Information technology (IT) is the application of computers and telecommunications equipment to store, retrieve, transmit and manipulate data, often in the context of a business or other enterprise. The business value of information technology lies in the automation of business processes, provision of information for decision making, connecting businesses with their customers, and the provision of productivity tools to increase efficiency. The global IT Services industry holds significant opportunities for industry players due to increasing IT spending in the healthcare, retail, and transportation sectors, among others. The market is forecast to reach an estimated US $1,147 billion with a CAGR of more than 5%. The global IT services industry comprises services related to the application of business and technical expertise to enable organizations to create, manage, optimize, and access information and business processes. The industry’s scope includes product support services such as hardware and software maintenance and professional services such as IT consulting, development, and integration services. North America, with 42% of the global market share, dominates the highly fragmented global IT services industry. Outsourcing locations such as India, China, Vietnam, and the Philippines are anticipated to be key drivers because of their low-cost labor and skilled talent pools. The APAC IT services industry is expected to register the highest growth rate among all regions during the forecast period and lead the industry. Government-backed reforms are expected to contribute to significant increases in spending for IT investments. In addition, by generating new opportunities for IT vendors globally, cloud computing is expected to reshape the industry. It is anticipated to offer immense opportunity to penetrate in the small and medium business sector. High volatility in currency exchange rates, a shrinking talent pool, and high labor costs in developed countries are some of the major challenges for the IT services industry. The increasing global demand for systems, software, and services, as well as IT spending by governments, and the banking and financial sectors are likely to boost the IT services market. The industry is highly correlated with economic cycles as IT services are project based and often represent discretionary spending.