IT Outsourcing Market Research Shows Promising Development in Coming Years

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IMARC Group, a leading market research company, has recently releases report titled “IT Outsourcing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032.” The study provides a detailed analysis of the industry, including the global IT outsourcing market size, trends, share, report and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market. The global IT outsourcing market size reached US$ 575.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 827.3 Billion by 2032, exhibiting a growth rate (CAGR) of 4% during 2024-2032.

IT outsourcing refers to the practice of relying on external service providers to furnish IT-driven application services, manage business processes, and offer infrastructure solutions, all of which contribute to achieving favorable outcomes for a company. This encompasses services like Software as a Service (SaaS), utility services, Platform as a Service (PaaS), and cloud-powered solutions that help clients formulate precise strategies and goals. By outsourcing IT functions, companies can cut costs, save time, and ensure smooth operations. Moreover, these solutions empower businesses to expedite their time-to-market and fully leverage external expertise, resources, and intellectual property. Consequently, IT outsourcing is extensively applied in diverse sectors such as BFSI, healthcare, media and entertainment, retail, manufacturing, and more.

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The surge in demand for businesses to reassess budgets and entrust non-core functions to external providers in order to ensure financial stability, spurred by the sudden emergence of the COVID-19 pandemic, stands as a key driver behind the growth of the IT outsourcing market. Additionally, organizations worldwide are entrusting their data storage to third-party entities due to advantages such as reduced labor costs, more economical infrastructure, and substantial tax savings, further contributing to the expansion of the market. Furthermore, the increasing trend of small and medium-sized enterprises (SMEs) turning to IT outsourcing, supported by prominent firms like 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), Wipro Limited, among others, to enhance efficiency and foster business growth, is propelling the global market’s evolution. Moreover, the integration of these services within the healthcare sector, encompassing coding and billing, medical transcriptions, insurance claim processing, virtual assistants, and customer support designed to expedite medical workflows and research processes, is anticipated to further bolster the IT outsourcing market in the forthcoming years.

The report has been segmented the market into following categories:

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

The report provides a comprehensive analysis of the industry key players listed below:

The Major Players in the market are 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 highlights of the Report:

  • Market Performance (2018-2023)
  • Market Outlook (2024-2032)
  • COVID-19 Impact on the Market
  • Porter’s Five Forces Analysis
  • Historical, Current and Future Market Trends
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Structure of the Market
  • Value Chain Analysis
  • Comprehensive Mapping of the Competitive Landscape

TOC for the Report:

  • Preface
  • Scope and Methodology
  • Executive Summary
  • Introduction
  • SWOT Analysis
  • Value Chain Analysis
  • Price Analysis
  • Competitive Landscape

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