Overview and Scope
IT outsourcing refers to the utilization of third-party service providers to supply IT-enabled business processes, application services, and infrastructure solutions for business results. It allows clients to build the finest sourcing strategy and vision, choose the most suitable IT service providers, structure the best contracts possible, and govern arrangements for long-term win-win collaborations with external suppliers.
Sizing and Forecast
The it outsourcing market size has grown strongly in recent years. It will grow from $122.93 billion in 2023 to $129.13 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to cost reduction and efficiency, globalization and offshoring trends, focus on core competencies, scalability and flexibility, regulatory compliance and risk mitigation, access to specialized skills.
The it outsourcing market size is expected to see strong growth in the next few years. It will grow to $171.5 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to remote work and virtualization, data privacy and compliance, ai and automation integration, agile development practices, focus on customer experience. Major trends in the forecast period include rising demand for it services, need for cost savings, growing complexity of it systems, digital transformation, cloud computing, cybersecurity.
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Segmentation & Regional Insights
The it outsourcing market covered in this report is segmented –
1) By Service: Software as a Service (SaaS), Platform as a Service (PaaS), Infrastructure as a Service (IaaS)
2) By Deployment: Public Cloud, Private Cloud
3) By Organization Size: Small And Medium Enterprises, Large Enterprises
4) By End-User: Banking, Financial Services And Insurance (BFSI), Healthcare, Media And Telecommunication, Retail And E-Commerce, Manufacturing, Other End-Users
North America was the largest region in the IT outsourcing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the IT outsourcing market report during the forecast period. The regions covered in the it outsourcing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The growing adoption of cloud services is expected to propel the growth of the IT outsourcing market going forward. Cloud services combines computation, storage, and network infrastructure to enable rapid application creation and dynamic scaling. IT Outsourcing has grown increasingly prevalent as it allows access to larger global markets. These IT outsourcing functionalities ensures scalability, easier access to subject matter experts, lower costs and to focus resources on core business development. For instance, in January 2023, according to the 2022 State of DevOps Report published by Google, a US-based technology company, in 2022, 26% of users reported using numerous public clouds, up from 21% in 2021. The utilization of hybrid clouds increased from 25% to 42.5%. Therefore, the growing adoption of cloud computing is driving the growth of the IT consulting market.
Key Industry Players
Major companies operating in the IT outsourcing market are focusing on innovative products, such as security management outsourcing service, to drive revenues in their market. Security management outsourcing service is a contracting service with a third-party supplier to manage different facets of an organization’s security requirements. For instance, in July 2023, NTT Data Corporation a Japan-based IT services company, launched a security management outsourcing service called Managed Detection and Response (MDR). Managed detection and response (MDR) service reduces incident damage and prevents occurrences altogether. The service is rendered by highly skilled security engineers who possess more than twenty years of experience in handling incidents, within the context of the company’s computer security incident response team (CSIRT). This strategic action is a response to the evolving corporate environment, where complex cyberattack defense is becoming more and more difficult due to elements such as remote work, diverse supplier chains, and quick AI development.
The it outsourcing market report table of contents includes:
1. Executive Summary
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