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IT Outsourcing Market: Size, Growth, Share, Trends, Competitive Landscape, Forecast To 2033

IT Outsourcing Market

IT Outsourcing Market

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

IT Outsourcing Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $171.5 billion In 2028 At A CAGR Of 7.4%.

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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IT Outsourcing Market Major Segments
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

Key Driver - Cloud-Powered Surge Is Driving The Next Wave Of Growth In The It Outsourcing Market

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.

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Prominent Trend - Ai Services Is A Game-Changer In The It Outsourcing Landscape

Technological advancement are a key trend gaining popularity in the IT outsourcing market. Major companies operating in the IT outsourcing market are focused on developing innovative solutions to strengthen their position in the market. For instance, in November 2021, Oracle Corporation, a US-based computer technology corporation, launched Oracle Cloud Infrastructure (OCI) AI services, a set of services designed to make it easier for developers to incorporate AI into their applications without having data science knowledge. It includes OCI language, OCI speech, OCI vision, OCI anomaly detection, OCI forecasting, and OCI data labeling. The uniqueness of this product is that all of these services are at the core of Oracle AI, a set of artificial intelligence, machine learning, and data science capabilities that includes Oracle Digital Assistant, as well as OCI Data Science and Oracle Database Machine Learning, which are used for developing, maintaining, and delivering models based on machine learning.

IT Outsourcing Market Players
Major companies operating in the it outsourcing market report are International Business Machines Corporation, NTT Corporation, Capgemini SE, Dell Technologies Inc., Fujitsu Limited, BMC Software Inc., Hewlett Packard Enterprise Company, Broadcom Inc., DXC Technologies, Infosys Limited, Tata Consultancy Services Ltd., Cognizant Technology Solutions Corporation, Wipro Limited, Red Hat Inc., VMware Inc., Adaptive Computing Enterprises Inc., Amadeus IT Group SA, Andela Inc., Atos SE, CGI Inc., EPAM Systems Inc., Genpact Limited, GlobalLogic Inc., Happiest Minds Technologies Limited, HCL Technologies Ltd., Hexaware Technologies Limited, Intetics Inc., Larsen & Toubro Infotech Limited, Mindfire Solutions, LTIMindtree Limited, Mphasis Limited, NIIT Technologies Limited, Pointwest Technologies, PSL Corp., Softura Inc., Tech Mahindra Limited, Virtusa Corporation, WNS Global Services .

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Largest And Fastest Growing Region In The Market
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

The Table Of Content For The Market Report Include:
1. Executive Summary
2. IT Outsourcing Market Report Structure
3. IT Outsourcing Market Trends And Strategies
4. IT Outsourcing Market - Macro Economic Scenario
5. IT Outsourcing Market Size And Growth
…..
27. IT Outsourcing Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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