Major companies in the information technology (IT) market include Apple, Microsoft, Verizon Communications, China Mobile, AT&T Inc. , Huawei, Deutsche Telekom AG, Dell Technologies Inc, Samsung Electronics Co.
New York, March 21, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Information Technology Global Market Report 2022” – https://www.reportlinker.com/p06246411/?utm_source=GNW
, Ltd. and Comcast Corporation.
The global information technology market is expected to grow from $8,384.32 billion in 2021 to $9,325.69 billion in 2022 at a compound annual growth rate (CAGR) of 11.2%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $13,818.98 billion in 2026 at a CAGR of 10.3%.
The information technology (IT) market consists of sales of information technology (IT) services and related goods by entities (organizations, sole traders and partnerships) that apply computers, computer peripherals and telecommunications equipment to store, retrieve, transmit and maneuver data.The IT market involves services such as computer networking, broadcasting, systems design services and information distribution technologies like television and telephones and other equipment used during the process.
The IT market also includes sales of goods such as computers, computer peripherals and telecommunications equipment which are used in providing IT services.
The main type of information technology (IT) are IT services, computer hardware, telecom, and software products.Computer hardware is the physical components that a computer system requires to function and encompasses everything within a PC or laptop.
The services are used by large, small and medium enterprises of financial services, retail and wholesale, manufacturing, healthcare and others.
Asia Pacific was the largest region in the information technology (IT) market in 2021.North America was the second largest region of the information technology market.
The regions covered in the information technology market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The demand for cloud computing services is expected to drive the demand for IT services during the forecast period.In cloud computing model data is stored on the internet by a cloud computing provider, who manages and operates data storage as a service.
Many companies are now choosing applications hosted in the cloud for their day-to-day operations. For example, according to statistics provided by hostingtribunal.com, 60% of computing workloads were running in the public cloud in 2019. Similarly, 94% of enterprise workloads are expected to be processed by cloud data centers in 2021 . Companies are also opting for cloud-based data storage; thus boosting the demand for IT services.
The outbreak of Coronavirus disease (COVID-19) has acted as a significant restraint on the information technology market in 2020 as supply chains were disrupted due to trade restrictions and employees working for these establishments faced difficulties related to infrastructure and communication owing to lockdowns imposed by governments globally, forcing them to work from home.COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing.
The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia.Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of ’lock down’ and the outbreak had a negative impact on businesses throughout 2020 and into 2021.
However, it is expected that the information technology market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Over the past five years there has been an increasing prevalence of low cost open source alternatives.Open source has become a preferred platform for developing new technology.
In the past, software publishers would open source software that was not making money, but now companies are open sourcing software to increase its presence and share in the market. Supabase, a YC-incubated startup that offers developers an open-source alternative announced that it has raised a $6 million funding to create new open-source tools.
The countries covered in the information technology (IT) market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela and Vietnam.
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