IT Services Market Size, Share & Trends Report

IT Services Market Size, Share & Trends Analysis Report By Technology (AI & ML, Big Data Analytics), By Approach (Proactive, Reactive), By Deployment, By Enterprise Size, By End-use, By Type, By Application, And Segment Forecasts, 2023 - 2030

  • Report ID: GVR-4-68039-931-9
  • Number of Report Pages: 100
  • Format: PDF, Horizon Databook
  • Historical Range: 2017 - 2021
  • Forecast Period: 2023 - 2030 
  • Industry: Technology

Research Methodology

A three-pronged approach was followed for deducing the IT services market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for IT services market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of IT services market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

IT Services Market Categorization:

The IT services market was categorized into eight segments, namely approach (Reactive IT Services, Proactive IT Services), type (Design & Implementation, Operations & Maintenance), application (Systems & Network Management, Data Management, Application Management, Security & Compliance Management), technology (AI & Machine Learning, Big Data Analytics, Threat Intelligence), deployment (On-premises, Cloud), enterprise size (Large Enterprise, Small & Medium Enterprise), end-use (BFSI, Government, Healthcare, Manufacturing, Media & Communications, Retail, IT & Telecom), and region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).

Segment Market Methodology:

The IT services market was segmented into approach, type, application, technology, deployment, enterprise size, end-use, and region. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The IT services market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into fifteen countries, namely, the U.S.; Canada; the UK; Germany; France; China; Japan; India; South Korea; Australia; Brazil; Mexico; Kingdom of Saudi Arabia; UAE; South Africa.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

IT services market companies & financials:

The IT services market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • Accenture -Accenture is a professional service provider specializing in consulting and information technology services. The company majorly focuses its operations across the five industry sectors, namely financial services, communications, health & public service, media & technology, products, and resources. Accenture offers a complete stack of technology from IT-as-a-service capabilities, including application development, cloud, and ERP. The company supports their client with IT transformation end-to-end, whether implementing a decomposed, new high velocity, digitized platform to systems architect, cloud broker, or application services provider.

  • TATA Consultancy Services Limited -TATA Consultancy Services Limited offers information technology (IT) services and business and consulting solutions to various industries. The company majorly operates in six business segments, namely retail and consumer business, banking, financial services, communication, media and technology, life sciences and healthcare, manufacturing, and others such as resources and utilities, energy, governance, and products. The company offers a unified portfolio of business, technology, and engineering services and solutions that are consulting-led and cognitive-powered.

  • Cognizant - Cognizant is an IT service provider offering consulting and digital services to enterprises in consumer products, financial services, healthcare, media & communication, and healthcare industries. The company provides consultation, systems integration, infrastructure, application development, testing, maintenance, and business process services. The company operates its business through four business segments, namely financial services, products & resources, healthcare, and communications, media & technology.

  • Wipro - Wipro is a provider of technology services, and consultancy focused on developing cutting-edge solutions that cater to the most complex needs of its clients in the field of digital transformation. Utilizing a comprehensive portfolio of consulting, design, engineering, and operations skills, the company assists clients in achieving their goals and creating sustainable, long-term enterprises.

  • HCL Technologies Limited -HCL Technologies Limited is a technology company that helps businesses in the technological transformations of numerous industries. The company majorly focuses on three business segments, namely IT & business services, engineering and R&D services, and products & platforms.

  • Capgemini - Capgemini is a multinational information technology (IT) services and consulting company. The company provides information technology services. It offers cloud computing, business process management, mobile software solutions, outsourcing, finance, consulting, engineering, supply chain management, and other services. The company offers a variety of services through appropriate delivery models that are chosen to leverage its core competencies to meet the needs of its customers. The company provides these services in various computing environments, utilizing recent advances in distributed databases, object-oriented programming, client/server architectures, and networking and communication technologies.

  • IBM Corporation - IBM Corporation manufactures and sells system software and hardware, and offers infrastructure, hosting, and consulting services. The company offers a range of services including technology consulting, cloud, application services, networking, security, business resiliency services, and technology support services. IBM has a large and diverse product and service portfolio. IT infrastructure, Cloud computing, commerce, artificial intelligence, data and analytics, digital workplace, the Internet of things (IoT), mobile, and cybersecurity are among the services available.

  • Infosys Limited - Infosys Limited is a global consulting and IT services company. The company operates across various business segments, including energy, utilities, resources & services, financial services; retail; communication, manufacturing, hi-tech; life sciences; and others. Infosys provides managed IT services to utility enterprises for operational support and strategic services. The business is a major supplier of next-generation digital services and consulting technology outsourcing that helps clients develop and implement strategies for their digital transformation.

  • DXC Technology Company - DXC Technology Company specializes in technology consulting, outsourcing, and support. The company's operating segment includes Global Infrastructure Services (GIS) and Global Business Services (GBS). The GIS segment offers IT outsourcing, cloud and security services, and workplace and mobility services. The GIS segment adapts legacy applications to the cloud, migrates the right workloads, and securely manages their multi-cloud environments; and provides security solutions that help ensure compliance, proactively respond to threats, predict attacks, and protect applications, data, and infrastructure.

  • NTT DATA Corporation - NTT DATA Corporation, a Nippon Telegraph, and Telephone Corporation subsidiary, provides IT services and solutions. The company sells, develops, maintains, and leases data communication systems. The company offers IT services, including consulting services, enterprise application services, advisory services, infrastructure services, sap solutions, application development and management, cloud solutions, cybersecurity services, oracle solutions, data and intelligence, and architecture services.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

IT Services Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2022, historic information from 2017 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

IT Services Market Report Assumptions:

  • The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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