LONDON, March 29, 2023 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research on the information technology market, low-cost open-source alternatives have grown in popularity over the last five years. Open source has emerged as a preferred platform for the development of new technology. Previously, software publishers would open-source non-profitable software, but now companies are open sourcing software to increase their market presence and share. Supabase, a YC-incubated startup that provides open-source alternatives to developers, announced that it had raised $6 million in funding to develop new open-source tools.
The global information technology market will grow from $8179.4 billion in 2022 to $8852.4 billion in 2023 at a compound annual growth rate (CAGR) of more than 8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The information technology market is expected to grow to $11995.9 billion in 2027 at a CAGR of more than 7%.
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During the forecast period, demand for cloud computing services is expected to drive demand for IT services. Data is stored on the internet by a cloud computing provider, who manages and operates data storage as a service, in the cloud computing model. Many businesses are now opting for cloud-hosted applications for their day-to-day operations. According to hostingtribunal.com statistics, 60% of computing workloads were running in the public cloud in 2019. Similarly, cloud data centres are expected to process 94% of enterprise workloads in 2021. Companies are also choosing cloud-based data storage, which is increasing demand for IT services.
Major players in the information technology market are Apple, Microsoft, Verizon Communications, China Mobile, AT&T Inc., Huawei, Deutsche Telekom AG, Dell Technologies Inc.
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Asia-Pacific was the largest region in the information technology (IT) market in 2022. 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 global Information Technology market is segmented by type into IT services, computer hardware, telecom, software products; by organization size into large enterprise, small and medium enterprise; end user industry into financial services, retail & wholesale, manufacturing, healthcare, other end user industries; subsegments covered into hardware support services, software and BPO Services, cloud cervices, computer peripheral equipment, computer storage devices and servers, computers, wireless telecommunication carriers, wired telecommunication carriers, communications hardware, satellite & telecommunication resellers, operating systems & productivity software publishing, database, storage & backup software publishing, business analytics & enterprise software, video game software, design, editing & rendering software.
Information Technology Global Market Report 2023 by The Business Research Company provides insights on the information technology market size, information technology market segments, information technology market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
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