Global IT services market to grow at a CAGR of 5%

Press Release   •   Jul 20, 2012 11:26 BST

The global IT services market has been forecast to grow at a compound annual growth rate (CAGR) of 5% over the next five years, to reach a market value of US $1,147 billion by 2017.

A marginally slow growth in the global IT services market is set to be witnessed first off however, dropping from about 7% growth in 2011 to 6% growth in 2012. Most of the slowdown effect will come from the debt crisis in Europe.

The market holds significant opportunities for industry players due to increasing IT spending in the healthcare, retail, and transportation sectors.

Furthermore, the increasing global demand for systems, software, and services, as well as IT spending by governments, and the banking and financial sectors are likely to boost the global IT services market.

North America, with 42% of the global 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 expected to register the highest growth rate among all regions within the IT services market through to 2017 to become the industry leader.

For more information on the Global IT Services Market, see the latest research: Global IT Services Market Report

Follow us on Twitter @CandMResearch issues news updates and report summaries covering all major industries and sectors. The service provides additional client monitoring and timely alerts to breaking industry and sector news leading the day's business headlines. News articles, written by our staff, contain additional analyst insight, providing value added insight for our readers. News updates and real-time alerts on newly-released market reports are also available from our Facebook page, Twitter feed @CandMResearch and RSS links. We also welcome inquiries from business journalists and the news media.