North Americas market the largest for IT services
IT services form part of the broader IT market, encompassing services, devices, enterprise software, and data center systems. In 2019, global IT services spending surpassed one trillion U.S. dollars for the first time. By 2023, IT spending had increased to over 1.3 trillion U.S. dollars globally. In terms of regional IT services spending, North America and Asia were estimated to account for 66 percent of the global IT expenditure in 2022. By contrast, IT services spending in Latin America has maintained a constant six percent share since 2019. In 2022, the United States solely accounted for over a third of the global information and communication technology market.Cloud computing at the forefront
The broader market for IT services is made up of several segments, including outsourcing, managed services, security services, data management, and cloud computing. Cloud computing is a strongly growing segment, with end-user spending expected to reach over 590 billion U.S. dollars by 2023. Accordingly, enterprise spending on cloud infrastructure services amounted to 225 billion U.S. dollars in 2022, registering an increase of around 26 percent compared to the previous year. Among the most prominent cloud providers are Amazon Web Services, Microsoft Azure, Google Cloud, and Alibaba Cloud.The global managed services market is also off for a more than promising development in the upcoming years. Simply put, IT-managed services refer to the outsourcing of computing and IT-related processes, such as cloud computing, data management, or managed IT security. With managed service providers (MSPs) such as IBM, Accenture, or Capgemini, the market is expected to exceed 530 billion U.S. dollars in 2027.