Market Size of Asia-Pacific IT Services Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 8.30 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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APAC IT Services Market Analysis
The Asia-Pacific IT Services Market revenue is expected to grow at a CAGR of 8.3% over the next five years. Increased IT spending, advanced technology such as artificial intelligence, and ever-expanding cloud-based offerings have increased the demand for the IT services market.
- Key players in the IT services market are focusing on expanding their businesses and strengthening their market positions through collaborations and partnerships. For instance, 21 Vianet Blue Cloud partnered with Microsoft to accelerate ever-growing digital needs.
- The demand for network services and data center construction will grow over the next five years. For Instance, the Keppel Data Center Fund II will collaborate with Heying to create a new greenfield data center in Greater Beijing. Construction will be completed by the end of the current year.
- The extensive use of digital payments and the introduction of advanced technologies such as AI, cloud computing, and blockchain technology used in the end-user industries are likely to drive the growth of the IT services market over the next five years. For instance, HSBC has signed a multi-year agreement with Oracle to accelerate the bank's digital transformation.
- The adoption of remote healthcare and wearable devices in this sector has been gaining traction over recent times, which, in turn, has been one of the significant factors influencing the healthcare IT market. The major trends in wearable connected devices include increasing demand for pain management wearable devices, increasing use of wearables for cardiovascular disease management, and others. For instance, Cognizant and Microsoft cooperated to develop a new digital health solution to improve remote patient monitoring.
- During the COVID-19 outbreak, there was a growing adoption of cloud services which is expected to create a favorable market scenario for the growth of the IT services market. The post COVID-19 scenario has led to a remarkable increase in the usage of digital solutions across the Asia-Pacific. The rising adoption of advanced technologies and increasing cyber security investment are some of the major factors driving the demand for IT services in the Asia-Pacific.
