IT services market to grow US$6.36Bn by 2026
The IT Services Market size is expected to grow by US$6.36 billion at a compound annual growth rate (CAGR) of 4.04% between 2022 to 2026, according to leading global technology research and advisory company Technavio.
Technavio stated that this growth will be driven by the growing adoption of edge computing, the gradual shift from on-premises to cloud-based IT services, and the incorporation of predictive analytics in managed security services.
However, risks involved in outsourcing, shortage of domain expertise, and lack of quality standards in SLAs (service-level agreements) will challenge the growth of the market participants.
To make the most of the opportunities, Technavio said that market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.
Meanwhile, in terms of specific markets, the segment of IT consulting and other services will significantly increase in the Nordic Countries (Denmark, Finland, Iceland, Norway, and Sweden) as more modern technologies, like big data analytics, AI, and cloud computing, are being adopted to cut costs and improve operational efficiencies.
