IMARC Group, a leading market research company, has recently releases report titled “IT Outsourcing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global IT outsourcing market, analysis, trends, share, size, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Industry Overview of IT Outsourcing Market
Information technology (IT) outsourcing refers to the practice of hiring external service providers and vendors to manage and deliver IT-related tasks, functions, and services. It enables businesses to leverage the expertise, resources, and specialized skills of external IT professionals. It encompasses a wide range of services, including software development, application maintenance, infrastructure management, help desk support, cybersecurity, and cloud computing. It assists organizations in focusing on core competencies, streamlining operations, reducing costs, and accessing cutting-edge technologies. Besides this, as it aids in supporting uninterrupted workflow and enhancing operational efficiency, the demand for IT outsourcing is increasing globally.
How Big Is the IT Outsourcing Market?
The global IT outsourcing market size reached US$ 550.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 720.2 Billion by 2028, exhibiting a growth rate (CAGR) of 4.48% during 2023-2028.
Global Industry Trends and Drivers:
The increasing globalization of businesses and the ongoing trend of remote work represent one of the key factors driving the market. Companies can collaborate with outsourcing providers located in different regions, accessing talent from around the world and benefiting from round-the-clock support and service delivery. Additionally, outsourcing offers cost savings by eliminating the need for internal investments in IT infrastructure, software, and talent acquisition. Apart from this, there is a rise in digital transformation initiatives, cloud computing adoption, and the need for cybersecurity solutions, which are contributing to market growth. Moreover, the shift towards agile software development methodologies and the adoption of DevOps practices are positively influencing the IT outsourcing market.
Report Segmentation:
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.