In terms of revenue, the Global Information Services Market is expected to reach USD 203.8 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 7.40% from 2022 to 2028.
The rising adoption of the information service and implementation of IT professional services in various applications is anticipated to augment the growth of the Information Services market during the forecast period.
Key Highlights from Report:
- The Project-Oriented Services sub-segment held a significant share of the Information Services market in 2021. These services are attributable to the installation, modernization, timely maintenance, and decommissioning of a project. In addition, these services are frequently custom-built to meet specific client needs, providing them with operational efficiency and delivering projects on time included by the allocated budget.
- The Cloud sub-segment influenced the IT professional services market and accounted for a significant revenue share. Cloud deployment can attach value to enterprises by offering operational agility, flexibility, and good storage management. In addition, the alleviation of deployment and reduced cost of installation are boosting organizations to expand their businesses to cloud-based platforms.
- Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) during the forecast period. The increasing demand for knowledge-based services, increasing legal & advisory services, and growing need for accounting industries will propel the growth of the Information Services market during the forecast period in this region.
The rising adoption of information services in various applications is anticipated to augment the growth of the Information Services Market in the years to come. This is owing to the professional service industry, which provides an integration of services that includes consultation, audit & accounting, implementation support, and immunity from financial risk. It also offers analytic capabilities and a basis for managing business information. In addition, the competitive market is hard to remain with silos of data & legacy tools, so industries rely on IT professional services to furnish advanced tools. These tools enable sharing of resources, automate the delivery process and provide accurate insights, stimulating industry growth.
IT professional services can be executed in several private and public sectors; some businesses may use professional services as the typical line of business. On the other hand, to some companies, it performs as a value driver at the core of providing. Meanwhile, businesses and industries need to use robust tools to work effectually. In such cases, it is beneficial to utilize professional services as it oversees projects, tracks time & bills, manages resources, and automates mundane back-end tasks.
Asia Pacific held the most significant shares in 2021. This surge is attributable to the high acquisition of Enterprise Resource Planning (ERP) and cloud services for data management. Furthermore, the increase in the retail sector in the region provides vendors with features that include inventory management, data analytics & reporting, and loyalty management, which in turn propel the region’s growth. Moreover, the predominance of foreign-owned U.S. associate firms in the U.S. contributes heavily to the research and development of IT professional services, which will further boost the growth of IT professional assistance during the forecast period.