IT Outsourcing Market Size to Grow by USD 97.51 billion with 37% of the contribution from APAC

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Key Market Dynamics:

  • Market Driver: The rising need to optimize business processes is expected to influence the market’s growth positively during the projected period. Capacity optimization, lead time, cost reduction, as well as profit incrementation can be achieved by IT outsourcing services. These services enhance the processes of an organization by improving resource control, which improves the productivity and efficiency of the firm. The need to improve processes, reduce waste, and maintain quality standards will drive the adoption of IT outsourcing services in the forecast period.
  • Market Challenge: One of the key to the global IT outsourcing market growth is the data privacy and security challenges in cloud-based services. Cyber ​​attackers can easily gain access to cloud-based data storage systems as cloud-based infrastructure is based on open architecture and shared resources. Vendors should also follow the regulatory guidelines for cloud security management, which might limit the market growth in the forecast period.

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Market Segmentation Highlights:

The IT outsourcing market report is segmented by End-user (Government, BFSI, Telecommunications, Energy and utilities, Manufacturing, Healthcare, Retail, Media and entertainment, and Others) and Geography (North America, EuropeAPAC, South Americaand MEA).

Regional Opportunities: 37% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for IT outsourcing in APAC. Market growth in this region will be faster than the growth of the market in other regions. North America is another potential market for IT outsourcing. The ease of virtualization and dynamic scaling will drive the growth of cloud-based services, which will facilitate the IT outsourcing market growth in North America over the forecast period.

Revenue-generating Segment Insights: The IT outsourcing market share growth by the government segment will be significant during the forecast period. The growing digitization plays a vital role in government sectors as it decreases the cost of using IT services and other aligned services. This will support the market growth through this segment in the coming years.

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Some Companies Mentioned with their Offerings

    • Accenture Plc
    • Capgemini Service SAS
    • Fujitsu Ltd.
    • HCL Technologies Ltd.
    • Hewlett Packard Enterprise Co.
    • International Business Machines Corp.
    • Larsen & Toubro Ltd.
    • Tata Consultancy Services Ltd.
    • Tech Mahindra Ltd.
    • and Wipro Ltd.
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IT Outsourcing Market Scope

Report Coverage

Details

Page number

120

base year

2019

forecast period

2020-2024

Growth momentum & CAGR

Accelerate to a CAGR of 5%

Market growth 2020-2024

$97.51 billion

market structure

fragmented

YoY growth (%)

3.82

Regional analysis

North America, Europe, APAC, South America, and MEA

performing market contribution

APAC up to 37%

Key consumer countries

US, UK, China, Germany, and Japan

competitive landscape

Leading companies, competitive strategies, consumer engagement scope

companies profiled

Accenture Plc, Capgemini Service SAS, Fujitsu Ltd., HCL Technologies Ltd., Hewlett Packard Enterprise Co., International Business Machines Corp., Larsen & Toubro Ltd., Tata Consultancy Services Ltd., Tech Mahindra Ltd., and Wipro Ltd.

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, and market condition analysis for the forecast period.

customization preview

If our report has not included the data you are looking for, you can reach out to our analysts and get customized segments.

Key Topics Covered:

  • Executive Summary
  • Market Landscape
  • Market Sizing
  • Five Forces Analysis
  • Market Segmentation by End-user
  • Customer landscape
  • Geographic Landscape
  • Vendor Landscape
  • Vendor Analysis
  • Appendix

About Us

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