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Global - IT Services, February 2019
Global - IT Services, February 2019
Global - IT Services, February 2019
Executive Summary
Market value
The global IT services industry grew by 9.2% in 2018 to reach a value of $1,002.1 billion.
Category segmentation
Infrastructure services is the largest segment of the global IT services industry, accounting for 59.9% of the
industry's total value.
Geography segmentation
The United States accounts for 39.9% of the global IT services industry value.
Market rivalry
The IT services industry is evolving from offering services such as outsourcing, which improve productivity
and efficiency, to providing value-added services such as analytics consulting. This has increased rivalry as
players seek to capture a share of these higher margin sectors.
Market Overview
Market definition
The IT services industry is valued as the combination of the business process outsourcing (BPO) services
market, the application services market and the infrastructure services market. Values include revenues
generated from (a) signed deals that remain under contract and (b) new contracts signed within that
particular calendar year.
The BPO services market is defined as the reveues from services related to the following segments:
customer relationship management (CRM), finance and accounting, human resources, knowledge process
outsourcing, and procurement and supply-chain.
The application services market is defined as the revenues from services related to the following segments:
application development, application management and application performance monitoring.
The infrastructure services market is defined as the revenues from services related to the following
segments: cloud computing, data center & hosting services, IT management, security and storage.
All currency conversions are at constant 2018 annual average exchange rates.
For the purposes of this report, the global market consists of North America, South America, Europe, Asia-
Pacific, Middle East, South Africa and Nigeria.
North America consists of Canada, Mexico, and the United States.
South America comprises Argentina, Brazil, Chile, Colombia, and Peru.
Europe comprises Austria, Belgium, the Czech Republic, Denmark, Finland, France, Germany, Greece,
Ireland, Italy, Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden, Switzerland, Turkey, and the
United Kingdom.
Scandinavia comprises Denmark, Finland, Norway, and Sweden.
Asia-Pacific comprises Australia, China, Hong Kong, India, Indonesia, Kazakhstan, Japan, Malaysia, New
Zealand, Pakistan, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam.
Middle East comprises Egypt, Israel, Saudi Arabia, and United Arab Emirates.
Market analysis
The Global IT services industry experienced strong growth over the past five years. The industry is set to
grow at a similar rate over the forecast period.
The IT services industry is highly correlated with the gross domestic product (GDP) of a country. This
means that the IT services industry will move according to GDP growth, due to their positive correlation.
This has been the case globally, where high GDP growth in the US and China has driven industry growth
for IT services to a new level-high.
The global IT services industry had total revenues of $1,002.1bn in 2018, representing a compound annual
growth rate (CAGR) of 13.8% between 2014 and 2018. In comparison, the Asia-Pacific and US industries
grew with CAGRs of 11.2% and 16.4% respectively, over the same period, to reach respective values of
$244.7bn and $399.7bn in 2018.
Due to a number of high-level cybersecurity threats and the interconnected nature of network technologies,
cybersecurity has become critical for many businesses. This has driven growth in the service industry and
Market Data
Market Value
The global IT services industry grew by 9.2% in 2018 to reach a value of $1,002.1 billion.
The compound annual growth rate of the industry in the period 2014-18 was 13.8%.
Source: MARKETLINE
Source: MARKETLINE
Market Segmentation
Category Segmentation
Infrastructure services is the largest segment of the global IT services industry, accounting for 59.9% of the
industry's total value.
The Application services segment accounts for a further 22.6% of the industry.
Category 2018 %
Infrastructure Services 600.8 59.9
Application Services 226.8 22.6
BPO Services 174.5 17.4
Total 1,002.1 100%
Source: MARKETLINE
Source: MARKETLINE
Geography Segmentation
The United States accounts for 39.9% of the global IT services industry value.
Geography 2018 %
United States 399.7 39.9
Europe 286.2 28.6
Asia-Pacific 244.7 24.4
Middle East 2.5 0.3
Rest of the World 69.0 6.9
Total 1,002.1 100%
Source: MARKETLINE
Source: MARKETLINE
Market Outlook
Market Value Forecast
In 2023, the global IT services industry is forecast to have a value of $1,912.3 billion, an increase of 90.8%
since 2018.
The compound annual growth rate of the industry in the period 2018-23 is predicted to be 13.8%.
Source: MARKETLINE
Source: MARKETLINE
The IT services market will be analyzed taking providers of it outsourcing & processing, it consulting &
support and cloud computing services as players. The key buyers will be taken as businesses and
government agencies, and providers of hardware devices and software tools, as well as skilled employees
as the key suppliers.
Summary
Source: MARKETLINE
The IT services industry is evolving from offering services such as outsourcing, which improve productivity
and efficiency, to providing value-added services such as analytics consulting. This has increased rivalry as
players seek to capture a share of these higher margin sectors.
The IT services industry is fragmented, with small players competing alongside large multinationals.
Services have become increasingly globalized and are likely to become gradually automated, particularly
due to the adoption of cloud computing services. Buyers range in size; larger buyers, with greater financial
muscle, exert more buyer power.
Brand recognition is of significant importance to customers and many look to reputable companies for
services. This is particularly the case for players involved in IT outsourcing and data processing, where
consistent quality and security are key factors in winning contracts.
Skilled employees, as suppliers of technical knowledge and expertise, are an important input. Other inputs
include hardware components, which tend to be purchased from a sole supplier, increasing their power. In
contrast, some companies engage in backwards integration with their own hardware and software
capabilities, which reduces their reliance on external suppliers.
Buyer Power
Source: MARKETLINE
Buyers range in size from small businesses to multinational companies and government agencies. Larger
buyers, with greater financial muscle, exert more buyer power. Contracts between industry players and
buyers vary according to the service provided. Some IT service contracts can last for several years, which
can translate into substantial switching costs for buyers should they wish to terminate the agreement early.
However, consulting contracts tend to be shorter and there is a growing trend towards shorter duration
contracts. Contracts with large customers are often secured after a bidding process. Consequently, such
customers enjoy greater buyer power.
There are small and big players in the market offering slightly differentiated products, giving buyers the
upper hand, as they are able to choose from a variety of market players. However, brand recognition is
likely to be of significant importance to customers, particularly when it comes to electronic data processing.
Buyers will often look to a reputable company for such services; this is especially the case regarding
government contracts, which have heightened media scrutiny in terms of IT failures. Services offered are
often critical to the successful operation of a business, which reduces buyer power considerably. Full
backwards integration by buyers is unlikely, even in cases where in-house IT services have been
developed; however, those IT services cannot match the quality of products the market players can provide
due to years of experience, decreasing buyer power overall. Although this could decrease buyer power, it is
mitigated by the fact that players are reluctant to integrate forwards into buyers' areas of operation,
industries in which players may not necessarily have any experience.
Services are relatively undifferentiated, which has given rise to strong price competition, driven by a
reduction in labor costs, and has encouraged multinational providers to relocate to low-cost locations. This
shows the power that buyers have in influencing player practices. Large-scale players seek to differentiate
themselves in terms of customer relations and are likely to become more successful as they develop more
complex offerings; IBM, for instance, has developed ‘System One’, a quantum computer which is 1,000
times faster than a normal computing system, which can offer its services to all institutions around the world
via cloud access, which will serve to weaken buyer power. While some smaller companies may seek to
drive down the cost of services by seeking the best prices from players, for many buyers, the quality of the
services offered is of the utmost importance as the quality of the buyer's product is greatly affected by this.
Supplier Power
Source: MARKETLINE
A critical industry input is staff with appropriate technical knowledge and expertise. Industry players rely on
the continued service of qualified employees, and high rates of staff turnover can be detrimental. This can
be regarded as a high switching cost, with employees viewed as suppliers of such expertise. Competition
for talented developers is strong among large-scale players. The US, Europe and Japan are considered to
be the 'triad' of knowledge economies and are at the forefront of many technological developments. As
such there is a large pool of skilled labor in these economies, which reduces supplier power to an extent.
Equally, global IT outsourcing has played a key role in developing Bangalore and Hyderabad as technology
hubs, which has increased the availability of qualified workers for the domestic Indian market.
Taking into consideration that suppliers in this industry are mainly highly paid and skillful employees, it
makes the industry a crucial component of suppliers' livelihoods, due to their specialised expertise providing
services based on this specific industry. Its highly likely for suppliers to move into the industry themselves,
due to the experience they could acquire over the years, making them willing and confident to start their
own companies and organizations. The amount of alternative raw materials is relatively low, as raw
materials in this industry are hardware components and software; this increases supplier power.
Inputs such as hardware components are often purchased from sole suppliers. Suppliers are normally large
companies offering high-quality differentiated products, resulting in significant supplier power. The software
market is dominated by large international companies; leading suppliers include Microsoft Corporation,
Oracle Corporation and SAP AG. In contrast, companies such as IBM engage in backwards integration –
the company has its own hardware and software capabilities – reducing its reliance on external suppliers.
Alternative solutions exist for most software and network suppliers.
Software suppliers may begin to forward integrate once more complex software is required to provide IT
services linked to powerful computers, offering parallel processing and advanced analytical techniques,
which will increase supplier power. Microsoft, for example, runs a predictive analytics service based around
New Entrants
Figure 8: Factors influencing the likelihood of new entrants in the global IT services industry, 2018
Source: MARKETLINE
Entry on a small scale is achievable in the IT services industry; some smaller players have grown as both
government and commercial institutions increasingly turn to third-parties to provide specialized IT support.
Similarly, buyers seek to cut costs wherever possible and data processing and other business processes
have increasingly been outsourced to specialists; allowing clients to focus on core activities. Newly
developing niche markets will offer opportunities for smaller players in areas such as green IT and the IoT.
Equally, industry specialists operating in the key markets of healthcare and finance have notable
opportunities.
Large companies in this industry have significant economies of scale in processing and can offer more
services; smaller companies can compete by specializing in particular verticals, and offering customized
services. However, prominent companies, relying on an established image, may be unwilling to trust
smaller, less established companies, giving larger industry players an advantage. While there is a relatively
large number of expert staff in this industry, many will be attracted to firms such as IBM and Accenture as
they are often able to offer greater incentives, such as development opportunities and higher pay. This may
deter new entrants as they may lack the reputation and ability to attract the most experienced staff.
Regulation is varied and largely dependent on the service offered and the buyers involved. For example,
data processing services for financial institutions are often stringently regulated. In the US, they are subject
to examination by the Federal Financial Institutions Examination Council, an interagency body comprising
the federal bank, thrift regulators, and the National Credit Union Association. Restrictions on data flows
between different countries may restrict the expansion capabilities of new entrants. Some countries have
introduced a variety of incentives in a bid to encourage new entrants, these include competitive tax rates,
funding for start-ups and R&D programs. In Singapore, the government has introduced a range of policies
and regulations to encourage innovation and support the Smart Nation initiative; this includes encouraging
technology start-ups by doing business with them rather than making them rely on grants. Regions which
implement favorable policies are likely to attract new entrants.
Blockchain technology has increased the number of new entrants in the market as it is not regulated, so
companies have a certain amount of freedom when using this particular technology. However, companies
Threat of substitutes
Figure 9: Factors influencing the threat of substitutes in the global IT services industry, 2018
Source: MARKETLINE
An alternative to a number of services offered in this industry is to employ and train in-house staff to provide
such services. In times of economic difficulty, some companies may rely on existing staff rather than third-
party service providers. However, the services offered by industry players do provide several key
Degree of rivalry
Figure 10: Drivers of degree of rivalry in the global IT services industry, 2018
Source: MARKETLINE
Despite the presence of large, international incumbents such as IBM, HP, Fujitsu and Accenture, the
industry is fragmented. There is some evidence of consolidation, with M&A activity common. For example,
IBM acquired the enterprise Linux business Red Hat for $33.4bn in order to assert and strengthen its cloud
dominance, a significantly larger amount than what many of its rivals plan to spend. This has helped IBM to
spread its expertise into new technological fields, such as quantum computing and cloud computing, which
has proven lucrative due to the increasing popularity of infrastructure services.
The number of competitors varies between countries. The US has more than 100,000 software and IT
services companies, over 99% of which are SMEs – which increases rivalry in comparison to Brazil, which
has closer to 3,000 IT services companies. The Chinese industry is more fragmented than other countries,
with competition in this industry being dominated by small firms with less than 50 employees. A key factor
in the Chinese industry is that there are almost no IT services inputs or imports from foreign economies,
which highlights that most international service providers already have a presence in China.
Large players attempt to differentiate themselves through a number of initiatives in an effort to boost their
competitive edge. Companies such as IBM offer a variety of services and products including hardware and
software, which serves to ease rivalry as they are not solely reliant on the revenues generated from this
industry. In addition, developments in social network, mobile, analytic and cloud technologies have begun
to allow players to offer more value-added services, increasing rivalry in terms of intellectual property and
the need for perpetual innovation. Due to a number of high-level cybersecurity threats and the
interconnected nature of network technologies, cybersecurity has become crucial for many businesses. IBM
Leading Companies
Accenture plc
DetailType Detail
Head office: 1 Grand Canal Square, Grand Canal Harbour,
Dublin, IRL
Telephone: 353 1 6462000
Fax: 353 1 6462020
Website: www.accenture.comie-en
Financial year-end: August
Ticker: ACN
Stock exchange: New York
Accenture plc (Accenture) is a global management consulting, technology services and outsourcing
company. It operates across 200 cities in 55 countries in the Americas, Europe, Middle East and Africa
(EMEA), and Asia-Pacific. Accenture provides services through a global network of over 50 delivery
centers.
The company's business is structured into five divisions, which together comprise 13 industry groups that
serve more than 40 industries. The firm’s five divisions include: products; financial services;
communications, media and technology; resources; and health and public service.
The products division serves a set of increasingly interconnected consumer-relevant industries. The
consumer goods, retail and travel services industry group serves food and beverage, household goods,
personal care, tobacco, fashion, agribusiness and consumer health companies; supermarkets, hardline
retailers, mass-merchandise discounters, department stores and specialty retailers; as well as airlines, and
hospitality and travel services companies. The industrial industry group works with automotive
manufacturers and suppliers; freight and logistics companies; industrial and electrical equipment; consumer
durable and heavy equipment companies; and construction and infrastructure management firms. The life
sciences industry group serves pharmaceutical, medical technology and biotechnology companies.
The financial services division serves the banking, capital markets and insurance industries. Professionals
in this division work with clients to address growth, cost and profitability pressures, industry consolidation,
regulatory changes, and address the need to adapt to new digital technologies. The division comprises the
banking and capital markets industry group which serves retail and commercial banks, mortgage lenders,
investment banks, wealth and asset management firms, brokers/dealers, depositories, exchanges, clearing
and settlement organizations, and other diversified financial enterprises. The insurance industry group
serves property and casualty insurers, life insurers, reinsurance firms and insurance brokers.
The communications, media and technology division serves the communications, electronics, high
technology, media and entertainment industries. It comprises the communications industry group, which
serves wireline, wireless, cable, and satellite communication and service providers. The electronics and
high-tech industry group serves the information and communication technology, software, semiconductor,
consumer electronics, aerospace and defense, and medical equipment industries. While the media and
The company recorded revenues of $41,603 million in the fiscal year ending August 2018, an increase of
13.2% compared to fiscal 2017. Its net income was $4,060 million in fiscal 2018, compared to a net income
of $3,445 million in the preceding year.
Fujitsu Limited
DetailType Detail
Head office: Shiodome City Center, 1-5-2, Higashi-Shimbashi,
Minato-Ku, Tokyo, JPN
Telephone: 81 3 62522220
Website: www.fujitsu.comglobal
Financial year-end: March
Fujitsu Limited (Fujitsu) offers ICT solutions. The company's business encompasses the development,
manufacture, sale and maintenance of electronic devices that make these services possible. Its key
products include software, networks, electronics devices, IT products and systems, and other products.
Fujitsu’s portfolio includes the management of infrastructure, business and application, hybrid IT and cloud,
and product support services. It also supplies infrastructure, industry and business and technology
solutions. The company has a presence in more than 100 countries globally.
The company operates through four business segments: technology solutions, ubiquitous solutions, device
solutions, and other operations.
The technology solutions segment provides solutions/system integration services for IT system consulting
and construction, and infrastructure services centered on outsourcing services, such as complete
information system operations and the management of such systems. The company also offers platforms
such as servers and storage systems, which form the backbone of information systems, along with network
products such as mobile phone base stations, optical transmission systems, and other communication
infrastructure. Its system products comprise mainframes, UNIX, mission-critical IA and x86 servers; storage
systems; and middleware on which information systems are built. Network products include mobile phone
base stations, optical transmission systems, network management systems and other equipment used to
build communications infrastructure.
Fujitsu's ubiquitous solutions segment is engaged in the manufacturing of PCs, mobile phones, and mobile
wear. PCs include desktops, laptops, water- and dust-resistant tablets, and customization options. Fujitsu
offers smartphones with advanced central processing units (CPUs) as well as the Raku-Raku Phone series.
Through mobile wear, the company offers connectivity products such as car navigation systems, mobile
communication equipment and automotive electronics.
The device solutions segment includes LSI devices and electronic components. Electronic components
include semiconductor packages, batteries, structural components such as relays, connectors, optical
transceiver modules, and printed circuit boards. Fujitsu Semiconductor Limited manufactures and designs
semiconductors and provides solutions and support to meet the various needs of its customers. Its products
and services include ASICs/COT, ASSPs, and Ferroelectric RAM (FRAM), with wide-ranging expertise
focusing on imaging, wireless, automotive and security applications. The segment also looks at power
efficiency and environmental initiatives.
The other operations segment includes an expansion in strategic investments, primarily in next-generation
cloud platforms as a platform for using the IoT.
Key Metrics
The company recorded revenues of $36,565 million in the fiscal year ending March 2018, a decrease of
.8% compared to fiscal 2017. Its net income was $1,511 million in fiscal 2018, compared to a net income of
$789 million in the preceding year.
DetailType Detail
Head office: 3000 Hanover St, California 94304 1112, Palo Alto,
California, USA
Telephone: 1 650 6875817
Fax: 1 302 6555049
Website: investors.hpe.com
Hewlett Packard Enterprise Company (HPE) provides technology solutions to optimize traditional IT
systems. The company's portfolio of offerings includes enterprise IT solutions – servers, storage,
networking, converged systems, and software – and customized financial solutions. HPE operates in Africa,
the Americas, the Asia-Pacific, Europe and the Middle East.
The company operates through five segments: Enterprise Group (EG), Enterprise services, financial
services, software, and corporate investments.
HPE’s EG segment offers a range of enterprise technology solutions for next-generation applications, web
services and user experiences. It offers servers, storage, networking, and technology services. In addition,
it offers HPE OneView, unified display software-defined infrastructure management solutions and the HPE
Helion cloud portfolio, a portfolio of hybrid cloud solutions, services and software.
HPE servers offer both industry standard servers (ISSs) and business critical systems (BCSs). ISSs
provide a range of products, including entry level, HPE ProLiant, and workload-specific servers for high-
performance computing, big data, and hyperscale workloads. In addition, the company offers Integrity
servers based on the Intel Itanium processor, HPE Integrity NonStop solutions and mission critical x86 HPE
ProLiant servers.
The company's storage solutions include platforms for enterprises and small- and medium-size business
(SMB) environments. Its flagship product, 3PAR StoreServ Storage Platform, is designed for virtualization,
the cloud, and IT-as-a-service (ITaaS). Traditional storage solutions include tape, storage networking and
legacy external disk products such as EVA and XP. Converged storage solutions include the 3PAR
StoreServ, StoreOnce and StoreVirtual products.
HPE's network offerings include switches, routers, wireless local area network (WLAN) and network
management products that deliver consistent solutions that span the data center, campus and branch
environments and deliver software-defined networking (SDN) and unified communications capabilities. The
company's unified wired and wireless networking offerings include WLAN access points, controllers, and
switches. Networking solutions are based on FlexNetwork architecture, designed to enable server
virtualization, unified communications, and business application delivery for the enterprises.
The company's technology services provide support and consulting services. Support service offerings
span various levels of customer support needs and include: HPE Foundation Care, a portfolio of reactive
hardware and software support services; HPE Proactive Care, which combines remote support technology
for real-time monitoring with rapid access for technical experts; HPE Datacenter Care, end-to-end support
that enables customers to build, operate or consume IT in private or hybrid cloud environments; and
Lifecycle Event services, which are event-based services. Consulting services are focused on cloud
mobility and big data and provide IT organizations with advice, design, implementation, migration and the
optimization of EG's platforms, such as servers, storage, networking and converged infrastructure.
HPE's Enterprise services segment offers technology consulting, outsourcing and support services across
infrastructure, applications and business process domains in traditional and strategic enterprise service
offerings. These include analytics and data management, security and cloud services.
Infrastructure technology outsourcing encompasses the management of data centers, IT security, cloud
computing, workplace technology, networks, unified communications and enterprise service management.
The company provides a range of managed services that provide a cross-section of broader infrastructure
offerings for smaller, discrete engagements. Application and business services include application
development, testing, modernization, system integration, the maintenance and management of both
packaged and custom-built applications, and cloud offerings. It also offers intellectual property-based
industry solutions, alongside technologies and related services for customer relationship management,
finance and administration, human resources, payroll and document processing.
Key Metrics
The company recorded revenues of $30,852 million in the fiscal year ending October 2018, an increase of
6.9% compared to fiscal 2017. Its net income was $1,908 million in fiscal 2018, compared to a net income
of $344 million in the preceding year.
DetailType Detail
Head office: 1 New Orchard Rd, New York, Armonk, USA
Telephone: 1 914 4991900
Website: www.ibm.com
Financial year-end: December
Ticker: IBM
Stock exchange: New York
International Business Machines Corporation (IBM) is a global IT company which provides a range of
services, software, systems and research services. The company also offers related financing services.
The company has a global presence, operating across the Americas, Europe, the Middle East, Africa and
Asia-Pacific.
The company's operations span five segments: technology services and cloud platforms, cognitive
solutions, global business services, systems and global financing.
Technology services and cloud platforms provide IT infrastructure services that incorporate intellectual
property within a global delivery model. Its capabilities include infrastructure services, technical support
services and integration software. Infrastructure services delivers a portfolio of cloud, project-based,
outsourcing and other managed services focused on clients’ enterprise IT infrastructure environments. The
portfolio includes a set of hybrid cloud services and solutions to assist clients in building and running
enterprise IT environments that utilize public and private clouds and traditional IT. The IBM Cloud Platform
offers services to developers and IBM’s cloud infrastructure-as-a-service covers a variety of workloads.
Technical support services deliver a line of support platforms to maintain and improve the availability of
clients’ IT infrastructures. These offerings include maintenance for IBM products and other technology
platforms, as well as software and solution support. Integration Software delivers hybrid cloud solutions to
achieve innovation, hybrid integration, and process transformation with choice and consistency across
public, dedicated and local cloud environments, leveraging IBM’s Bluemix platform-as-a-service solution.
Integration software offerings and capabilities help clients address digital imperatives to create, connect
and optimize their applications, data and infrastructure on their journey to become cognitive businesses.
Cognitive solutions comprise a portfolio of capabilities that help IBM’s clients to identify actionable insights
and informed decision-making to attain a competitive advantage. Using IBM’s research, technology and
industry expertise, this business delivers a full spectrum of capabilities, from descriptive, predictive and
prescriptive analytics to cognitive systems. Cognitive solutions include Watson, the commercially available
cognitive computing platform that has the ability to interact in natural language, process vast amounts of big
data, and learn from interactions with people and computers. These solutions are provided through the
contemporary delivery methods. including cloud environments and as-a-service models. The firm’s
cognitive solutions comprise solutions and transaction processing software. Solutions software provides the
basis for many of the company’s strategic areas including analytics, security and social media. The Watson
Platform, Watson Health and Watson Internet of Things capabilities are included under this banner. IBM’s
security platform delivers integrated security intelligence across a client’s entire operations, including their
cloud, applications, networks and data, helping them to prevent, detect and remediate potential threats.
Transaction processing software includes software that primarily runs mission-critical systems in industries
such as banking, airlines and retail. Most of this software is on premise and annuity in nature.
Global business services (GBS) provides clients with consulting, application management and global
process services. These professional services deliver business value and innovation to clients through
solutions that leverage industry, technology and business process expertise. GBS is the digital reinvention
partner for IBM clients, combining industry knowledge, functional expertise, and applications with the power
of design, cognitive and cloud. The full portfolio is backed by its globally integrated delivery network and
Key Metrics
The company recorded revenues of $79,591 million in the fiscal year ending December 2018, an increase
of .6% compared to fiscal 2017. Its net income was $8,728 million in fiscal 2018, compared to a net income
of $5,753 million in the preceding year.
Macroeconomic Indicators
Country data
Source: MARKETLINE
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