Dublin, Jan. 26, 2024 (GLOBE NEWSWIRE) -- The "IT Outsourcing Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The IT Outsourcing Market is on an upward trajectory, with projections showing an impressive climb from USD 585.60 billion in 2023 to USD 764.63 billion by the end of 2028. The forecast period of 2023-2028 is expected to witness a steady Compound Annual Growth Rate (CAGR) of 5.48%.
The announcement comes alongside a newly released comprehensive analysis that deeply delves into the growth trends and forecasted developments of the IT outsourcing industry. This insightful assessment highlights the evolving landscape and emerging opportunities within this dynamic sector.
Key Highlights from the New Analysis Report:
- With the sphere of Information Technology constantly expanding, organizations now look beyond mere cost reduction, aiming for customer experience enhancement and disruptive business growth within the competitive landscape through IT outsourcing.
- The pandemic-induced adoption of cloud services is creating a favorable environment for IT outsourcing market growth, as organizations tend to outsource development and maintenance tasks to third-party service providers.
- Enterprise agility and the integration of offshore teams are becoming critical aspects, with smaller organizations spurring a demand for more adaptive vendor services.
- Notably, security concerns in cloud and server-based services pose challenges in the market, even as increased demands for scalable infrastructure continue to propel it forward.
IT Outsourcing Market Trends
The Banking, Financial Services, and Insurance (BFSI) Sector as the Largest End-user:
- The BFSI sector is undergoing revolutionary changes due to the pandemic and is compelled to increase IT spending to keep up with the digital transformation and regulatory demands.
- Banks are increasingly engaging IT outsourcing services for processes ranging from payment processing to digital customer service enhancements.
- The sector is witnessing a substantial cloud migration, a trend accelerated by the need for enhanced cybersecurity measures and customer-centric digital solutions.
Geographical Outlook: Asia Pacific Market Dominance
In the Asia Pacific region, China and India are significant contributors to the IT outsourcing market, with a substantial demand driven by cost efficiencies and skilled labor pools. Japan is not far behind, with a focus on IT outsourcing to support cloud computing, cybersecurity, and data protection. The region's market is expanding rapidly, and it's notable that the commendable growth is further bolstered by advancements in data center infrastructure.
Industry Overview and Strategic Partnerships:
The IT outsourcing industry, characterized by significant market fragmentation, showcases leading players such as IBM Corporation, DXC Technologies, Accenture PLC, NTT Corporation, and Infosys Limited, each implementing strategic initiatives such as partnerships and acquisitions to enhance their offerings. A noteworthy development in May 2023 saw DXC Technology seal a multi-year pact with Scuderia Ferrari to innovate automotive digital solutions. In the same vein, WNS Holdings Ltd.'s April 2023 introduction of WNS Travogue for the hospitality and travel sector indicates a market ripe with innovation.
The provided analysis comes chock-full of additional insights and is equipped with a comprehensive data sheet that serves as a valuable resource for stakeholders and analysts.
A selection of companies mentioned in this report includes
- IBM Corporation
- DXC Technologies
- Accenture PLC
- NTT Corporation
- Infosys Limited
- Tata Consultancy Services
- Cognizant Technology Solutions Corporation
- Capgemini SE
- Wipro Limited
- Andela Inc.
- WNS Global Services
- Pointwest Technologies
- ATOS SE
- Amadeus IT Group
- Specialist Computer Centres (SCC)
- HCL Technologies Ltd
For more information about this report visit https://www.researchandmarkets.com/r/1x9oai
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