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The IT sector is growing, topping £1bn in 2024
Revenue in the IT Services market reached £1,108.00bn in 2024. IT Outsourcing dominates the market, with a projected market volume of £422.06bn in 2024.
Revenue is expected to grow at an annual rate (CAGR 2024-2029) of 5.76%, resulting in a market volume of approximately £1,466.00bn by 2029.
Source: Statista
Customer marketing strategies are gaining ground
A survey by Statista suggests that B2B companies in the UK are shifting focus towards nurturing existing customers. This is likely because retaining customers is more cost-effective than acquiring new ones. 38% stated increased spending on customer marketing, with product marketing ranked second with 35%.
Source: Statista
Demand for cybersecurity is growing
According to a study by PwC, 77% of businesses expect their cyber budget to increase in 2025. Only 2% say their company has implemented cyber resilience across their organisation. Cyber risks are top-of-mind and 66% of tech leaders rank cyber as their top risk for mitigation in 2024, compared to 48% of business leaders.
Source: PwC
Information security has constant growth
Due to an increase in LLMs and AI, information security is growing. End-user spending for the information security and risk management market will grow to $185 billion in current USD in 2023, with a constant currency growth of 13.4%. The market will reach $287 billion in 2027, with a CAGR of 11.0% from 2022 to 2027 in constant currency.
Source: Gartner
Shared cloud infrastructure leads the way
Spending on compute and storage infrastructure products for cloud deployments, including dedicated and shared IT environments, increased 18.5% year over year in the fourth quarter of 2023 (4Q23) to $31.8 billion. This category continues to capture the largest share of spending compared to dedicated deployments and non-cloud spending.
Source: IDC
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