The growing popularity of cloud-based software and rising concern about automating business processes are continuously increasing the demand for IT services worldwide. It is expected that by 2025, 72% of enterprise software will be fully cloud-based. The global IT services market is expected to reach $1.85 trillion by 2031, growing at a CAGR of 9.5% during 2024-2031.
According to the latest forecast by Gartner, Inc., worldwide IT spending is expected to total $5 trillion in 2024, an increase of 6.8% year-over-year. Spending on IT services is expected to grow 8.7% in 2024, reaching $1.5 trillion, becoming the largest segment of IT spending for the first time.
