Navigating the Digital Horizon: Global Information Technology (IT) Market
The Business Research Company’s Information Technology Global Market Report 2023 – Market Size, Trends, And Market Forecast 2023-2032
LONDON, GREATER LONDON, UK, December 13, 2023 /EINPresswire.com/ -- In the evolving landscape of the digital era, the global Information Technology (IT) market has witnessed substantial growth. From $8179.48 billion in 2022, the market expanded to $8852.41 billion in 2023, demonstrating an impressive Compound Annual Growth Rate (CAGR) of 8.2%. Projections indicate sustained growth, with the market size expected to reach $11,995.97 billion by 2027, maintaining a robust CAGR of 7.9%.
Cloud Computing: A Catalyst for IT Services
The surge in demand for cloud computing services is a key driver for the growth of the IT services sector. Cloud computing, wherein data is stored on the internet by a service provider, has become integral for companies opting for applications hosted in the cloud. Statistics reveal a significant shift, with 60% of computing workloads in the public cloud in 2019, and an anticipated 94% of enterprise workloads processed by cloud data centers in 2021. The preference for cloud-based data storage further amplifies the demand for IT services.
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Market Leaders and Technological Trends
Major players shaping the IT market landscape3 include Apple, Microsoft, Verizon Communications, and others. A noteworthy trend over the past five years is the increasing prevalence of low-cost open-source alternatives. Open source has become a preferred platform for technological development, with companies embracing it not only to increase their market share but also to foster innovation. Startups like Supabase, offering open-source alternatives, underscore this shift and secure funding to develop new open-source tools.
Global Reach and Regional Dynamics
In 2022, Asia-Pacific emerged as the largest region in the IT market, with North America securing its position as the second-largest region. The comprehensive global analysis encompasses regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Diverse Segmentation Reflecting Industry Dynamics
The market intricately caters to diverse IT sectors, organization sizes, and end-user industries:
• By Type: IT Services, Computer Hardware, Telecom, Software Products
• By Organization Size: Large Enterprise, Small and Medium Enterprise
• End User Industry: Financial Services, Retail & Wholesale, Manufacturing, Healthcare, and Other End User Industries
• Subsegments Covered: Hardware Support Services, Software And BPO Services, Cloud Services, Computer Peripheral Equipment, Computer Storage Devices And Servers, Computers, Wireless Telecommunication Carriers, Wired Telecommunication Carriers, Communications Hardware, Satellite & Telecommunication Resellers, Operating Systems & Productivity Software Publishing, Database, Storage & Backup Software Publishing, Business Analytics & Enterprise Software, Video Game Software, Design, Editing & Rendering Software
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Information Technology Global Market Report 20232 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Information Technology Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on information technology market size, information technology market drivers and trends, information technology market major players, IT market competitors' revenues, IT market positioning, and IT market growth across geographies. The information technology market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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