Dublin, Oct. 26, 2023 (GLOBE NEWSWIRE) -- The "IT Outsourcing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global IT outsourcing market has achieved remarkable growth, surging to a substantial US$550.5 billion in 2022. Industry experts foresee even greater prospects ahead, with the market projected to reach US$720.2 billion by 2028, showcasing a commendable Compound Annual Growth Rate (CAGR) of 4.48% during the period from 2023 to 2028.
IT outsourcing involves organizations partnering with external service providers to leverage IT-enabled processes, application services, and infrastructure solutions for enhanced business outcomes. This encompasses utility services, Software as a Service (SaaS), and cloud-enabled outsourcing, empowering clients to formulate precise strategies and visions. IT outsourcing delivers cost savings, time efficiency, and uninterrupted workflow support. Presently, organizations worldwide are embracing IT outsourcing to expedite time-to-market, harness external expertise, assets, and intellectual property.
Key Trends in the IT Outsourcing Market:
The global COVID-19 pandemic prompted businesses worldwide to reevaluate their budgets and outsource non-core functions to maintain financial stability and mitigate the pandemic's impact. Additionally, as maintaining in-house data storage facilities entails substantial capital investments, companies are opting to outsource data storage due to lower labor costs, cost-effective infrastructure, and significant tax savings benefits.
In the intensely competitive global landscape, small and medium-sized enterprises (SMEs) without the resources for in-house auxiliary departments are turning to IT outsourcing to boost efficiency and expand their global footprint. Furthermore, the healthcare sector is increasingly incorporating IT services to revolutionize operations. Healthcare firms are leveraging IT outsourcing to manage finances while maintaining IT systems. Services include coding and billing, medical transcriptions, insurance claim processing, virtual assistants, and customer support, all of which accelerate medical workflows and research processes, positively influencing the market.
Key Market Segmentation:
Breakup by Service Model:
- Software as a Service (SaaS)
- Platform as a Service (PaaS)
- Infrastructure as a Service (IaaS)
Breakup by Organization Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Breakup by End User:
- BFSI
- Healthcare
- Media and Telecommunications
- Retail and E-commerce
- Manufacturing
- Others
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
Prominent players in the industry include Accenture plc, Capgemini SE, Dell Technologies Inc., DXC Technology Company, Fujitsu Limited, International Business Machines Corporation, Nippon Telegraph and Telephone Corporation, Specialist Computer Centres (SCC), and Wipro Limited.
Key Questions Answered in This Report:
- How has the global IT outsourcing market performed so far, and what is its outlook in the coming years?
- What has been the impact of COVID-19 on the global IT outsourcing market?
- What are the key regional markets?
- What is the market breakdown by service model?
- What is the market breakdown by organization size?
- What is the market breakdown by end user?
- What are the stages in the industry's value chain?
- What are the primary driving factors and challenges in the industry?
- What is the structure of the global IT outsourcing market, and who are the key players?
- What is the level of competition in the industry?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 146 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $550.5 Billion |
| Forecasted Market Value (USD) by 2028 | $720.2 Billion |
| Compound Annual Growth Rate | 4.6% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/qkr0h5
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