IT and business services revenue is expected to grow by 3.4 percent in constant currency in 2021, according to IDC.
The IT and business services market is forecast to grow by 6 percent in nominal dollar denominated revenue based on October 13’s exchange rate.
The services market is forecast to top $1.1 trillion in 2021. This year’s recovery is more or less in line with IDC’s forecast from April. This has been consistent with what major vendors have been reporting in the first and second quarters of this year.
The IT and business services market will expand through 2023 and 2024 with growth between 3.8 percent to 4 percent annually.
“The need for digital transformation and the demographic squeeze on (the right) talent pool, expedited by the pandemic, global supply chain disruptions, and lose monetary policies, have created the perfect push and pull for enterprise buyers,” said Xiao-Fei Zhang, research director, IDC Global Services Markets and Trends.