The network equipment services market reversed direction in 2019, due to positive developments with Network Rollout Services and Consulting Services offsetting reduced demand for Managed Services. According to the latest study, the market is forecast to reach $46 billion in 2024.
via Dell’Oro Group
The cloud migration services market size was valued at $88.46 billion in 2019, and is projected to reach $515.83 billion by 2027, growing at a CAGR of 24.8% from 2020 to 2027. Software development projects are driving the growth of this global market.
via Allied Research
COVID-19 is testing many companies’ IT preparedness, and as a result, a notable increase in cloud usage will occur once the virus subsidies, driving accelerated growth from 2022 to 2024. Today, however, many businesses that have on-premises IT infrastructures will likely postpone public cloud computing deployments.
“As business continuity becomes the need of the hour, it then provides a chance for IT vendors to become partners of choice. As enterprises become aware of the dynamic business risks, they need help with establishing a firm risk posture in people, processes, and technology.”
Speed to market is the primary focus of biopharmaceutical and medical device firms when it comes to their investment in life sciences IT services (ITS), a market that is expected to grow at a steady 9% compound annual growth rate (CAGR) through 2025.
via Everest Group
Worldwide IT spending is set to increase by 5% in constant currency this year as software and services investment remains stable while smartphone sales recover on the back of a 5G-driven upgrade cycle in the second half of the year. However, risks remain weighted to the downside as businesses keep a tight rein on short-term investments in the face of uncertainty around the impact of the Coronavirus outbreak.
Spending on AI systems will reach $97.9 billion in 2023 — that’s more than two and a half times the $37.5 billion that will be spent in 2019. The compound annual growth rate (CAGR) for AI in the 2018-2023 forecast period will be 28.4 percent.
Information and communication technology (ICT ) spending on hardware, software, services, and telecommunications will achieve a compound annual growth rate (CAGR) of 3.8 percent over the 2019-2023 forecast period, reaching $4.8 trillion in 2023.
For the entire year, worldwide IT services revenues crossed the $1 trillion mark in 2018. Annual growth accelerated slightly to 4.3 percent. This largely reflects overall healthy corporate IT spending sustained by large enterprises’ cautious yet optimistic business outlook.