• Latest
  • Trending
Global IT services spend to touch $2 trillion by 2028: Forrester Survey

Global IT services spend to touch $2 trillion by 2028: Forrester Survey

8 May 2024
Infosys Foundation partners with ICT Academy of Tamil Nadu to boost employability in rural India

Infosys Foundation commits ₹48 cr to maternal and child healthcare in Karnataka

5 July 2025
India’s top export destinations: how trade tells the story of global alliances

India’s top export destinations: how trade tells the story of global alliances

5 July 2025
SEBI bans Jane Street over ₹36,500 crore Bank Nifty Trades

SEBI bans Jane Street over ₹36,500 crore Bank Nifty Trades

5 July 2025
NMDC reports record production, expands global reach with new UAE office

NMDC reports record production, expands global reach with new UAE office

5 July 2025
OpenAI and Oracle team up to build next generation AI infrastructure

OpenAI and Oracle team up to build next generation AI infrastructure

4 July 2025
Ecobank partners with Google Cloud to drive digital innovation in Africa

Ecobank partners with Google Cloud to drive digital innovation in Africa

4 July 2025
IT and Digital jobs are now paying the most across India

IT and Digital jobs are now paying the most across India

4 July 2025
Data Story: LME Aluminium price remains stable despite tariff concerns

Data Story: LME Al inventory level remains at multi-month low on US tariffs

3 July 2025
LTIMindtree launches GCC-as-a-Service

LTIMindtree launches GCC-as-a-Service

3 July 2025
Zoho deepens tech focus with Kerala expansion and Asimov deal

Zoho deepens tech focus with Kerala expansion and Asimov deal

3 July 2025
Microsoft trims 9000 jobs as part of a global restructuring plan

Microsoft trims 9000 jobs as part of a global restructuring plan

3 July 2025
Paradip Port Authority hits milestone: Handles 41.12 MMT cargo

Data Story: Iron ore vessels see a dip at Paradip port this week

3 July 2025
Saturday, July 5, 2025
  • Login
Data Biz Times
  • Data Story
  • Artificial Intelligence
  • Media Release
  • Technology
  • Business
  • Contact Us
No Result
View All Result
  • Data Story
  • Artificial Intelligence
  • Media Release
  • Technology
  • Business
  • Contact Us
No Result
View All Result
Data Biz Times
No Result
View All Result

Global IT services spend to touch $2 trillion by 2028: Forrester Survey

in Technology, world
Reading Time: 2 mins read
0
Global IT services spend to touch $2 trillion by 2028: Forrester Survey

DBT Bureau

Bengaluru, 8 May

RelatedPosts

India-US trade deal likely soon, hinted Trump

Shubhanshu Shukla flies into history with Axiom 4 Mission

Iran threatens to block Strait of Hormuz after US strikes

Global IT services spending is likely to touch $2 trillion in the next five years, averaging an annual growth of 4.6% till 2028, the Forrester Global IT Services Market Forecast 2023-2028 showed.

The technology consultancy firm, however, pointed out that IT services firms are likely to face challenges in the next few years, including retaining talent and balancing headcount. Increased competition from software and engineering firms along with the effects of generative AI will make the going tough for IT services firms.

The report pointed out that the growth of IT services would be the highest in the Asia-Pacific region, with a growth rate reaching 6% in the near term.

“Overall, the IT services industry will average 4.6% annual growth, with infrastructure as a service (IaaS) averaging annual growth of nearly 16%. Growth will be fastest in Asia Pacific, reaching almost 6%,” the report said.

Among the growth spots, the consultancy firm pointed out that growth would be driven by financial services & manufacturing, managed services, & cybersecurity.

In the financial services & manufacturing space, the growth opportunity is significant as Accenture estimates that only 5% of manufacturing and engineering services companies have mature digital capabilities so far. As ten of the largest IT services companies saw 44% of their revenues coming from financial services, manufacturing, and energy; the growth potential remained high in these verticals.

Infrastructure as a service is likely to continue its dream run as this segment is likely to nearly double its share of the IT services market from 8% in 2022 to 15% in 2028.

Cybersecurity is another growth spot as the report points out that the growth in consulting, outsourcing, managed services, solution deployment and integration, maintenance, and support in the cybersecurity area will drive demand for IT services.

It, however, pointed out that growth would be tepid in 2024 owing to low real GDP growth.

“Only in 2025 will real global GDP growth (a strong predictor of IT services growth) exceed pre-pandemic levels,” the report noted.

Therefore, IT firms have to manage headcount growth in this era of automation, competition from software and engineering firms, & impact of GenAI on service delivery in 2024.

Related Posts

Trump launches crypto venture to fuel 2024 Presidential run

India-US trade deal likely soon, hinted Trump

by databiztimes.com
27 June 2025
0

Athira Sethu Kochi, 27 January 2025 The United States is likely to sign a significant trade deal with India in...

Shubhanshu Shukla flies into history with Axiom 4 Mission

Shubhanshu Shukla flies into history with Axiom 4 Mission

by databiztimes.com
25 June 2025
0

Athira Sethu Kochi, 25 June 2025 Shubhanshu Shukla, who is a Group Captain with the Indian Air Force (IAF), is...

Iran threatens to block Strait of Hormuz after US strikes

Iran threatens to block Strait of Hormuz after US strikes

by databiztimes.com
23 June 2025
0

Athira Sethu Kochi, 23 June 2025 Iran is considering shutting down the Strait of Hormuz, a highly significant seaway for...

Group of shareholders ask investors to vote against Elon Musk’s pay package, says Report

Tesla to open first showroom in India this July

by databiztimes.com
21 June 2025
0

Athira Sethu Kochi, 21 June 2025 Tesla is set to formally enter the Indian market this July by opening its...

Infosys Foundation partners with ICT Academy of Tamil Nadu to boost employability in rural India
Media Release

Infosys Foundation commits ₹48 cr to maternal and child healthcare in Karnataka

by databiztimes.com
5 July 2025
0

DBT Bureau Pune, 5 July 2025 Infosys Foundation, the philanthropic and CSR arm of Infosys, announced its collaboration with Prashanthi...

Read moreDetails
India’s top export destinations: how trade tells the story of global alliances
Economy

India’s top export destinations: how trade tells the story of global alliances

by databiztimes.com
5 July 2025
0

DBT Bureau Pune, 5 July 2025 India’s export data highlights strong ties with the US, UAE, and China, reflecting both...

Read moreDetails
SEBI bans Jane Street over ₹36,500 crore Bank Nifty Trades
Business

SEBI bans Jane Street over ₹36,500 crore Bank Nifty Trades

by databiztimes.com
5 July 2025
0

Athira Sethu Kochi, 5 July 2025 The Securities and Exchange Board of India (SEBI) has prohibited a world trading firm...

Read moreDetails
NMDC reports record production, expands global reach with new UAE office
Economy

NMDC reports record production, expands global reach with new UAE office

by databiztimes.com
5 July 2025
0

DBT Bureau Pune, 5 July 2025 India’s largest iron ore producer, NMDC Limited, has reported its highestever June month production...

Read moreDetails
DBT Bureau

Data Biz Times © 2024. All Rights Reserved.

Navigate Site

  • Media Release
  • Blog
  • Contact Us
  • Privacy Policy

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Media Release
  • Data Story
  • Business
  • Tech
  • Artificial Intelligence

Data Biz Times © 2024. All Rights Reserved.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?