The Business And IT Services Market Is Growing At A Good Pace

If in 2016, the global expenditure on services exceeded 900,000 million dollars, by 2018 it is expected to exceed one trillion dollars, stimulated especially by the demand for outsourcing services of business processes and systems integration.

According to a new IDC forecast, the market for IT services and business services will exceed the trillion dollar mark for the first time in 2018. If in 2016 total market revenues reached $ 936 billion by 2020 Is expected to be around $ 1.1 trillion. In geographic terms, the United States is expected to generate the highest percentage of service spending during the period under review, followed by Western Europe. The fastest growing regions will be Latin America, and the Middle East and Africa (MEA).

“As digital transformation involves significant changes in people and business processes as well as technology, most buyers will hire an outside service company to help them along their trans-formative journey. Demand for these services grows, service firms investing in the right skills and assets around third-party technologies, including cloud big data and mobility, and innovation accelerators such as next-generation security and IoT, will see their Growth prospects to move away from legacy IT services that are declining and will move towards the next digital opportunity, “said Rebecca Segal, vice president of the Worldwide Services group at IDC.

IDC expects that service markets that will generate the most revenue will be business process outsourcing and systems integration, with more than $ 100 billion each, although business consulting services will outperform both markets in terms of growth. Meanwhile, spending on cloud-related services is already approaching $ 100 billion.

“Increasing demand for digital solutions around 3rd Platform technologies will double cloud spending by year 202, posting continued growth in the near future,” said Lisa Nagamine, director of IDC research. “Outsourcing and project-oriented services account for most of the cost of cloud-related IT services driven by the high demand for adoption of cloud platforms.” This article is provided by Enterprise IT Services.

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