IT is the backbone of every organization. It has been an essential part of every business, especially in the current digital age. It is a complex system, which enables organizations to store, process and transfer information. As per Inkxpert reviews of the market, the global IT market size is expected to reach $1123.57 at a CAGR of 8.02% during the forecast period 2020-2025.
The global IT market is driven by factors such as increased investments toward digital transformation initiatives in various industries and increasing adoption of cloud computing services. However, factors such as data privacy concerns and cybersecurity threats may hinder the growth of this market as suggested by the Inkxpert reviews of statistics.
Some of the key companies operating in this market include Apple, Amazon Web Services (AWS), Microsoft Corporation, Google Inc., AT&T, Verizon Communications Inc. and China Mobile Ltd.
IT Sector Growth Drivers and Segmentation by Geography
The global IT market is primarily driven by factors such as an increasing focus on cloud computing solutions and a rise in investments in software development activities across industries. According to data gathered by Inkxpert research, during the year 2020-2025, cloud-based IT services are predicted to increase at a CAGR of 9.98 per cent. The industry is also witnessing rising adoption of mobility solutions across various industries due to an increase in demand for real-time data access from anywhere at any time which is driving the growth of the global IT market.
In 2020, North America dominated the global IT market, accounting for 34% of the total market share, as estimated by Inkxpert research. The second largest region, Asia Pacific, accounted for 32% of the worldwide information technology industry. While Africa remained the smallest contributor. However, the Inkxpert reviews indicate that the Asia Pacific region is expected to grow at a faster rate than other regions over the next few years due to its growing population base and increasing demand for technology products and services in emerging economies such as China, India and Indonesia.
The technology landscape is constantly changing. New technologies are emerging while existing ones are evolving to meet new demands. Inkxpert reviews suggest that IT departments must stay on top of these changes to keep up with the latest developments and remain competitive in their industries.