The worldwide IT services market grew 10.5 per cent to $748bn (£384bn) in 2007, from $677bn in 2006, according to analyst Gartner.

The value of IT services has been recognised amid the economic downturn, said Kathryn Hale, research vice president for Gartner’s worldwide IT services group.

“This strong growth, combined with strong first quarter results for market leaders, runs counter to the gloomy and widespread economic concerns arising in the US," she said.

“Many providers are successfully selling buyer value propositions that external spending on IT services and solutions can help customers save money and be more productive, even in a profoundly uncertain economic climate.”

IBM topped the list with a 7.2 per cent market share, up from 7.1 per cent, while Accenture delivered the strongest growth, up 19.7 per cent compared with IBM's 12.2 per cent.

And HP, currently in talks to buy EDS, grew 8.1 per cent and decreased its market share from 2.4 to 2.3 per cent. EDS's market share fell to three per cent from 3.2 per cent as the company grew 3.4 per cent.