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IT industry: A booming sector

6.IT industry A booming sector
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During the period 2022-2027, the IT Services Market is expected to grow at a CAGR (compound annual growth rate) of roughly 10.36%. Regardless of the Omicron variant’s probable consequences, the economic recovery, along with strong expectations for digital market success, will continue to drive technological investments.

Expanded IT investment, together with the widespread adoption of software as a service and increased cloud-based products, demonstrates the industry’s desire for IT services. Data-related dangers (data breaches) are on the rise as a result of enhanced IT infrastructure. This necessitates the use of modern security solutions rather than standard ones. Companies have begun to devote resources to improving their advanced security products as this trend gains traction in the industry.

Segmentation of IT market

IT industry is segmented in the following way:

The global information technology industry segmented by type as follows:

  • IT Services
  • Computer Hardware
  • Telecom
  • Software Products

The global information technology industry segmented by Organization Size as follows:

  • Large Enterprise
  • Small Enterprise
  • Medium Enterprise 

The global information technology industry segmented by End-User Industry as follows:

  • Financial Services
  • Retail and Wholesale
  • Manufacturing
  • Healthcare
  • Others

Trends in the IT sector are as follows:

5G, Block chain, augmented reality, and artificial intelligence are all likely to have an impact on IT service offerings. With 5G technology on the horizon, businesses will be able to set up networks on their premises. The digital transition should make it possible to either build new networks based on local frequencies or upgrade current networks to LTE (Long term evolution).

Globally, data-driven analysis aided by technology is driving strategic decisions. Furthermore, the volume of data generated globally is rapidly expanding. According to Seagate Technology plc, the amount of data created globally is predicted to expand from 12 zettabytes in 2015 to 47 zettabytes and 163 zettabytes in 2020 and 2025, respectively.

Furthermore, due to huge cloud deployments across end-user sectors, IT cloud services are growing.  For example, the US market is home to the headquarters of the world’s largest cloud providers, and the country has a significant proportion of cloud storage. The volume of data produced in the country has become a major driver of cloud adoption.

IT services are also gaining in the hybrid IT-managed environment, due to the rise of IIoT (Industrial Internet of Things) throughout the Industry 4.0 platform. The application of AI technology is expanding throughout the manufacturing and design sectors, boosting market demand during the projection period.

Conclusion

This article is an overview of the IT sector. The global information technology (IT) business is expected to spend around 5.3 trillion dollars by 2022. It has potential in the future due to new technological inventions.

-Varada Ukidave

 

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