According to the latest report from Research and Markets called "Global IT Services Industry Analysis 2012-2017: Industry Trend, Profit and Forecast Analysis", the global IT services industry will be valued at $1,147 billion by 2017 at a CAGR of over 5% in 2012-2017.
It was seen that the heightened costs of IT services in industries such as retail, healthcare, and transportation will present numerous opportunities for the players in the global IT services segment.
North America accounts for the largest market for IT services globally with 42% and is said to be driven by affordable labor and large pools of skilled candidates in the Philippines, India, China, and Vietnam. During the forecast period, the Asia Pacific region is anticipated to post the highest growth rate worldwide.
Other factors that contribute to the growth of the IT services market are government-backed reforms for global IT vendors and the adaptation of cloud computing.