Forecast Report

Global IT Services Market Forecast, 2023 To 2028

Global IT Service Industry Spend Will Reach $2 Trillion By 2028

May 1st, 2024
Michael O'Grady, Principal Forecast Analyst
Michael O'Grady Principal Forecast Analyst
Ted Schadler, VP, Principal Analyst
Ted Schadler VP, Principal Analyst
With contributors:
Keith Johnston , Lee Sustar , Pascal Matzke , Bill Martorelli , Taylor Hansen

Summary

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.

Want to read the full report?

Contact us to become a client

This report is available for individual purchase ($1495).

Forrester helps business and technology leaders use customer obsession to accelerate growth. That means empowering you to put the customer at the center of everything you do: your leadership strategy, and operations. Becoming a customer-obsessed organization requires change — it requires being bold. We give business and technology leaders the confidence to put bold into action, shaping and guiding how to navigate today's unprecedented change in order to succeed.