The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

As per The Business Research Company’s Information Technology Global Market Report 2023, the information technology market is expected to show significant growth in the forecast period.

Key insights from the information technology market forecast include:

1. Market Size

The worldwide IT market is projected to expand from $8179.48 billion in 2022 to $8852.41 billion in 2023, exhibiting an 8.2% compound annual growth rate (CAGR). Furthermore, the IT market is forecasted to reach $11995.97 billion in 2027, growing at a CAGR of 7.9%.

2. Major Driver

The IT services market is anticipated to be propelled by the growing demand for cloud computing services. In the cloud computing model, data is managed and stored online by providers. Numerous companies now favor cloud-hosted applications for their daily functions. For instance, data from hostingtribunal.com showed that 60% of computing workloads resided in the public cloud in 2019, and cloud data centers were projected to process 94% of enterprise workloads in 2021. The adoption of cloud-based data storage also contributes to the rising need for IT services.

View More On The Information Technology Market Report 2023 – https://www.thebusinessresearchcompany.com/report/information-technology-global-market-report

3. Key Trend

In the last five years, the popularity of affordable open-source alternatives has grown. Open source is now the favored choice for new technology development. Previously, companies would open source unprofitable software, but today, they’re doing it to expand their market presence and share. For instance, Supabase, a YC-incubated startup offering developers open-source options, secured $6 million in funding to develop new open-source tools.

4. Major Players

Major companies in the information technology (IT) market include Apple, Microsoft, Verizon Communications, China Mobile, AT&T Inc., Huawei, Deutsche Telekom AG, Dell Technologies Inc., Samsung Electronics Co., Ltd. and Comcast Corporation.

5. Top Market Segments

The global information technology market is segmented –

1) By Type: IT Services, Computer Hardware, Telecom, Software Products

2) By Organization Size: Large Enterprise, Small and Medium Enterprise

3) End User Industry: Financial Services, Retail & Wholesale, Manufacturing, Healthcare, Other End User Industries

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The Information Technology Global Market Report 2023  provides an in-depth analysis on the information technology market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the information technology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –
Information Services Global Market Report 2023
Database Software Global Market Report 2023
Web Analytics Global Market Report 2023

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