Global IT Development Market Trends, Market Share, Industry Size, Growth, Opportunities and Market Forecast – 2022 to 2028

The global IT development market is anticipated to grow at a significant CAGR during the forecast period (2022-2028). The growing investments in the hardware and software sector are anticipated to drive the growth of the market. For instance, according to India Brand Equity Foundation (IBEF), the computer hardware and software sector in India had attracted cumulative foreign direct investment (FDI), worth $74.1 billion between April 2000 and June 2021. Further, Japanese investments in the Indian IT sector grew by 4 times between 2016 and 2020 while the investments stood at $9.2 billion in the review period. Further, as per the Gartner Estimates, IT spending in India is estimated to reach $93.0 billion in 2021, and further increase to $98.5 billion in 2022. Thus, such spending and investments are anticipated to fuel the demand for the IT development market.

The presence of major market players such as coupled with their benchmarking solutions is anticipated to drive the growth of the market. For instance, in November 2021, Wipro partnered with TEOCO to build solutions for communication service providers (CSPs) to improve flexibility, network automation, and reliability. Further in July 2021, the company had announced to invest $1 billion over the next three years to expand its cloud technology through acquisitions and collaborations. Further, in July 2021, Tata Technologies had partnered with Stratasys, to provide additive manufacturing technologies to the Indian manufacturing ecosystem. In addition, in July 2021, Tata Consultancy Services had launched Jile 5.0, an enterprise agile on the cloud services and a planning and delivery tool that enables enterprises to meet the large-scale developments needs of multiple distributed teams. Thus, such contributions by the major players are anticipated to fuel the demand for the global IT development market during the forecast period.

Moreover, the rise in the skilling initiatives offered by the major players is anticipated to drive the growth of the market. For instance, in August 2021, SAP India and Microsoft Corp had announced the introduction of TechSaksham, a collaborative skilling initiative aimed at enabling young women in pursuing careers in technology. 62,000 women will be trained in Artificial intelligence, cloud computing, and web design as a result of this collaboration.

Market Coverage

• The market number available for – 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
  • By Type
  • By Application
• Regions Covered-
  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World
• Competitive Landscape- Microsoft Corp, Oracle Corp, and Cisco Systems among others

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
  • Deviation from the pre-COVID-19 forecast
  • Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global IT Development Market Report by Segment

By Type

• Hardware
• Software

By Application

• Machinery Industry
• Electronics Industry
• Medical Industry
• Consumer Goods Industry
• Others