Global spending on IT services is projected to reach $2 trillion by 2028, according to a forecast by the analytical firm Forrester. While the sector often operates behind the scenes, it commands more than one-third of annual global technology expenditures, surpassing investments in computing hardware by a factor of four.
The most significant growth is anticipated in the Infrastructure-as-a-Service (IaaS) segment, with an average annual growth rate of approximately 16%. The Asia-Pacific region is set to showcase the most dynamic expansion, with a growth rate nearing 6%.
The financial and manufacturing sectors remain pivotal drivers of the industry’s advancement. Research indicates that the ten largest IT companies derive 44% of their revenues from these sectors, including energy. However, as highlighted by Accenture, only 5% of manufacturing companies successfully scale their digital technologies.
Cloud services are expected to solidify their dominance in the IT services market, with their share projected to increase from 8% in 2022 to 15% by 2028. Market leaders are already achieving remarkable growth: Google Cloud reported a 26% increase, AWS grew by 13%, and Microsoft Azure’s cloud services rose by 17%.
Cybersecurity will occupy a substantial portion of the market. Analysts at Canalys have predicted that in 2024, two-thirds of the $224 billion allocated to cybersecurity will be directed toward consulting, outsourcing, and related services.
The future of IT services will hinge on global scalability, the ability of companies to adapt to regional dynamics, and the integration of innovative technologies. To thrive, organizations must continue refining their expertise and strengthening collaborations with key industry players.
