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Consulting industry

Nearly two decades down the line, the consulting industry has developed into one of the most mature sectors in the professional services industry, generating between $100 billion to $300 billion in revenues, with the precise estimate depending on the definitions used.

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Hosting industry

The hosting industry’s beginnings were quite modest. It all started in 1969 with only 4 hosts. Over the next 5 decades, the industry went through a quantum leap to a staggering 126 million hosts, 30 million domains, and 28.2 million websites.

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Payment Gateway industry

The global payment gateway market size was valued at USD 22.09 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 22.1% from 2022 to 2030. The market growth can be attributed to the increasing demand for mobile-based payments across the globe.

Global technology services Market to 2030

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Machine Learning

The global machine learning market is to grow to $152.24 billion in 2028 at a CAGR of 38.6%.

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Data centers

Data centers brought in $228.4 billion in 2021.

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Cloud Computing

Cloud computing is expected to grow at CAGR of 17.5% by 2025.

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Communication

A forecast of $48.3 billion by 2023 is set for the unified communications market.

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AI

Artificial Intelligence is expected to contribute $15.7 trillion to the economy by the year 2030.

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Social Media

There are 4.2 billion active users on social media platforms.

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eCommerce

eCommerce sales will reach $6.54 trillion globally by 2023.

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Quantum

Quantum computing is projected to reach $780 million by 2025.

Global market

The global technology services market is expected to continue growing over the coming decade, driven by factors such as the increasing adoption of digital technologies, the growing demand for cloud-based services, and the increasing need for businesses to transform and modernize their operations.

According to market research firm Reports and Data, the global technology services market is expected to reach a value of around $2.7 trillion by 2030, representing a compound annual growth rate (CAGR) of 7.8% from 2021 to 2030. The market is expected to be driven by a number of factors, including:

- The increasing adoption of digital technologies: As businesses and individuals continue to embrace digital technologies such as cloud computing, artificial intelligence, and the Internet of Things, the demand for technology services is expected to increase.

- The growing demand for cloud-based services: The growing adoption of cloud-based technologies is expected to drive demand for cloud-based services, such as infrastructure as a service (IaaS), platform as a service (PaaS), and software as a service (SaaS).

- The increasing need for businesses to transform and modernize their operations: Many businesses are looking to transform and modernize their operations in order to stay competitive in today's digital economy. This is expected to drive demand for technology services such as digital transformation consulting, application development, and systems integration.

- The increasing demand for cybersecurity services: As businesses and individuals become more reliant on digital technologies, the risk of cyber attacks and data breaches is increasing. This is expected to drive demand for cybersecurity services such as threat intelligence, vulnerability management, and incident response.

Overall, the global technology services market is expected to continue growing over the coming years, driven by the increasing adoption of digital technologies and the growing demand for services that help businesses transform and modernize their operations.

Projected value of the global information technology market in 2021

Current IT data helps paint the landscape of the IT industry so far, as well as sets the stage for what companies are up to given the circumstances. Various IT reports suggest that the majority of businesses are investing in IT solutions to improve their internal and external processes as well as to cater to their respective markets that are generally steering towards adapting IT solutions such as mobile and voice assistant apps when searching and shopping online.

Trends and Opportunities

There are a number of trends and opportunities in the global technology services market that businesses should be aware of. Some of the key trends and opportunities include:

- The growing demand for cloud-based services: Cloud-based technologies are becoming increasingly popular, and the demand for cloud-based services such as infrastructure as a service (IaaS), platform as a service (PaaS), and software as a service (SaaS) is expected to continue growing.

- The increasing adoption of artificial intelligence (AI) and machine learning: AI and machine learning technologies are becoming increasingly important in a variety of industries, and the demand for services that help businesses implement these technologies is expected to increase.

- The increasing importance of cybersecurity: As businesses and individuals become more reliant on digital technologies, the risk of cyber attacks and data breaches is increasing. This is expected to drive demand for cybersecurity services such as threat intelligence, vulnerability management, and incident response.

- The growing demand for digital transformation consulting: Many businesses are looking to transform and modernize their operations in order to stay competitive in today's digital economy. This is expected to drive demand for technology services such as digital transformation consulting, application development, and systems integration.

- The increasing demand for Internet of Things (IoT) services: The IoT is expected to continue growing in popularity, and the demand for services that help businesses implement and manage IoT technologies is expected to increase.

Overall, these trends and opportunities represent significant growth opportunities for businesses in the technology services market. By staying up-to-date on these trends and positioning themselves to take advantage of them, businesses can position themselves for success in this rapidly-evolving market.

Net tech employment

Net tech employment accounts for 7.9% of the total workforce.

Average income

That’s roughly $20,000 more per year than the average American salary, which is $51,480 a year.

Account

The tech industry accounted for 10.5% of the total U.S. GDP.

Fastest-growing cybersecurity skills

Cybersecurity's fastest-growing skill areas reflect the high priority organizations place on building secure digital infrastructures that can scale. Application Development Security and Cloud Security are far and away from the fastest-growing skill areas in cybersecurity, with projected 5-year growth of 164% and 115%, respectively.

Competitive Landscape

The global IT consulting services market is extremely competitive, with the presence of several well-established, many of whom have become successful over years of consistent performances in the industry.

These players are expected to account for a large share in the overall market, in the coming years.

Growth strategies such as new product launches could be a key growth strategy for the leading players in future. These products could help the leading market players gain a competitive edge over other players.

Collaborations with lesser-known players could help prominent players expand their market presence and increase their revenue share.

A few leading players in the global market include Infosys, Accenture, PricewaterhouseCoopers LLC, Ernst & Young Global Limited, Capgemini SE, and Deloitte.

Global market size of AI software

Artificial Intelligence such as chatbots and voice searches and e-Commerce continues to be one of the fastest-growing IT sectors in 2021 alongside machine learning and CRM system improvements. Such projections are backed up with comprehensive SaaS data and studies where customers are steering towards more convenient digital access when it comes to their online shopping experience.

Regional Assessment

The global technology services market is highly diversified, with different regions experiencing different levels of growth and demand for different types of services. Some key regional considerations for businesses in the technology services market include:

- North America: North America is a major market for technology services, with a high demand for cloud computing, cybersecurity, and AI services. The United States is the largest market in the region, with a strong focus on innovation and a high level of technological sophistication.

- Europe: Europe is a significant market for technology services, with a focus on digital transformation and a growing demand for cloud computing and cybersecurity services. The European Union is a major market within the region, with a focus on data protection and regulatory compliance.

- Asia-Pacific: The Asia-Pacific region is a rapidly-growing market for technology services, with a strong focus on digital transformation and a high demand for cloud computing and AI services. China is a major market within the region, with a strong focus on innovation and a rapidly-growing tech sector.

- Latin America: Latin America is a growing market for technology services, with a focus on digital transformation and a growing demand for cloud computing and cybersecurity services. Brazil is a major market within the region, with a focus on innovation and a rapidly-growing tech sector.

- Middle East and Africa: The Middle East and Africa are growing markets for technology services, with a focus on digital transformation and a high demand for cloud computing and cybersecurity services. The United Arab Emirates is a major market within the region, with a strong focus on innovation and a rapidly-growing tech sector.

Overall, businesses in the technology services market should be aware of the different regional considerations and trends in order to position themselves for success in this highly-diversified market.

North America, Asia, and Europe comprise most of the world’s IT industry.

35% of the tech industry’s market share is controlled by North America, 31% by Asia, and 22% by Europe. While Africa and Latin America have made signficant gains over the past few years, the developed markets have also continued to grow.

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