IT Services Market Landscape in the First Half of 2024

Businesses worldwide use IT services to enhance efficiency, security, and productivity.  The services aim to create, manage, and optimize business processes. With a CAGR (compound annual growth rate) of 5.9%, the IT services market is estimated to value around $3,615 billion in 2024. The value is predicted to increase to a CAGR of 8.8% by 2028. The sector plays a key role in various aspects of a business. 

The sector has a widespread reach, from maintaining technology infrastructure and ensuring data security to seamless business operations and enhancing growth and scalability. This survey aims to identify the IT services industry's current trends, challenges, and future growth expectations. 

A total of 71 companies were surveyed, ranging from small companies with less than 100 employees to medium- and large-sized companies with over 5000 employees. The companies surveyed are spread across the globe and include countries in Europe, South Asia, and North America. 

The survey respondents hold a diverse range of posts, including marketing manager, CEO/President, CTO, CMO, business development manager, and more.

Company profiles and geographical focus

Of the companies surveyed, 42.3% were small businesses with less than 49 employees, while 11.3% were medium-scale businesses with employees ranging from 250 to 999. 7% of the companies surveyed had less than ten employees.  

The important role played by the IT services sector has resulted in a high demand for a skilled workforce. As per Statista, the employment of IT professionals increased to more than 3 million employees in 2022. Despite the recent spurt of tech layoffs, the industry is predicted to employ around 6.7 million people by 2033.

Location influences the sector as it can impact productivity, customer base, and growth. The IT services survey by Techreviewer reveals the United States has the highest concentration of IT services companies, followed by India (15.49%) and Poland (11.27%). 

Pakistan, Ukraine, Romania, Serbia, Vietnam, Slovakia, and the United Kingdom are other regions with a high concentration of over 2%. This is not surprising as North America is the largest market for IT services, and the IT spending in the region as of 2024 is around 1.6 trillion US dollars worldwide. 

80.3% of the companies surveyed by Techreviewer focused on North America, 71.8% on Europe, 25.4% on Australia and New Zealand, and 18.3% on Latin America. Web development (85.9%), software development (84.5%), and mobile development (73.2%) make up a major chunk of the services provided. These companies also offer IT consulting, DevOps, QA and Testing, Design, and AI development.

The roles played by survey respondents are wide, with the marketing manager and CEO or president being the most prominent. The data highlights the relevance of the responses and the significance of the results derived. CMO, CTO, and Sales representative accounted for around 21% of the respondents. Marketing directors, executive members, heads of business or sales units, business development leads, and business development managers are other respondents' roles.

Services offered

Web development ranks first in the list of services provided by the companies. It is followed by custom software development and mobile development. 

Web development is vital for a business as 85% of customers rely on online reviews, while 73% of companies use web development to gain an edge over their competitors. As per the Bureau of Labor Statistics, the need for web developers is expected to rise 8% between 2023 and 2033. Following closely is mobile app development, expected to grow at a CAGR of 12.1% by 2032.

Other services in demand include IT consulting, DevOps, Design, and QA and Testing. 

Regional focus

The survey results indicate that the majority (80.3%) of the respondents focused on North America. A steep increase in IT spending and the number of SMEs are key reasons for the flourishing of North American IT services. The region shows a promising CAGR of 7.30% in the period ranging from 2024 to 2029. Similarly, Europe, which has a 71.8% in the survey, is also a steadily growing market with a 5-year CAGR of 7.1%. Both regions show increasing interest in Cloud services, Artificial intelligence, and the pandemic-induced remote working model.

Increased demand for cloud-based solutions

The increasing need for cloud-based services and solutions is due to the following: 

• Secure storage of critical customer information.
• Scalable, innovative, and flexible solutions.
• Simplify management of IT infrastructure.

Companies are adopting cloud computing as an integral part of their operations. Gartner forecasts that by 2028, cloud-based solutions will become a business necessity, with more than 50% of enterprises leveraging the advantages of cloud platforms. 

Technology utilization 

The survey further investigates which IT solutions have the highest demand. Artificial Intelligence (AI) and Machine Learning (ML) top the list with 47.1% of responses. This result is no surprise, given the rise in AI and ML technologies. Per International Data Corporation (IDC), global spending on AI is expected to reach $632 billion in 2028, with a CAGR of 29.0% over the 2024-2028 period. 

Close behind is the increased rise of mobile applications, with 45.7%. This data reflects the ongoing need for businesses to engage with users through mobile platforms, which remain a critical part of digital strategies. As of the second quarter of 2024, global consumer spending on mobile applications resulted in 35.34 billion U.S. dollars. This figure represents an almost 5% rise compared to last year's quarter.

Business software is also in demand, receiving 40% of the responses. Other IT solutions with increased demand include websites, landing pages, and Software as a Service (SaaS). eCommerce and enterprise software follow closely. 

It is not unexpected to see business and enterprise software emerging among the sought-after IT solutions. Companies are investing in tools that streamline operations and improve efficiency. Statista reports that the revenue generated by the software market is expected to reach 704.10 billion U.S. dollars this year, with enterprise software dominating the market with a projected volume of 295.20 billion U.S. dollars. 

Core technologies 

The survey results reveal significant trends in the main technologies employed by IT companies. The chart shows that JavaScript and its frameworks are the top tech stacks, followed by PHP and Java.

JavaScript

This programming language dominates as the core technology for 71.8% of the companies. JavaScript maintains its popular position for a good reason. Developers use it for frontend and backend development, and it also serves as an excellent language for building native mobile apps. The Techreviewer survey is consistent with a study by Statista, which ranks JavaScript as the most-used programming language among developers in 2024.

Its frameworks, ReactJS (66.2%) and NodeJS (60.6%) are closely behind JavaScript in the results. This data shows the strong adoption of JavaScript for creating modern web applications. VueJS (47.9%) and AngularJS (46.5%) are other popular frameworks used by the respondents. 

PHP

Despite being one of the old programming languages, PHP still powers web applications today. It is another strong choice, serving 54.9% of the companies surveyed. This programming language is a popular choice among developers for scripting dynamic websites. 

Java

Owning 52.1% of the responses, Java remains relevant in many companies. Its robustness, ease of use, and security features make it suitable for developing enterprise-level web applications. 

Other widely used technologies are Python and TypeScript. Python is a known programming language for various applications, including web development and machine learning. A superset of JavaScript, TypeScript has many benefits for developers, from static typing to compile-time error support. 

Planned expansions

Companies are planning to expand their tech stacks in the coming year. The focus is on enhancing existing tools and exploring new technologies. Python is at the forefront of expansions, with 40.8% of the respondents indicating an intention to integrate it into their profiles. This trend is consistent with the increased demand for artificial intelligence and machine learning, as Python is essential for these tasks. As the need for AI and ML rises, more IT companies will leverage Python's rich and extensive libraries.

Java is also on the expansion list, with 23.9% of companies planning to add it to their profiles. This indicates sustained interest in robust and scalable software solutions. Java continuously evolves with each update to meet the needs of modern web applications. 

Other technologies companies plan to adopt include JavaScript (23.9%) and its frameworks, reinforcing the central role of this language in software development. VueJS (23.9%), ReactJS (21.1%), AngularJS (23.9%), and NodeJS (23.9%) are the top choices among the surveyed companies. 

Business dynamics 

Company revenues are often a direct indicator of a business's success. The companies surveyed were asked how they fared in the first half of 2024 compared to the same period in 2023. The result reveals a mixed scene, with a significant portion experiencing growth while others faced challenges. 

About half (47.9%) of the companies reported an increase in revenue during the first half. This result suggests a good number of businesses were able to navigate challenges and capitalize on opportunities. A significant portion (23.9%) experienced decreased revenue compared to the previous year. Some companies (28.2%) reported no change in revenue, suggesting a stagnancy or perhaps stable performance. 

The companies offer different price points for their services. The most common rate range (45.1%) was $30-$49 per hour, while 15.5% charge between $20 and $29. A considerable number (7%) charge less than $20 per hour. On the higher end, 28.2% charge between $50 and $99 per hour for their services. These findings show the diverse pricing structure within the industry.

When asked about the sale rate, nearly half of the respondents (49.3%) reported no change in the first half of 2024. However, a significant portion (31%) increased by 10-25%, while 14.1% decreased their rate. This suggests a mixed performance among the respondents, with some experiencing substantial growth while others faced challenges.

A good number (54.9%) plan to increase their rate by 10-25%, while 9.9% plan to increase by 25-50%. This result shows many of these companies are not content with their current rates. Meanwhile, 23.9% of respondents will maintain their current rate, while 11.3% plan to decrease.

Project and company size

According to the results, the minimum project size teams are willing to work on is as follows: 

• 33.8% of teams can take on projects with a budget between $10,000 and $20,000.
• 23.9% of respondents are ready to begin projects under $10,000. This indicates flexibility to accommodate smaller clients.
• 16.9% of teams prefer project budgets between $20,000 and $30,000.
• 11.3% of teams are ready for projects ranging from $30,000 to $50,000, and 12.7% are open to larger projects with budgets between $50,000 and $100,000.

Further, while some companies have expanded or maintained their current size, others faced challenges leading to a reduction. 38% of the surveyed IT providers experienced no change in their company size in the first half of 2024. However, a significant portion (39.4%) reported 10-30% growth. 16.9% of companies saw a decrease in size during this period.

Lead generation sources 

The survey also provides valuable insights into companies' primary channels to acquire leads. The most effective sources from the results include:

• Client references and networking: This channel is the most popular, with 36.62% of respondents citing it as their main source. Referrals from satisfied clients continue to be a powerful tool for generating leads. It is also cost-effective, as companies do not have to spend much on marketing.
• Direct sales: A significant portion (22.54%) of surveyed companies rely on direct sales efforts to reach potential clients. Platforms like LinkedIn and direct mailing campaigns are key components of this strategy.
• Referral websites: Websites like Techreviewer, Clutch, and similar platforms are valuable sources of leads for 14.08% of respondents. This shows the value of transparent reviews and recommendations in connecting IT companies with the right businesses.
• Freelancing sites: Platforms like Upwork help 12.68% of the respondents generate leads. These sites work effectively for IT companies offering freelance and contract-based services. 
• Advertising: Although not as dominant as the other sources, advertising also plays a role for some companies. Paid advertising on sites such as Google and LinkedIn generates leads for 8.45% of respondents.

Client interaction and preferences 

When businesses select IT services companies, numerous factors often influence their decision-making process. The Techreviewer survey highlights several reasons that drive client preferences when choosing IT companies. 

Tech competencies 

Tech competence is the leading factor, as reported by 23.9% of the companies. This suggests that clients prioritize technical expertise when choosing an IT services partner. In the evolving tech landscape, businesses need service providers who can leverage relevant technologies to solve problems.

Industry/vertical experience 

A good 16.9% of respondents report vertical experience as a crucial factor affecting their clients' decisions. This shows businesses prefer to work with service providers who understand the nuances of their specific industry. In a survey, about 80% of software buyers revealed that vertical solutions have a moderate to high impact on their purchase decisions. 

Cost and pricing structure 

Cost is a significant consideration for many clients, as reflected by 18.3%. In a report, McKinsey highlights that having a pricing strategy helps high-growth software companies stay competitive. Businesses often evaluate the return on investment (ROI) when selecting a service provider, seeking those that can provide high-quality solutions within their budget. 

Development processes

Development processes account for one of the influences on client choice. This factor reflects a business's interest in how the IT service company manages projects, including the methodologies and frameworks they employ. A well-defined development process also ensures that projects are delivered on time and to the client's satisfaction. In fact, 15.5% of respondents mention fixed timelines and milestones as a vital factor affecting client preferences. 

For the cooperation model, a significant portion of companies (46.5%) prefer working with a dedicated team. This is followed by 40.8% who opt for a time and materials approach. A fixed price or fixed budget model is less popular at 11.3%.

Collaboration between IT companies is common: Over 59% of respondents indicated that they collaborate with service providers in the industry, demonstrating a collaborative environment within the industry. This highlights the significance of partnerships and inter-company collaborations in handling projects and delivering services.

In-house teams remain prominent: About one-third of the companies rely exclusively on their in-house teams, emphasizing a focus on internal capabilities and resources. These companies likely prefer maintaining control over their projects and may see in-house expertise as a strategic advantage.

Freelancer involvement is less common: Only a small portion of companies rely on freelancers to assist with their projects, indicating that most companies prefer collaborating with established IT service providers or managing everything internally.

This distribution shows a balanced mix between collaboration, outsourcing, and self-reliance within the IT services industry.

Client lifetime value (LTV)

The survey reveals that many IT service providers have an average client LTV between $30K and $100K. 

Only 8.5% of companies reported an average client LTV above $500K, reflecting that high-value clients are not as frequent in the IT services sector. A notable portion of companies (12.7%) reported an average LTV below $20K, which suggests that many companies are catering to smaller clients or projects, possibly startups or businesses with limited budgets.

Challenges and opportunities 

The following chart illustrates the responses from IT companies regarding whether they have observed significant changes in the industry that might be considered a crisis, impacting their ability to generate leads or close deals. It highlights the proportion of companies that have noticed such changes, those uncertain of the impact, and those who have not experienced any major disruptions.

• Majority Perception of a Crisis: A significant portion of respondents (62%) have observed changes in the IT industry that they consider to be a crisis or are impacting their ability to generate leads or close deals. This suggests that external factors have a broad, negative impact on business operations for many IT companies.
• Uncertainty in Market Conditions: Around 19.7% of respondents are uncertain, indicating that while they have noticed changes, they may not fully understand their significance or the potential impact on their business. This uncertainty could be due to rapidly changing industry conditions or mixed market signals.
• Smaller Group Not Impacted: A smaller group (18.3%) of companies have not observed any significant changes that would constitute a crisis or impact their sales processes. These companies may be better insulated from market fluctuations or operating in sectors less affected by broader IT industry changes.

This data highlights that most IT companies are feeling the effects of significant changes or challenges within the industry. These challenges affect their ability to generate leads and close deals, whether due to economic pressures, technological shifts, or competitive dynamics. For many businesses, this perception of crisis demands a strategic response, such as adapting to new market conditions, enhancing lead generation techniques, or focusing on client retention.

Primary business challenges

The IT services sector is evolving. Companies deal with increased competition and the relentless pace to meet up with technological advancements. Some of the primary challenges highlighted by the respondents include:

• Client acquisition and retention are dominant challenges: Nearly 40% of companies face client acquisition and retention as their top challenge. This highlights the competitive nature of the IT industry, where finding new clients and maintaining existing ones is a constant struggle, likely due to shifting market dynamics and client expectations.
• Economic uncertainty: A significant portion (25.4%) of companies are grappling with economic uncertainty, which may be causing hesitation in client spending and longer sales cycles. This aligns with the global economic challenges that impact business decision-making.
• Rising competition: About 15.5% of respondents cited increased competition as a primary challenge. This indicates that more players in the IT industry are vying for the same clients, which can drive down prices and make differentiation more difficult.
• Technological evolution and geopolitical instability: Seven percent of companies mentioned both evolving technologies (like AI, cloud computing, and blockchain) and geopolitical instability. These are important trends that companies must adapt to but also introduce uncertainties in operations and client demands.
• Talent acquisition and cybersecurity: Challenges related to talent acquisition and cybersecurity threats are less common (mentioned by only a few companies), but they still represent critical issues for businesses that are scaling or dealing with sensitive data.

This analysis shows that companies in the IT services sector face various challenges, with client management and economic conditions being the most pressing. At the same time, competition and adapting to emerging technologies also contribute to the complexity of the business environment in 2024.

Challenges in closing deals

The survey further inquired about obstacles to closing deals during the first half of 2024.

• Both client acquisition and retention (39.4%) and finding qualified leads (40.8%) are the top challenges across the two categories. This overlap shows that many companies are struggling not only to close deals but also to consistently acquire and maintain clients, signaling the need for better lead generation strategies and nurturing existing relationships.
• Economic uncertainty (25.4%) from the broader business challenges is closely aligned with client budget constraints (38%) in the context of closing deals. This reflects how uncertain economic conditions directly impact clients' ability to commit to projects, resulting in hesitation or lower budgets when purchasing decisions.
• Rising competition is seen as a business challenge (15.5%) and a deal-closing challenge (8.5%). While not the dominant issue in either case, competition is a growing concern for IT companies, forcing businesses to differentiate themselves in a crowded market and complicating deal closures.
• Evolving technologies like AI, cloud computing, and blockchain (7%) are noted in the broader business challenges but are not as prominent in deal-closing challenges. This may suggest that while companies recognize the need to adapt to new technologies, this adaptation is not yet a critical barrier to closing deals.
• While client budget constraints (38%) play a large role in deal closures, challenges related to difficulty showcasing ROI (4.2%) are relatively minor. This indicates that IT companies are generally effective in communicating value, but some clients are still constrained by financial limitations regardless of perceived return on investment.

The comparison reveals that challenges in finding leads, client acquisition, and budget constraints are central to both broader business operations and the ability to close deals. Economic conditions and rising competition further exacerbate these issues, forcing IT companies to be more strategic in lead generation, deal management, and client retention to succeed in 2024.

Competition 

The competitive landscape is one of IT service providers' most significant challenges. 

In the Techreviewer survey, 45.1% of respondents noted the industry has been significantly more competitive this year. A good 36.6% of the surveyed companies also agreed the sector is moderately more competitive. As more competitors enter the market, companies must stand out to attract and retain clients. This requires specialized skills, innovative solutions, and exceptional customer service. 

Specialized skills

Achieving a level of specialization requires continuous learning, upskilling, and sometimes talent acquisitions to fill capability gaps. When it comes to acquiring talent, a portion of respondents (55%) have experienced problems in hiring skilled IT professionals. On the other hand, 39.4% had no difficulties hiring.

Innovative solutions

Another factor is creating innovative solutions, as clients seek companies that can deliver a competitive edge. This push for innovation encourages IT service providers to experiment with emerging technologies to address business needs.

Customer service

Beyond technical expertise and continuous innovation, building strong relationships with clients is essential. A report by McKinsey showed that companies with excellent customer service experience great growth, often more than double that of their peers. IT service providers must focus on great customer service by meeting targets and exceeding expectations. They can achieve this through excellent communication and a commitment to client satisfaction.

Economic uncertainty 

Factors like inflation and recessionary fears impact the IT services sector. During periods of economic uncertainty, clients may become more cost-conscious. This cautious approach can result in delayed decision-making and, in some cases, project cancellations. IT service providers must be prepared to adjust their pricing models, offer flexible payment terms, and demonstrate the value of their services to persuade clients to move forward with projects. 

Emerging technologies 

Evolving technologies like quantum computing and generative AI present both challenges and opportunities. Staying ahead of the curve is vital for companies to remain competitive. Service providers must invest in continuous learning and development to ensure their teams are proficient in these technologies. On the other hand, these advancements offer great opportunities for innovation. Companies can develop unique solutions that set them apart from competitors by being early adopters of technologies like generative AI.

Future outlook and strategic directions

As the IT services industry progresses into the year, several trends are expected to transform the market. 

Anticipated trends 

80.28% of the respondents cited the increased adoption of AI and machine learning as the most anticipated trend. AI and ML are rapidly becoming integral parts of business operations. These technologies drive efficiencies, automate complex tasks, and help companies develop smarter web applications. 

Although not as significant as AI and ML, other trends these companies expect to shift the IT services industry include: 

• Cloud-based services and solutions (8.45%)
• Customization and personalization of services (4.23%)
• Sustainable and green IT (2.82%)

The survey further identifies which technologies the IT companies expect to have the most significant impact on their business. A good number of respondents (66.2%) mentioned AI. 18.3% cited low-code/no-code platforms, and 8.5% believe machine learning will be the most influential. About 71.8% of surveyed companies currently use AI tools in their development process. 

New markets and growth plans

Identifying new markets is critical as IT service providers seek to improve growth. The surveyed companies are targeting the following regions for expansion:

North America

With 29.6% of companies planning to expand here, the region is attractive for many reasons. With its mature economy, high demand for advanced technology solutions, and large base of clients, North America remains a popular target. Per Statista, the IT services market in this region is expected to show a CAGR of 5.32% from 2024 to 2029. This growth rate is forecast to result in a market volume of 738.60 billion U.S. dollars by 2029.

Europe

Another attractive market, with 22.5% of companies planning to expand their operations there, is Europe. Statista predicts that the IT services market in this region will expand by 5.56% between 2024 and 2029. This growth will result in a market volume of 589.10 billion U.S. dollars by 2029. 

Middle East

18.3% of companies plan to expand to this region. The Middle East and North Africa (MENA) region has seen notable growth due to diverse factors, including government initiatives and increasing digitalization. The IT services market here is expected to grow by 5.85% from 2024 to 2029, resulting in a market volume of 43.15 billion U.S. dollars by 2029. 

Latin America

This region presents a developing market with growth potential, attracting 8.5% of companies. The IT services market in Latin America is expected to show a CAGR of 5.67% from 2024 to 2029. According to Statista, this growth should result in a market volume of 74.49 billion U.S. dollars by 2029. 

Australia and New Zealand

8.5% of surveyed companies plan to target this market. Businesses and tech enthusiasts across Australia and New Zealand are experiencing increased adoption of new technologies. Per Statista, the IT services market in Australia and Oceania is expected to show a CAGR of 5.92% from 2024 to 2029. This growth rate should lead to a market volume of 53.60 billion U.S. dollars by 2029. 

As IT companies look to expand into new markets, leveraging remote work is crucial to their growth strategy. According to the survey results, 31% of respondents said remote work greatly increases employee satisfaction. 

38% of the companies report a slight increase in employee satisfaction, while 31% believe nothing changed. By leveraging remote work, IT providers reduce operational costs while placing themselves competitively in new regions.

When asked about the effect of remote work on productivity, 50.7% of the respondents mentioned there was no change. 39.4% reported that remote work has greatly increased or slightly improved their company's productivity. On the other hand, a minority (9.9%) reported a slight decrease. This result shows that remote work benefits many companies, but its impact can vary for some.

External data comparison 

Gartner forecasts that global IT spending will rise to $5.26 trillion in 2024, a 7.5% increase from 2023. This trend aligns with the survey's findings, which indicate that while challenges exist, the IT services industry is still experiencing growth. IDC also reports that there will be a fast and dramatic shift in IT spending towards artificial intelligence. According to their forecast, Global 2000 organizations will allocate over 40% of their core spend to AI by 2025. This report is consistent with the survey findings regarding the growing importance of this technology. 

Similarly, the McKinsey Global Survey shows that AI adoption is on the rise. In a recent report, the company found that more than two-thirds of respondents in every region say their organization is adopting AI solutions. AI adoption has hovered at 50% for the past six years, while this year saw a jump to 72%. The strong correlation between the survey data and these external forecasts shows the strategic importance of AI in driving future growth.

The survey indicates that companies are planning to expand into new markets, with North America (29.6%), Europe (22.5%), and the Middle East (18.3%) being the top targets. This expansion strategy is consistent with global trends. The North American market, including the U.S. and Canada, continues to lead in IT spending and technology adoption. 

Future outlook 

Several notable trends will shape the IT services industry in the remaining part of the year and beyond. These technologies, derived from the survey results and market analyses, highlight the ongoing need for adjustment. Companies are preparing to adapt to changes by expanding into new markets and adjusting their tech stacks.

Bloomberg predicts the adoption of AI and machine learning could grow at an annual rate of 42% over the coming years. With the growth of AI, machine learning, and cloud computing, cybersecurity is a high priority for businesses. As IT transformation accelerates and cyber threats become more sophisticated, ensuring robust security measures is essential. Further, remote work continues to be a significant trend. The ongoing shift towards remote work models necessitates the development of tools that enhance collaboration and employee engagement. 

Strategic adaptation

IT service providers plan to adapt to evolving trends by expanding into new markets. This expansion is driven by the need to tap into emerging opportunities in these regions. Companies also plan to enhance their tech stacks, with 40.8% of respondents planning to integrate Python. Python has become a top choice due to its role in generative AI, machine learning, and cloud computing. JavaScript and its frameworks are other popular choices as companies seek to develop dynamic and scalable web applications.

Conclusion 

In conclusion, the IT services market in 2024 continues to experience growth driven by the increasing adoption of AI, machine learning, and cloud computing. There is also a strong intention to integrate Python into company profiles. A good number of respondents (71.8%) currently use AI tools in the development process.

Despite challenges such as economic uncertainty, competition, and client acquisition, the sector remains resilient with diverse service offerings and a skilled workforce. Companies are adapting by expanding into new markets, enhancing their tech stacks, and embracing remote work to boost productivity and employee satisfaction.

As the global IT market grows, competition intensifies. Referrals and direct sales are the top sources generating leads for IT companies. Factors like client budget constraints, increased competition, and low-quality leads are the biggest obstacles in closing deals. 

Additionally, the increasing emphasis on remote work tools reflects a broader shift in businesses' operations. With 69% of respondents indicating that remote work has positively impacted employee satisfaction, this approach is likely to grow moving forward. Location can influence productivity, customer base, and growth. Companies are looking into geographic expansion, particularly in North America, Europe, and the Middle East, to capitalize on market opportunities.

With a strong focus on AI, web development, and cloud-based solutions, IT service providers are positioned to capitalize on emerging opportunities and sustain their upward trajectory in the years ahead.