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Global IT Services Market to Grow 5.6% by 2020 - Increase in IT Consolidation & Modernization - Research and Markets

[July 13, 2016]

Global IT Services Market to Grow 5.6% by 2020 - Increase in IT Consolidation & Modernization - Research and Markets

Research and Markets has announced the addition of the "Global IT Services Market 2016-2020" report to their offering.

The report forecasts the global information technology (IT) services market to grow at a CAGR of 5.6% during the period 2016-2020.

The report has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

According to the report, the need to focus on core competencies and improve efficiency will lead to the growth of this market. Firms implement IT services, such as managed services and ITO services, to focus on their core business process and outsource IT functions to improve operational efficiencies.

Companies outsource IT-related requirements, such as application and infrastructure management t ITO service provider. This supports companies to achieve their vision and mission by putting their resources and people skills into their core business. It also helps to improve companies' operational efficiency as firms do not need to invest in resources or concern about managing limited available resources.

Further, the report states that data privacy and security risk in cloud-based services will be a major challenge for this market. Data privacy and security risks are one of the major barriers to the adoption of cloud services in organizations, especially in the public cloud. Cloud security management is a challenging task for vendors to protect online data.

Key vendors: