What are the IT Professional Services key market trends?

The global IT professional services market size is expected to reach USD 1921.33 billion by 2030, registering a CAGR of 11.2% over the forecast period, according to a recent report by Grand View Research, Inc. This is due to the rise in the demand for technology consulting services integrated with the rapidly growing cloud services. IT professional services offer specialized knowledge about an organization’s niche areas of interest, such as accounting, marketing, law, and talent acquisition, among others. Advantages such as reduced capital expenditure and increased operational efficiencies are pushing enterprises across several industries to gain an advantage through the implementation of IT professional services.

IT professional services utilize several advanced technologies such as Robotic Process Automation (RPA), Artificial Intelligence (AI), Machine Learning (ML), Internet of Things (IoT), chatbots, blockchain, and big data analytics to create new business models and consequently map their business strategies to enhance their returns.

IT Professional Services Market Segmentation

Grand View Research has segmented the global IT professional services market based on type, deployment, end use, and region:

Based on the Type Insights, the market is segmented into Project-oriented Services, ITO Services, IT Support & Training Servicesand Enterprise Cloud Computing Services.

• The project-oriented services segment dominated the IT professional services market in 2021 and accounted for a revenue share of over 35%.
• Information Technology Outsourcing (ITO) service segment is expected to witness the fastest CAGR of 12.0% during the forecast period due to its ability to help organizations across various industries to respond to changing business needs allowing organizations to focus on innovation instead of IT infrastructure.

Based on the Deployment Insights, the market is segmented into On-premiseand Cloud.

• The cloud segment dominated the IT professional services market in 2021 and accounted for a revenue share of over 65%. Cloud deployment can add value to enterprises by offering operational agility, flexibility, and adequate storage management.
• Several enterprises are opting for cloud computing to adopt the Bring Your Own Device (BYOD) policy and ensure a flexible working environment.
• The on-premise segment is expected to witness considerable growth of a CAGR of 9.8% over the forecast period. Organizations choose on-premise deployment to have a better command of the IT infrastructure along with the ability to customize infrastructure whenever required.

Based on the End-UseInsights, the market is segmented into Technology Companies, Consulting Companies, Marketing & Communication Companiesand Others.

• The technology companies segment dominated the market with the largest market share of over 40%. Technology companies rely on the intelligent use of data analytics that can be attained with the help of IT professional services.
• The marketing and communication companies’ segment is anticipated to grow with the fastest CAGR of 12.6% over the forecast period.

IT Professional ServicesRegional Outlook

• North America
• Europe
• Asia-Pacific
• Latin America
• MEA

Key Companies Profile& Market Share Insights

Eminent market players are aggressively investing in research & development activities, improving their internal processes, improving their existing products, and actively engaging in new product development as a part of their efforts to acquire new customers and increase their respective market shares.

Some prominent players in the IT Professional Services market include

• Accenture
• Datto, Inc.
• Capgemini
• International Business Machines Corporation
• DXC Technology Company
• FUJITSU
• Hewlett Packard Enterprise Development LP
• Microsoft Corporation
• Oracle Corporation
• VMware, Inc.

Order a free sample PDF of the IT Professional Services Market Intelligence Study, published by Grand View Research.