According to The Business Research Company’s IT Professional Services Global Market Report 2024, The IT professional services market size has grown strongly in recent years. It will grow from $845.56 billion in 2023 to $923.46 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth in the historic period can be attributed to proliferation of mobile devices, growing cybersecurity concerns, outsourcing trends, remote work enablement, rise of the Internet.
The IT professional services market size is expected to see strong growth in the next few years. It will grow to $1348.26 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%. The growth in the forecast period can be attributed to rollout of 5G networks, proliferation of IoT devices, adoption of AR/VR technologies, remote work support, growing emphasis on sustainability. Major trends in the forecast period include AI-driven automation, cybersecurity innovation, hybrid cloud solutions, cross-platform integration, user-friendly IT solutions.
The increasing demand for digital upgrades for businesses is expected to propel the growth of the IT professional services market going forward. The digital upgrade is either buying a new platform or updating old systems to deal with technological issues. Digital upgrades typically save staff time, decrease system downtime, and enhance end-user experiences. For instance, in 2021, according to PTC, an American computer software and services company, more than 52% of companies will have completed digital transformations or are in the process of doing so. Therefore, the increasing demand for digital upgrades for businesses will drive the growth of the IT professional services market.
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The IT Professional services market covered in this report is segmented –
1) By Type: Project-Oriented Services, ITO Services, IT Support And Training Services, Enterprise Cloud Computing Services
2) By Deployment: On-Premise, Cloud
3) By End-Use: Technology Companies, Consulting Companies, Marketing And Communication Companies, Other End-Users
Major companies operating in the IT professional services market are developing new solutions such as enterprise AI framework to gain a competitive edge in the market. Enterprise AI Framework refers to a comprehensive and structured approach or set of guidelines that an organization adopts to implement artificial intelligence (AI) solutions across its operations. For instance, in July 2023, iOPEX Technologies, a US-based digital transformation company, launched iOPEX.AI, an advanced Enterprise AI framework designed to empower businesses in unlocking their full potential through digital innovation. The framework leverages enterprise data and incorporates both close-loop and open-loop machine learning models, enabling organizations to build a comprehensive repository of long-term memory. This cutting-edge technology facilitates the development of intelligent applications that can be deployed across the enterprise, providing valuable insights, optimizing operations, and enhancing overall efficiency. iOPEX.AI aims to drive intelligent decision-making, improve customer experiences, and fuel business growth while offering simplicity and scalability in building AI solutions from the ground up. The framework seamlessly integrates with existing data, systems, and workflows, ensuring a smooth transition into an AI-driven future and positioning iOPEX as a leader in delivering cutting-edge Generative AI technologies to its clients.
The it professional services market report table of contents includes:
1. Executive Summary
2. IT Professional Services Market Characteristics
3. IT Professional Services Market Trends And Strategies
4. IT Professional Services Market – Macro Economic Scenario
5. Global IT Professional Services Market Size and Growth
……….
32. Global IT Professional Services Market Competitive Benchmarking
33. Global IT Professional Services Market Competitive Dashboard
34. Key Mergers And Acquisitions In The IT Professional Services Market
35. IT Professional Services Market Future Outlook and Potential Analysis
36. Appendix
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