SAN FRANCISCO, February 6, 2023 /PRNewswire/ — The global IT professional services market size is expected to reach $1,598.41 billion by 2030, registering a CAGR of 9.1% over the forecast period, according to recent reports from Grand View Research, Inc. The growth can be attributed to technological change by small and medium-sized enterprises (SMEs) to improve their IT infrastructure, growing adoption of cloud computing, and increasing use of advanced technologies such as machine learning, artificial intelligence and robotic process automation (RPA). . Market players are helping various organizations to automate their business operations with these technologies. Additionally, big data analytics technology combined with the Internet of Things (IoT) is increasing the overall productivity of IT professional services, thereby contributing to the growth of the industry.
Key industry insights and findings from the report:
- The IoT services segment is expected to grow at a CAGR of 9.9% during the forecast period. Large organizations are increasingly turning to IT support and training services to familiarize their employees with the latest technologies and reduce training time by using a single platform across the organization. Also, other companies outsource IT services for regular updates and maintenance of their IT systems.
- The cloud segment is expected to grow at a CAGR of 9.6% during the forecast period. Shifting the focus of organizations towards developing a single unified digital platform to manage holistic data operations with minimal hardware configuration creates a favorable environment for cloud integration solutions.
- The SME segment is expected to grow at a CAGR of 11.2% during the forecast period. Small and medium-sized businesses use professional IT services and solutions for processing time management, automating various tasks to allow employees to focus on other important work and control unnecessary business expenses, thus helping to expanding the size of the IT professional services market.
- The technology business segment is expected to grow at a CAGR of 9.6% during the forecast period. Strong demand for automation, business intelligence and technology as a service (TaaS) is driving the growth of the segment.
- Asia Pacific is expected to grow at a CAGR of 11.0% during the forecast period. The rapid increase in the number of SMEs and startups in the region is focused on implementing next-generation technologies and services to stay in the market. In addition, savings such as China And India are the hub of IT companies, further driving growth.
Read the 208-page Market Research Report, “IT Professional Services Market Size, Share and Trends Analysis Report by Type (Project Oriented Services, IoT Services, IT Support and Training Services ), by Deployment, by Enterprise Size, by End Use, Forecast by Region and Segment, 2023 – 2030,” published by Grand View Research.
IT Professional Services Market Growth and Trends
Rising adoption of cloud-based platforms across the globe is expected to drive the market growth. Established industry players are placing a strong emphasis on strategic partnerships with software vendors to accelerate enterprise migration to hybrid cloud architecture. For example, in December 2021, Software AG has joined Cloud Modernization Center and IBM Z to help IBM Z customers modernize their processes, data, and applications with infrastructure software in a hybrid cloud architecture. Moreover, in November 2021Google Cloud and T-Systems International GmbH have established a co-innovation center for cloud infrastructure development in Munich. Google Cloud will invest approximately $1.2 billion in the program till 2030. These developments would further boost the growth of the industry during the forecast period.
The rapid advancements in advanced technologies, along with the growing popularity of professional IT solutions, are encouraging various companies to enter the IT professional services market to expand their business. Startups in the IT professional services market place great importance on participating in funding rounds to raise funds and boost their brand presence. For example, Atera, an Israeli remote IT management and professional services automation software company, raised $77 million in a Series B funding round led by K1 Investment Management and General Atlantic in July 2021. The funds will be used to expand the company’s automation software and business operations service offerings into untapped global markets.
Segmentation of the IT professional services market
Grand View Research has segmented the global IT professional services market on the basis of type, deployment, company size, end-use, and region
IT Professional Services Market – Type of Outlook (Revenue, USD Billion, 2018 – 2030)
- Project-oriented services
- IoT services
- IT support and training services
- Enterprise Cloud Computing Services
IT Professional Services Market – Deployment Outlook (Revenue, Billion, 2018 – 2030)
IT Professional Services Market – Company Size Outlook (Revenue, Billion, 2018 – 2030)
- Small and medium-sized enterprises (SMEs)
- Large companies
IT Professional Services Market – End-Use Outlook (Revenue, Billion, 2018 – 2030)
- Technology companies
- Consulting companies
- Marketing and communication companies
- Others (architectural firms, scientific research and market organizations, educational institutions and hospitality industry)
IT Professional Services Market – Regional Outlook (Revenue, Billion, 2018 – 2030)
- North America
- UNITED KINGDOM
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
List of Key Players of IT Professional Services Market
- Dato, Inc.
- International Commercial Machinery Society
- DXC Technology Company
- Hewlett Packard Enterprise Development LP
- Microsoft Corporation
- Oracle Corporation
- VMware, Inc.
Check out other related studies published by Grand View Research:
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- Financial Auditing Professional Services Market – The global financial auditing professional services market size is expected to reach $190.7 billion by 2025, expanding at a CAGR of 7.4% from 2018 to 2025, according to a new study conducted by Grand View Research, Inc. The introduction of strict auditing and disclosure laws and regulations of financial statements by companies and companies is expected to drive the market during the forecast period.
- Payment as a Service Market – The Global Payment as a Service Market Size is Expected to Reach $45.84 billion by 2030, with a CAGR of 15.2% from 2023 to 2030, according to a new study conducted by Grand View Research, Inc. The proliferation of smartphones for online shopping, increasing e-commerce sales and the Increase in internet penetration rate are some of the major factors driving the growth of the industry. Initiatives adopted by various governments around the world to promote digital payment are also contributing to the growth. Additionally, the focus of payment service providers on providing enhanced payment solutions also bodes well for growth.
Browse Grand View Research results Next Generation Technologies Industry Research reports.
About Grand View Research
Grand View Research, a US-based market research and consulting firm, provides syndicated and custom research reports and consulting services. Checked in California and whose head office is at San Francisco, the company has more than 425 analysts and consultants, adding more than 1,200 market research reports to its extensive database each year. These reports offer in-depth analysis of 46 industries in 25 major countries around the world. Using an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and assess upcoming opportunities.
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