to information & business processes. It further provides the guidance to organizations on the IT strategy development including data center, cloud as well as any other key type of technology & functionality needed within the framework of the enterprise’s IT and business environments. The advancements in the associated IT operation across the cloud-based platform, IT services have now become more data-driven over developing of real-time and the greater value for businesses, especially in the areas where it is vital to develop operational efficiency, business opportunity discovery, and remote access optimization for the businesses. The IT services market is further segmented by type of skills employed in delivering services. Moreover, there are also different categories associated towards the use of service business process services, application services and other infrastructure services.
According to study, “IT Services Global Market Report 2019” the key companies operating in the global IT services market are IBM Corporation, DXC Technology Co., Hewlett Packard Enterprise Company, Capgemini SE, Fujitsu Ltd., Oracle Corporation, Accenture PLC, Cognizant Technology Solution Corp., Microsoft Corporation, CGI Inc., Infosys Ltd., NTT Data Corporation, Tata Consultancy Services Ltd., HCL Technologies Limited, Wipro Technologies Ltd., BMC Software Inc. The enterprises are now choosing for IT services across multiple industry verticals owing development of manifold benefits, associated in using of advanced forecasting through business intelligence, thereby helping to optimize business operations, minimizing of the wastage, and increase in organizational revenues.
Based on services type, IT services market is segmented into software and BPO services, hardware support services, cloud services, storage & servers support services, and computer & peripherals support services, networking support services and others. Based on business function, market is segmented into finance & accounting, sales & marketing, human resources, operations & support, supply chain management, manufacturing and others (transportation & logistics). Based on organization size, market is segmented into small & medium enterprises (SMEs) and large enterprises. Based on application, market is segmented into IT outsourcing, IT consulting, IT security, IT operation and other applications. In addition, based on end-user industry, market is segmented into IT & telecommunication, healthcare, Banking, financial services, and insurance (BFSI), industrial, retail and other end-user industry (automotive, hospitality, chemicals, travel, transportation & logistics, energy & utilities, oil & gas and education).
The IT services market is driven by rise in demand for automation to improve operational service efficiency, followed by growth in adoption of cloud computing to accomplish economies of scale. However, rise in security concerns across the cloud-based professional IT services and lack of flexibility & scalability in terms of complex IT services may impact the market. Based on geography, the Asian-Pacific region dominates the IT services market owing to low-cost labor & skilled talent pools and increase in adoption of IT services in SMEs in the region. Whereas, the European and North-American region is expected to witness higher growth rate due to rise in investments in the IT infrastructure over the forecast period.
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Ankur Gupta, Head Marketing & Communications