IT Consulting Services - Procurement Market Scope
IT consulting market is expected to face significantly higher demand due to factors like digitization, analytics, cloud, robotics, and the Internet of Things (IoT). IT consulting services involves professional business computer consultancy and advisory services which provide expertise, experience, industry intelligence to the enterprise. This industry deals with professional service firms, staffing firms, contractors, information security consultants. The IT consulting segment includes both advisory and implementation services but excludes transactional IT activities. The IT consulting services market consists of eight main divisions i.e. IT Strategy, IT Architecture, IT Implementation, ERP services, Systems Integration, Data Analytics, IT Security and Software Management.
The IT Consulting Services - Procurement market study is segmented, by Application (Information protection (Data loss prevention, authentication and encryption), Threat protection (Data center and end point), Web and cloud based protection and Services (Advisory, Design, Implementation, Financial, Healthcare, IT telecom)) and major geographies with country level break-up.
The market is fragmented by many players who are focusing on product launches, expansions, agreements, collaborations, and acquisitions to improve their services to the enterprises. Moreover, the vendors in this market are majorly focusing on providing innovative solutions in order to cater to the market's demands to remain competitive in the market. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global IT Consulting Services - Procurement market throughout the predicted period.
Fujitsu Limited (Japan), HCL Technologies Limited (India), Hexaware Tech Limited (India), Infosys Limited (India), Ernst &Young (U.K), KPMG (Europe), PricewaterhouseCoopers (U.K), Avante (United States), Cognizant Tech Corp. (United States), Gartner, Inc. (United States), Syntel Inc. (United States), IBM Corp (United States) and McKinsey & Company (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 Tata Consultancy Service Limited (United States) and Deloitte Touche Tohmatsu Limited (U.K).
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 total available market.
Segmentation Overview
AdvanceMarketAnalytics has segmented the market of Global IT Consulting Services - Procurement market by Type, Application and Region.
On the basis of geography, the market of IT Consulting Services - Procurement 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 2020.
Market Leaders and their expansionary development strategies
In February 2020, McKinsey & Company announced that it has completed the acquisition of Orpheus, a German provider of spend analytics technology.
In January 2021, McKinsey & Company announced that it has completed the acquisition of Candid Partners, an Atlanta-based provider of cloud consulting services to large organizations.
Market Trend
- IT consulting services are helping organizations to manage their investment and technology and business strategies.
Market Drivers
- Current trend on Generalization of business and operating module
- Requirement of IT investment monitoring
- Change in traditional IT solutions to computing solution
- Transition in IT infrastructure to cloud computing infrastructure.
Opportunities
- Cloud Infrastructure prospective is projected to create market opportunities for the market manufacturers.
Restraints
- Security and reliability issues are hampering the market of IT consulting services.
Challenges
- Changing and rigorous legislative and accreditation needs is the major challenge faced by this market.
Key Target Audience
IT consultant, IT manufacturer, Suppliers, Distributors, Government agencies and Platform providers
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