IT Services Outsourcing Market Size, Share & Trends Analysis Report, Forecast 2021-2031.

The global IT services outsourcing market is anticipated to grow at a significant CAGR of 6.9 % during the forecast period. The increasing adoption of cloud services and rising service launches by players are gaining popularity in the market. Outsourcing cloud services allow the IT team to focus on cloud workflows and applications that require attention. Outsourcing cloud services to managed service providers can potentially be cost-efficient that are attracting businesses to adopt cloud-based outsourcing services. For instance, in July 2021, Wipro launched Wipro's full stride cloud services. Wipro FullStride Cloud Services works with clients for better business and IT alignment with the cloud imperative, create significant business value, and increase competitive differentiation. It also improve clients' business agility, embed resilience, and significantly optimize business technology investments in favor of change and innovation.

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Impact of COVID-19 Pandemic on Global IT Services Outsourcing Market

The COVID-19 pandemic had significantly driven the market growth, as office-based work is turning into a home office, which in turn emerges the new opportunities for outsourcing serivces. The COVID-19 pandemic has fast-tracked digital transformation for global companies as the crisis has forced an increased reliance on digital tools to communicate and collaborate online securely which had contribute to the market growth. Furthermore, realizing that companies can operate with fewer workers on the payroll without compromising productivity, businesses turned back to scalable external teams whose services are specifically designed for remote business support (with innovative technoology stacks, security policies, and standards compliance).

Segmental Outlook

The global IT services outsourcing market is segmented based on the services, deployment, enterprise size, and end-user. Based on the services, the market is sub-segmented into application/software development, web development, application support & management, technical support/help desk, database development & management, and telecommunication. Based on the deployment, the market is segmented into the public cloud, private cloud, and hybrid cloud. Based on the enterprise size, the market is bifurcated into large enterprise and small & medium enterprise. Based on the end-user, the market is augmented into automotive & transportation, aerospace & defense, BFSI, healthcare, retail, and others. The aerospace & defense segment is expected to drive the growth of the market over the forecast due to the increasing adoption of autonomous systems along with Artificial Intelligence (AI) and automatic sensors.

by Services (Application/Software Development, Web Development, Application Support & Management, Technical Support/Help Desk, Database Development & Management, and Telecommunication),

by Deployment (Public Cloud, Private Cloud, and Hybrid Cloud),

by Enterprise Size (Large Enterprise and Small & Medium Enterprise), and

by End-User (Automotive & Transportation, Aerospace & Defense, BFSI, Healthcare, Retail, and others)

Market Players Outlook

The major companies serving the global IT Services Outsourcing market include Plc, IBM Corp., Fujitsu Ltd., SAP SE, Capgemini SE, Cognizant, HCL Technologies Ltd., Infosys Ltd., Oracle Corp., Tata Consultancy Services, Wipro Ltd., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in January 2022, Xerox selected Oracle Cloud to launch new businesses focused on solving complex problems at scale. With Oracle Cloud and NetSuite, Xerox's businesses can sell online, create orders, process invoices, track performance, execute financial planning, and send and receive data - without any involvement needed from the IT department. Armed with these Oracle solutions, the new Xerox businesses will be positioned to deliver much-needed capabilities, including industrial IoT to monitor critical infrastructure, 3D printing for manufacturing, and augmented reality for customer support.

The Report Covers

Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global IT services outsourcing market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market entry and market expansion strategies.
Competitive strategies by identifying 'who-stands-where' in the market.

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