IT Outsourcing Service Market Scope
The rise in the integration of applications with IT outsourcing will help to boost the global IT Outsourcing Service market in the forecasted period. outsourcing is the contracting of a third party to manage a business process more effectively and efficiently than can be done inhouse. The increasing requirement to optimize business processes will be one of the major drivers for the IT outsourcing market during the next few years. With the increasing need of organizations to align strategic planning with the operational strategy, the demand for IT outsourcing has surged in recent years.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia Pacific |
Largest Market | North America |
Unit | Value (USD Million) |
Key Companies Profiled | Accenture (Ireland), HCL Technologies (India), HPE (United States), IBM (United States), TCS (India), Microsoft (United States), OneNeck IT Solutions (United States), Genpact (United States), Essintial Enterprise Solutions (United States), Wipro (India), Infosys (India) and Adobe Inc. (United States) |
CAGR | 4.1% |
The global IT Outsourcing Service market is fragmented due to the presence of a considerable number of IT outsourcing service providers. To gain market share the key players are highly focusing on offering customized IT outsourcing services that further intensify the level of competition. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global IT Outsourcing Service market throughout the predicted period.
Accenture (Ireland), HCL Technologies (India), HPE (United States), IBM (United States), TCS (India), Microsoft (United States), OneNeck IT Solutions (United States), Genpact (United States), Essintial Enterprise Solutions (United States), Wipro (India), Infosys (India) and Adobe Inc. (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Akvelon (United States), Attract Group (Ukraine), BlackPoint IT Services (United States), Code Zero Consulting (Georgia), Christo IT Services (United States) and SherWeb (Canada).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global IT Outsourcing Service market by Type , by Application (Individual, Enterprise and Others) and Region with country level break-up.
On the basis of geography, the market of IT Outsourcing Service has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2023. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Market Leaders and their expansionary development strategies
In December 2018, HCL Technologies (HCL), a leading technology company has announced an expansion of its strategic relationship with Barclays. In addition to HCL being named as Barclays’ preferred partner for IT infrastructure services, the two companies will commit to building the partnership globally, with particular opportunities regarding digital workplace services.
In July 2023, NTT DATA, a global digital business and IT services leader, announced the launch of an outsourcing service for security management (MDR service1) to prevent incidents and minimize damage when incidents occur. The service will be first provided in Japan from July 2023, and expanded to worldwide within the fiscal year.
Influencing Trend:
Growth of Interest in Sourcing Management and Governance and The Growing Cloud Infrastructure in IT Outsourcing Services
Market Growth Drivers:
Growing Demand due to Effective Cost Reduction Services and The Increasing Need for Offshore IT Outsourcing
Challenges:
Security and privacy concerns.
Restraints:
Growing Complexity of the Applications Portfolio
Opportunities:
Increasing Demand for IT Outsourcing in various End-User Industries and Rising Need to Optimize Business Processes
Key Target Audience
IT Outsourcing Service Providers, Government Regulatory Bodies, Government Research Organizations, Private Research Organizations and Others