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February 27, 2023/Industry News Global/ -- The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the IT Services Market.

IT Services Marketreport studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

IT services market is likely to witness an impressive CAGR of 8.2% during the forecast period.

Drivers

·         The growing demand for IT services is mainly due applicability of services in different industries.

·         Increasing adaptability of digitalization in various developing countries and increasing usage in small & medium enterprises.

Segment analysis

By 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.

By 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.

By Region

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.

 

Features of the Report

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.

The IT Services Market analysis report discusses the following heads in great detail:

·         Market structure: Overview, industry life cycle analysis, supply chain analysis

·         COVID-19 Impact Assessment

·         Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis

·         Market trend and forecast analysis

·         Market segment trend and forecast

·         Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.

·         Attractive market segments and associated growth opportunities

·         Emerging trends

·         Strategic growth opportunities for the existing and new players

·         Key success factors 

About Stratview Research

Stratview Research is a trusted brand globally, providing high quality research and strategic insights that help companies worldwide in effective decision making. It is a global market intelligence firm providing a wide range of services including syndicated market reports, custom research, and sourcing intelligence across industries, such as Advanced Materials, Aerospace & Defense, Automotive & Mass Transportation, Consumer Goods, Construction & Equipment, Electronics and Semiconductors, Energy & Utility, Healthcare & Life Sciences, and Oil & Gas.

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