The global IT professional services market size was valued at USD 562.08 billion in 2020 and is expected to reach USD 1,070.31 billion by 2028, expanding at a CAGR of 8.6% during the forecast period, 2021–2028. The growth of the market is attributed to the growing need for IT professional services in computing, marketing, counseling, and communication firms.
IT Professional Services is defined as the entire process of organizing, supplying, operating, and managing IT solutions provided to clients. The service is primarily directed by guidelines, prepared and developed in systems, and corroborating practices, which can be accomplished by an industry or a component of an enterprise. Moreover, project-oriented services, IT support, ITO services, training services, and corporate cloud computing services are all integrated into company operations by IT professional services. Organizations are primarily concerned with variables such as improving work quality, increasing delivery speed, lowering labor costs, and boosting transparency and accountability to enhance their business operations. Professional services provide an economical way for businesses to focus on data theft prevention and cybersecurity. They provide analytic capabilities as well as a framework for organizing company data. These services are being used by businesses in order to move their business applications to the public cloud. By upgrading IT infrastructure and applications, these services are fast merging and modernizing with cloud-based apps to provide multiple benefits to enable business agility.
The COVID-19 pandemic outbreak has put professional services organizations to scale up remote working. With the increasing demand for digital upgrade for businesses, the demand for IT professional services have increased that aimed to help adapt their business strategies to quickly changing market conditions and client behaviors.
Market Trends, Drivers, Restraints, and Opportunities
- IT professional services aid in precise forecasting and business intelligence (BI), which aid in improving business processes, avoiding waste, and enhancing organizational profits. These are some important drivers expected to propel the growth of the market over the forecast period.
- Rising demand for IT professional services in technology, marketing, consulting, and communication firms are projected to drive the market expansion.
- The key benefits provided by professional services are greater resource utilization, decreased administrative expenditures, and higher profitability are anticipated to boost the market growth during the forecast period.
- Security concern associated with cloud-based professional services and issues regarding inability to provide quick solutions for consumer demands are expected to hamper the growth of the market.
- Company analytics services can assist firms and organizations in discovering business growth prospects and cost-cutting options are estimated to provide lucrative opportunities for market growth.
Scope of the Report
The report on the global IT professional services market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
IT Professional Services Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Deployments (Cloud-based and On-premise), Types (IT Support & Training Services, Enterprise Cloud Computing Services, Project-oriented Services, and ITO Services), End-users (Consulting Companies, Marketing & Communication Companies, Technology Companies, and Others)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Capgemini SA; DXC Technology Company; Fujitsu Limited; Hewlett Packard Enterprise Development LP; International Business Machines Corporation; Microsoft Corporation; Oracle Corporation; Accenture PLC; Autotask Corporation
Market Segment Insights
On-premise segment is projected to expand at a considerable CAGR
On the basis of deployments, the IT professional services market is separated into cloud-based and on-premise. The on-premise segment is projected to expand at a considerable CAGR during the forecast period due to its ability to adapt the IT infrastructure as needed and deployment has improved control over the IT infrastructure. On the other hand, the cloud-based segment is anticipated to account for a major market share during the forecast period as it provides efficient storage management and flexibility.
Project-oriented Services segment to hold a significant share of the market
In terms of types, the market is divided into IT support & training services, enterprise cloud computing services, project-oriented services, and ITO services. The project-oriented services segment is expected to hold a significant share of the market due to rising demand for project management services among small & medium enterprises. However, the ITO services segment is projected to account for a large market share owing to controlled IT costs, decreased labor costs, easier technology adoption, better productivity and competitiveness, less risk, and high security.
Technology companies segment to grow at a significant rate
Based on end-users, the IT professional services market is segregated into consulting companies, marketing & communication companies, technology companies, and others. The technology companies segment is expected to grow at a significant rate during the projected period. The segment growth is attributed to constant evolution of technology as numerous technology organizations are focused on the growth of technology as a service and selecting IT professional services to support their company operations. Moreover, the marketing & communication segment is expected to be a fast-growing segment during the forecast period as it incorporates cloud-based services into its business operations.
North America to constitute a key market share
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period owing to the widespread use of ERP, CRM, and cloud data management services. However, the market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period due to the increasing demand for knowledge-based services at an exponential rate.
Segments Covered in the Report
The global IT professional services market has been segmented on the basis of
- IT Support & Training Services
- Enterprise Cloud Computing Services
- Project-oriented Services
- ITO Services
- Consulting Companies
- Marketing & Communication Companies
- Technology Companies
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- Capgemini SA
- DXC Technology Company
- Fujitsu Limited
- Hewlett Packard Enterprise Development LP
- International Business Machines Corporation
- Microsoft Corporation
- Oracle Corporation
- Accenture PLC
- Autotask Corporation
Key players competing in the global IT professional services market are Capgemini SA; DXC Technology Company; Fujitsu Limited; Hewlett Packard Enterprise Development LP; International Business Machines Corporation; Microsoft Corporation; Oracle Corporation; Accenture PLC; and Autotask Corporation.
Collaborations, linked sector revenues, new product innovations, growth capacities, mergers and acquisitions, partnerships and agreements, and research and development investments are among the most common strategies implemented by players to enhance their market position. In September 2018, IBM unveiled Watson solutions and services for a wide range of professions and sectors, including manufacturing, human resources, automotive, and marketing. The software services aimed to provide visibility into Artificial Intelligence choices.