Harrisburg, NC -- (SBWire) -- 10/16/2020 --The IT Services Market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies. We analyzed the impact of COVID-19 (Corona Virus) on the product industry chain based on the upstream and downstream markets, on various regions and major countries and on the future development of the industry are pointed out.

The global IT services market is expected to grow from $3450.1 billion in 2019 to $3506.2 billion in 2020 at a compound annual growth rate (CAGR) of 1.7%. The low growth is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 12% from 2021 and reach $4788.7 billion in 2023.

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The report presents the market competitive landscape and a corresponding detailed analysis of the major vendor/key players in the market. Top Companies in the Global IT Services Market: Microsoft; IBM; HP; Oracle; Fujitsu.

Industry News and Updates:

Microsoft introduces Azure Communication Services

September 24, 2020: In an effort to help customers connect better with businesses in the remote working times, Microsoft has announced Azure Communication Services which is the first fully managed communication platform offering from a major Cloud provider.

With the Azure Communication Services, businesses can build and deploy on the same low latency global communication network used by Microsoft Teams to support over 5 billion meeting minutes in a single day. It also enables developers to easily tap into other Azure services, such as Azure Cognitive Services for translation, sentiment analysis and more.

Azure Communication Services makes it easy to add voice and video calling, chat, and SMS text message capabilities to mobile apps, desktop applications, and websites with just a few lines of code. Developer-friendly APIs and SDKs make it easy to create personalized communication experiences quickly, without having to worry about complex integrations. These capabilities can be used on virtually any platform and device, Microsoft said.

IBM To Accelerate Hybrid Cloud Growth Strategy And Execute Spin-Off Of Market-Leading Managed Infrastructure Services Unit

ARMONK, N.Y., Oct. 8, 2020 -- IBM (NYSE: IBM) announced today it will accelerate its hybrid cloud growth strategy to drive digital transformations for its clients. Additionally, IBM will separate its Managed Infrastructure Services unit of its Global Technology Services division into a new public company ("NewCo"). This creates two industry-leading companies, each with strategic focus and flexibility to drive client and shareholder value. The separation is expected to be achieved as a tax-free spin-off to IBM shareholders, and completed by the end of 2021.

"IBM is laser-focused on the $1 trillion hybrid cloud opportunity," said Arvind Krishna, IBM Chief Executive Officer. "Client buying needs for application and infrastructure services are diverging, while adoption of our hybrid cloud platform is accelerating. Now is the right time to create two market-leading companies focused on what they do best. IBM will focus on its open hybrid cloud platform and AI capabilities. NewCo will have greater agility to design, run and modernize the infrastructure of the world's most important organizations. Both companies will be on an improved growth trajectory with greater ability to partner and capture new opportunities – creating value for clients and shareholders."

- IBM to focus on hybrid cloud growth, a $1 trillion market opportunity

- New public company to launch as world's #1 Managed Infrastructure Services provider

- IBM also announces preliminary 2020 third-quarter results

Key Market Trends

North America was the largest region in the global it services market, accounting for 32% of the market in 2019. Asia Pacific was the second largest region accounting for 29% of the global it services market. Africa was the smallest region in the global it services market.

Over the past five years, cloud software solutions have been gaining acceptance from companies across all industries. Cloud is a software delivery method where a vendor hosts a software application in a remote server and customers can access it through the internet. Cloud software solutions are widely used in customer relationship management (CRM), HR/payroll, project management and accounting software systems. For example, Vodafone is utilizing Salesforce.com's software services to make connections through social media.

The IT services market consists of sales of IT services and related goods by entities (organizations, sole traders and partnerships) that apply technical expertise and knowledge to enable organizations to create, manage and optimize their IT processes. The information technology services market breaks down into custom computer programming services, computer systems design services and computer related services.

Markets Covered:

1) By Type: Hardware Support Services; Software And BPO Services; Cloud Services

2) By Organisation Size: Large Enterprises; Small And Medium Enterprises

3) By End-User Industry: Financial Services; Retail & Wholesale; Manufacturing; Healthcare; Others

4) By Service Provider Location: North America; Asia Pacific; Western Europe; Eastern Europe; Rest of the World

Influence Of The IT Services Market Report:

-Comprehensive assessment of all opportunities and risk in the IT Services market.
- IT Services market recent innovations and major events.
-Detailed study of business strategies for growth of the IT Services market-leading players.
-Conclusive study about the growth plot of IT Services market for forthcoming years.
-In-depth understanding of IT Services market-particular drivers, constraints and major micro markets.
-Favourable impression inside vital technological and market latest trends striking the IT Services market.

The report has 150 tables and figures browse the report description and TOC:

https://www.marketinsightsreports.com/reports/05072014129/it-services-global-market-report-2020-30-covid-19-impact-and-recovery-including-1-by-type-hardware-support-services-software-and-bpo-services-cloud-services-2-by-organisation-size-large-enterprises-small-and-medium-enterprises-3-by-end-user-industry-financial-services-retail-wholesale-manufacturing-healthcare-others-4-by-service-provider-location-north-america-asia-pacific-western-europe-eastern-europe-rest-of-the-world-covering-microsoft-ibm-hp-oracle-fujitsu?source=releasewire&Mode=12

What Are The Market Factors That Are Explained In The Report?

Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.

Analytical Tools: The Global IT Services Market Report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter's five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.

Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.

Customization of the Report: This report can be customized as per your needs for additional data up to 3 companies or countries or 40 analyst hours.
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