Global IT Services Market Forecast, 2023 To 2028

Global IT service industry spend will reach $2 trillion by 2028. The largest IT service vendors drive 44% of revenues from financial services, manufacturing, and energy in 2023. Infrastructure as a service (IaaS) will see the most rapid growth, doubling over the next five years. IT service companies that thrive will scale globally, adapt regionally, and add value through industry skills and capabilities, including for the defense industry, and with a history of delivering technological innovation and efficiency. To cope with tepid growth in 2024, IT service companies must constantly calibrate talent supply with services demand and compete with engineering firms that gain a foothold in the IT services market.