The global IT services market is set to increase at a compound annual growth rate (CAGR) of 5.04% through to 2015, and by 2017 is poised to hit a market value of $1,147 billion.
Key factors contributing to growth within the global IT services market include the increase in outsourcing destinations, along with the increase in the adoption of cloud services.
The IT services market is gradually recovering from the economic downturn. So far, the turnaround has been patchy, with some geographies and service lines emerging faster than others. By 2013, it is expected to see a return to pre-recessionary levels of growth. However, the market is not out of the woods yet and there will be small regional and segmental dips along the way.
North America, with 42% of the market share, dominates the global IT services market. Various other locations such as India, China, Vietnam, and the Philippines are anticipated to be key drivers for the market due to their low-cost labour and skilled talent pools.
The APAC region is considered to be an outsourcing hub because of the presence of key outsourcing countries in the region. Countries such as India, China, Australia, Malaysia, Philippines, and Vietnam are considered to be among the most important and most sought after outsourcing destinations.
IBM continued to be the world's number one provider of IT services last year, followed by HP and Fujitsu. There was no change in place for the top five vendors, when compared to previous years, and all experienced negative growth last year.
Most of the vendors that improved their market share and their ranking were Indian-heritage firms such as Infosys, Wipro and TCS, which moved one place to be ranked 13th. Japanese firms such as NEC, Hitachi and Otsuka Shokai also made gains.
For more information on the global IT services market, see the latest research: Global IT Services Market
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