Discover trends, market shifts, and competitive outlooks for the information technology industry through 2025-2034 with The Business Research Company’s reliable data and in-depth research

#What is the Projected CAGR for the Information Technology Market Size from 2025 to 2034?

The size of the information technology market has seen significant growth in the last few years. The market is projected to rise from $8920.05 billion in 2024 to $9610.93 billion in 2025, boasting a compound annual growth rate (CAGR) of 7.7%. This previous expansion period’s growth can be attributed to the rise in personal computing, embrace of the internet, evolution of mobile technology, advancements in software development, the open source movement, and concerns about cybersecurity.

The projected size of the information technology market is set to experience robust expansion in the coming years. It is predicted to escalate to $13176.84 billion by 2029, with a compound annual growth rate (CAGR) of 8.2%. The projected rise during the forecast period can be owed to the internationalization of IT services, advancements in digital transformation, innovations in cybersecurity, the emergence of smart cities, and the evolution of e-commerce. Noteworthy trends anticipated during the forecast period encompass hybrid work models, cloud computing, climate tech remedies, the integration of AI in business operations, green IT practices, and blockchain technologies.

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What Are the Core Market Drivers Propelling Growth in the Information Technology Industry?

The forecasted growth in the need for cloud computing services is anticipated to stimulate the information technology sector. Cloud computing providers, who administer and manage data storage as a service, store data on the internet in this model. An increasing number of firms are now leaning toward applications in the cloud for their routine operations. Google LLC, a tech firm based in the United States, reports that in January 2023, the usage of public cloud increased to 76% in 2022, a significant rise of 56% from 2021. Further, the European Union, an international organization based in the Netherlands, stated in December 2023 that the proportion of EU businesses that used cloud computing services saw a noteworthy hike of 4.2 percentage points in 2023 from 2021. As a result, the escalating demand for cloud computing services is expected to accelerate the information technology market.

How Is the Information Technology Market Segmented?

The information technology market covered in this report is segmented –

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

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

3) By End User: Financial Services, Retail & Wholesale, Manufacturing, Healthcare, Other End Users

Subsegments:

1) By IT Services: Managed IT Services, Cloud Services, IT Consulting Services, Technical Support And Maintenance

2) By Computer Hardware: Personal Computers (Desktops And Laptops), Servers, Networking Equipment (Routers, Switches), Storage Devices (HDDs, SSDs)

3) By Telecom: Mobile Services, Fixed-Line Services, Broadband Internet Services, Value-Added Services (VAS)

4) By Software Products: Enterprise Software (ERP, CRM), Operating Systems, Application Software (Productivity, Design), Security Software

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Which Regions Are Driving the Next Phase of the Information Technology Market Growth?

Asia-Pacific was the largest region in the information technology (IT) market in 2024. North America was the second largest region of the information technology market. The regions covered in the information technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

What Key Market Trends and Innovations Are Shaping the Future of the Information Technology Industry?

The trend of utilizing low-cost open-source options has been on the rise over the last five years. This has caused open-source to become a favourite platform for technological development. Previously, unprofitable software would be open-sourced by software publishers, but presently, firms are open-sourcing software to enlarge their market footprint and presence. Supabase, a startup incubated by YC providing developers with an open-source alternative, has declared a fund raise of $6 million to establish new open-source instruments.

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How Is the Information Technology Market Defined and What Are Its Core Parameters?

Information technology (IT) refers to the use of computers, software, networks, and other digital systems to manage, store, process, and communicate information. It encompasses a broad range of technologies and services that are essential for businesses and organizations in various sectors.

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