The global IT professional services market size is expected to reach $1,59-trillion by 2030, registering a CAGR of 9,5% from 2024 to 2030, according to a recent report by Grand View Research.
The market growth can be attributed to the technology shift by small and medium enterprises (SMEs) to enhance their IT infrastructure, growing adoption of cloud computing, and increasing usage of advanced technologies such as machine learning, artificial intelligence, and Robotic process automation (RPA).
Market players are assisting various organizations in automating their business operations with these technologies. Furthermore, big data analytics technology combined with the Internet of Things (IoT) increases the overall productivity of IT professional services, contributing to the growth of the IT professional services market.
The growing adoption of cloud-based platforms across the globe is expected to drive the IT professional services market. Established industry players are highly emphasizing strategic partnerships with software companies to accelerate business migration to hybrid cloud architecture.
For instance, in January 2024, Google Cloud announced that they had introduced generative AI technologies for retailers and online shopping websites. The company is also offering a combined software and hardware offering namely “Google Distributed Cloud Edge” which will help retailers to manage, deploy and scale AI innovations across locations.
These developments would further drive the growth of the IT professional services market during the forecast period.
Rapid advancements in advanced technologies, as well as the growing popularity of IT professional solutions are encouraging a variety of businesses to enter the IT professional services market to expand their business. Startups in the IT professional services market place a high value on participation in funding rounds in order to raise funds and strengthen their brand presence.
Further highlights from the IT Professional Services Market report include:
* The ITO service segment is anticipated to grow at a CAGR of 10,3% from 2024-2030. Large organisations are increasingly turning to IT support and training services to familiarize their employees with the latest technologies and reduce training time by utilising a single platform throughout the organization. In addition, other businesses are outsourcing IT services for regular updates and maintenance of their IT systems.
* The cloud segment is anticipated to grow at a CAGR of 10,1% from 2024-2030. Shifting organisations focus toward developing a single unified digital platform to handle holistic data operations with the minimum hardware requirement is creating a favourable environment for cloud integration solutions.
* The SME segment is anticipated to grow at a CAGR of 11,6% from 2024-2030. SMEs are using IT professional services and solutions for process time management, automating various tasks to allow employees to focus on other important works and control over unnecessary spending of the company, thereby contributing to the IT professional services market size expansion.
* The technology companies’ segment is anticipated to grow at a CAGR of 9,9% from 2024-2030. The high demand for automation, business intelligence, and Technology as a Service (TaaS) is prompting the growth of the segment.