There were 1,570 press releases posted in the last 24 hours and 412,708 in the last 365 days.

Information Technology Industry Overview Indicates Popularity Of Open-Source Software

Information Technology Market Report 2021: COVID-19 Impact And Recovery To 2031

Information Technology Global Market Report 2021: COVID-19 Impact And Recovery To 2031

The Business Research Company’s Information Technology Global Market Report 2021: COVID-19 Impact and Recovery to 2031

LONDON, GREATER LONDON, UK, January 5, 2021 /EINPresswire.com/ -- New year, new updates! Our reports have been revised for market size, forecasts, and strategies to take on 2021 after the COVID-19 impact: https://www.thebusinessresearchcompany.com/global-market-reports

Over the past five years there has been an increasing prevalence of low-cost open-source alternatives. IT industry trends show that open source has become a preferred platform for developing new technology. In the past, software publishers would open-source software that was not making money, but now companies are open sourcing software to increase their presence and share in the market. According to Allison Randal, President, Open Source Initiative, 78% of companies use open source solutions and 64% participate in open source projects, indicating an increase in open source software platforms to build applications.

The global information technology market size is expected to grow from $7.85 trillion in 2020 to $8.37 trillion in 2021 at a compound annual growth rate (CAGR) of 6.6%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $11.86 trillion in 2025 at a CAGR of 9%.

The outbreak of the Coronavirus disease (COVID-19) has acted as a significant restraint on the information technology market in 2020 as supply chains were disrupted due to trade restrictions and employees working for these establishments faced difficulties related to infrastructure and communication owing to lockdowns imposed by governments globally, forcing them to work from home. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of lockdown and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, as per information technology industry analysis, it is expected that the information technology market will recover from the shock across the forecast period as it is a 'black swan' event and not related to ongoing or fundamental weaknesses in the market or the global economy.

Here Is A List Of Similar Reports By The Business Research Company:
IT Services Market - By Type (Hardware Support Services, Software & BPO Services And Cloud Services), And By Region, Opportunities And Strategies – Global Forecast To 2022
https://www.thebusinessresearchcompany.com/report/it-services-market

Software Products Global Market Report 2021: COVID-19 Impact and Recovery to 2031
https://www.thebusinessresearchcompany.com/report/software-products-global-market-report-2020-30-covid-19-impact-and-recovery

Hardware Support Services Global Market Report 2021: COVID-19 Impact and Recovery to 2031
https://www.thebusinessresearchcompany.com/report/hardware-support-services-global-market-report-2020-30-covid-19-impact-and-recovery

Interested to know more about The Business Research Company?
The Business Research Company is a market intelligence firm that excels in company, market, and consumer research. Located globally it has specialist consultants in a wide range of industries including manufacturing, healthcare, financial services, chemicals, and technology.

Oliver Guirdham
The Business Research Company
+44 20 7193 0708
info@tbrc.info
Visit us on social media:
Facebook
Twitter
LinkedIn