Frequently Asked Questions:
- Based on segmentation by Service, which is the leading segment in the market?
IT Consulting and other services will be the leading service segment of the market.
- What is the key market driver?
Growing adoption of edge data centers is notably driving the market
- At what rate is the market projected to grow?
The market is projected to accelerate at a CAGR of 8.27% during the forecast period
- What will be the YOY for 2021?
The YOY estimation for 2021 is 6.35%.
- How big is the APAC market?
40% of the growth will originate from APAC.
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IT Services Market 2020-2025: Driver and Challenge Analysis
The growing adoption of edge data centers is one of the prominent IT services market drivers leading the market growth. In addition, other factors such as surging need to adhere to regulatory guidelines and ensure compliance and growing demand for IoT and big data operations will also drive the market growth in the upcoming years. Furthermore, vendors in the market are focusing on investing heavily in retaining and expanding their consumer base by developing innovative solutions catering to the dynamically changing consumer requirements.
However, factors such as risks involved in outsourcing, shortage of domain expertise, and lack of quality standards in SLAs might limit the market’s growth during the forecast period. Outsourcing could result in a loss of control as the outsourced agency may make excessive demands and change business rules. Such actions are likely to lead to high levels of dissatisfaction among organizations. In addition, there is a shortage of skilled financial and fast decision-making professionals, such as mathematicians, statisticians, data scientists, and data analysts.
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IT Services Market 2020-2025: Segmentation Analysis
- IT Consulting And Other Services
- Internet Services And Infrastructure
- Data Processing And Outsources Services
The IT services market share growth by the IT consulting and other services segment will be significant during the forecast period. The adoption of advanced technologies such as big data analytics, AI, and cloud-based computing to reduce costs and increase operational efficiencies is enhancing the need for other services. Information technology (IT) consulting and other services mainly include consulting, systems integration, and other services, such as information management and education and training.
- North America
- South America
APAC was the largest revenue-generating regional segment of IT services market in 2020 and will continue to lead its dominant position in the market during the forecast period by capturing 40% …….