IT Outsourcing Market Size to Register a Growth of USD 97.51 billion | Need to Optimize Business Processes is a Key Driver | Technavio

NEW YORK, May 23, 2022 /PRNewswire/ -- The IT outsourcing market size is estimated to grow by USD 97.51 billion from 2019 to 2024, and the market's growth momentum is anticipated to accelerate at a CAGR of 5%. Factors such as the need to optimize business processes are significantly driving the market.

Our report on "IT Outsourcing Market by Service, End-user, and Geography - Forecast and Analysis 2020-2024" has extensively covered factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the market share during the forecast period.

IT outsourcing market report key highlights

• Estimated year-on-year growth rate: 3.82%
• Key market segments: End-user (government, BFSI, telecommunications, energy and utilities, manufacturing, healthcare, retail, media and entertainment, and others) and geography (North America, Europe, APAC, South America, and MEA)
• Key Consumer Region & contribution: APAC at 37%

Do reach out to our analysts for more customized reports as per needs. Speak to our Analyst now!

IT Outsourcing Market trend

• Rise in the integration of application outsourcing

IT outsourcing providers are focusing on the strategic requirements in the market for specific business needs. Application IT outsourcing providers are using active management of application portfolios to meet the changing business needs. In addition, many application outsourcers are offering global offshoring capabilities.

IT Outsourcing Market challenge

• Data privacy and security risks in cloud-based services

Cyber attackers can easily access cloud-based data storage systems, as cloud-based infrastructure is based on open architecture and shared resources. Hackers might try to break into the data of other users hosted and stored on the same server. Hence, vendors need to encrypt the client's data and implement multi-factor authentication systems such as biometrics for the authorization of users in the clients' IT systems. They should also follow the regulatory guidelines for cloud security management, which might hamper the market growth during the forecast period.

View a report sample for extensive insights on key market drivers, trends, and challenges influencing the market.

Key market vendors' insights

The IT outsourcing market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market. Some of the key market vendors are:

• 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.
• Wipro Ltd.

For more detailed highlights on products offerings and the growth strategies adopted by other vendors, Download a sample report

• Key Segment Analysis by End-user
• Government

Digitization plays a major 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.

• BFSI
• Telecommunications
• Energy and utilities
• Manufacturing
• Healthcare
• Retail
• Media and entertainment
• Others

Regional Market Analysis

APAC will contribute to 37% of the IT outsourcing market share growth during the forecast period. China and Japan are the major countries for the market in APAC. The ease of virtualization and dynamic scaling will drive the growth of cloud-based services, which will drive the IT outsourcing market growth in North America during the forecast period.

Request our sample for additional highlights and key segments that are expected to impact the market during the forecast period.

Related Reports:-

Pure Play Software Testing Services Market by End-user and Geography - Forecast and Analysis 2022-2026

Engineering Services Outsourcing Market by Sourcing, End-user, and Geography - Forecast and Analysis 2022-2026

Table of Contents

1. Executive Summary                           

2. Market Landscape                             

                2.1 Market ecosystem             

                                Exhibit 01:  Parent market

                2.2 Market characteristics      

                                Exhibit 02:  Market Characteristics

                2.3 Value chain analysis           

                                Exhibit 03:  Value chain analysis: IT consulting and other services

                                2.3.1 Inputs

                                2.3.2 Operations           

                                2.3.3 Delivery and support

                                2.3.4 Connecting and innovating

                                2.3.5 Marketing and sales

                                2.3.6 Service

                                2.3.7 Support activities

                                2.3.8 Innovations

3. Market Sizing                       

                3.1 Market definition

                                Exhibit 04:  Offerings of vendors included in the market definition

                3.2 Market segment analysis 

                                Exhibit 05:  Market segments

                3.3 Market size 2019 

                3.4 Market outlook: Forecast for 2019 - 2024 

                                Exhibit 06:  Global - Market size and forecast 2019 - 2024 ($ billion)

                                Exhibit 07:  Global - Market size and forecast 2019-2024 ($ billion) exclusive of Covid-19 Impact

                                Exhibit 08:  Global market: Year-over-year growth 2019 - 2024 (%)

4. Five Forces Analysis                          

                4.1 Five Forces Summary        

                                Exhibit 09:  Five forces analysis 2019 & 2024

                4.2 Bargaining power of buyers           

                                Exhibit 10:  Bargaining power of buyers

                4.3 Bargaining power of suppliers       

                                Exhibit 11: Bargaining power of suppliers

                4.4 Threat of new entrants    

                                Exhibit 12:  Threat of new entrants

                4.5 Threat of substitutes         

                                Exhibit 13: Threat of substitutes

                4.6 Threat of rivalry   

                                Exhibit 14: Threat of rivalry

                4.7 Market condition

                                Exhibit 15:  Market condition - Five forces 2019

5. Market Segmentation by End-user                             

                5.1 Market segments

                                5.1.1 Government

                                5.1.2 BFSI

                                5.1.3 Telecommunications

                                5.1.4 Energy and utilities

                                5.1.5 Manufacturing

                                5.1.6 Healthcare

                                5.1.7 Retail

                                5.1.8 Media and entertainment

                                5.1.9 Others

6. Market Segmentation by Service                

                6.1 Market segments

                                The segments covered in this chapter are:

• Infrastructure outsourcing
• Application outsourcing

                                Exhibit 16:  Service - Market share 2019-2024 (%)

                6.2 Comparison by Service     

                                Exhibit 17:  Comparison by Service

                6.3 Infrastructure outsourcing - Market size and forecast 2019-2024    

                                Exhibit 18:  Infrastructure outsourcing - Market size and forecast 2019-2024 ($ billion)

                                Exhibit 19:  Infrastructure outsourcing - Market size and forecast 2019-2024 ($ billion) exclusive of Covid-19 Impact

                                Exhibit 20:  Infrastructure outsourcing - Year-over-year growth 2019-2024 (%)

                6.4 Application outsourcing - Market size and forecast 2019-2024         

                                Exhibit 21:  Application outsourcing - Market size and forecast 2019-2024 ($ billion)

                                Exhibit 22:  Application outsourcing - Market size and forecast 2019-2024 ($ billion) exclusive of Covid-19 Impact

                                Exhibit 23:  Application outsourcing - Year-over-year growth 2019-2024 (%)

                6.5 Market opportunity by Service      

                                Exhibit 24:   Market opportunity by Service

7. Customer landscape                         

                                Technavio's customer landscape matrix comparing Drivers or price sensitivity, Adoption lifecycle, importance in customer price basket, Adoption rate and Key purchase criteria

                                Exhibit 25:  Customer landscape

8. Geographic Landscape                     

                8.1 Geographic segmentation

                                The regions covered in the report are:

• North America
• Europe
• APAC
• South America
• MEA

                                Exhibit 26:  Market share by geography 2019-2024 (%)

                8.2 Geographic comparison   

                                Exhibit 27:  Geographic comparison

                8.3 North America - Market size and forecast 2019-2024           

                                Exhibit 28:  North America - Market size and forecast 2019-2024 ($ billion)

                                Exhibit 29:  North America - Market size and forecast 2019-2024 ($ billion) exclusive of Covid-19 Impact

                                Exhibit 30:  North America - Year-over-year growth 2019-2024 (%)

                8.4 Europe - Market size and forecast 2019-2024          

                                Exhibit 31:  Europe - Market size and forecast 2019-2024 ($ billion)

                                Exhibit 32:  Europe - Market size and forecast 2019-2024 ($ billion) exclusive of Covid-19 Impact

                                Exhibit 33:  Europe - Year-over-year growth 2019-2024 (%)

                8.5 APAC - Market size and forecast 2019-2024              

                                Exhibit 34:  APAC - Market size and forecast 2019-2024 ($ billion)

                                Exhibit 35:  APAC - Market size and forecast 2019-2024 ($ billion) exclusive of Covid-19 Impact

                                Exhibit 36:  APAC - Year-over-year growth 2019-2024 (%)

                8.6 South America - Market size and forecast 2019-2024           

                                Exhibit 37:  South America - Market size and forecast 2019-2024 ($ billion)

                                Exhibit 38:  South America - Market size and forecast 2019-2024 ($ billion) exclusive of Covid-19 Impact

                                Exhibit 39:  South America - Year-over-year growth 2019-2024 (%)

                8.7 MEA - Market size and forecast 2019-2024               

                                Exhibit 40:  MEA - Market size and forecast 2019-2024 ($ billion)

                                Exhibit 41:  MEA - Market size and forecast 2019-2024 ($ billion) exclusive of Covid-19 Impact

                                Exhibit 42:  MEA - Year-over-year growth 2019-2024 (%)

                8.8 Key leading countries        

                                Exhibit 43:  Key leading countries

                8.9 Market opportunity by geography

                                Exhibit 44:  Market opportunity by geography ($ billion)

9. Drivers, Challenges, and Trends                   

                9.1 Volume driver - External factors   

                                9.1.1 Need to optimize business processes

                                9.1.2 Need to adhere to regulatory guidelines and ensure compliance

                                9.1.3 Rising popularity of SOA

                                9.1.4 Shift from the CAPEX model to the OPEX model

                9.2 Market challenges              

                                9.2.1 Data privacy and security risks in cloud-based services

                                9.2.2 Shortage of skilled IT professionals

                                9.2.3 Lack of quality standards in SLAs

                                Exhibit 45:  Impact of drivers and challenges

                9.3 Market trends      

                                9.3.1 Rise in the integration of application outsourcing

                                9.3.2 Growing digital transformation in organizations

                                9.3.3 Increasing adoption of software-defined infrastructure

10. Vendor Landscape                           

                10.1 Overview             

                10.2 Vendor landscape            

                                Exhibit 46:  Vendor landscape

                10.3 Landscape disruption      

                                Exhibit 47:  Landscape disruption

                                Exhibit 48:  Industry risks

11. Vendor Analysis               

                11.1 Vendors covered              

                                Exhibit 49:  Vendors covered

                11.2 Market positioning of vendors    

                                Exhibit 50: Market positioning of vendors

                11.3 Accenture Plc     

                                Exhibit 51:  Accenture Plc - Overview

                                Exhibit 52:  Accenture Plc - Business segments

                                Exhibit 53:  Accenture Plc - Key news

                                Exhibit 54:  Accenture Plc - Key offerings

                                Exhibit 55:  Accenture Plc - Segment focus

                11.4 Capgemini Service SAS   

                                Exhibit 56:  Capgemini Service SAS - Overview

                                Exhibit 57:  Capgemini Service SAS - Business segments

                                Exhibit 58:  Capgemini Service SAS - Key news

                                Exhibit 59:  Capgemini Service SAS - Key offerings

                                Exhibit 60:  Capgemini Service SAS - Segment focus

                11.5 Fujitsu Ltd.          

                                Exhibit 61:  Fujitsu Ltd. - Overview

                                Exhibit 62:  Fujitsu Ltd. - Business segments

                                Exhibit 63:  Fujitsu Ltd. - Key news

                                Exhibit 64:  Fujitsu Ltd. - Key offerings

                                Exhibit 65:  Fujitsu Ltd. - Segment focus

                11.6 HCL Technologies Ltd.    

                                Exhibit 66:  HCL Technologies Ltd. - Overview

                                Exhibit 67:  HCL Technologies Ltd. - Business segments

                                Exhibit 68:  HCL Technologies Ltd. - Key news

                                Exhibit 69:  HCL Technologies Ltd. - Key offerings

                                Exhibit 70:  HCL Technologies Ltd. - Segment focus

                11.7 Hewlett Packard Enterprise Co.  

                                Exhibit 71:  Hewlett Packard Enterprise Co. - Overview

                                Exhibit 72:  Hewlett Packard Enterprise Co. - Business segments

                                Exhibit 73:  Hewlett Packard Enterprise Co. - Key news

                                Exhibit 74:  Hewlett Packard Enterprise Co. - Key offerings

                                Exhibit 75:  Hewlett Packard Enterprise Co. - Segment focus

                11.8 International Business Machines Corp.    

                                Exhibit 76:  International Business Machines Corp. - Overview

                                Exhibit 77:  International Business Machines Corp. - Business segments

                                Exhibit 78:  International Business Machines Corp. - Key news

                                Exhibit 79:  International Business Machines Corp. - Key offerings

                                Exhibit 80:  International Business Machines Corp. - Segment focus

                11.9 Larsen & Toubro Ltd.       

                                Exhibit 81:  Larsen & Toubro Ltd. - Overview

                                Exhibit 82:  Larsen & Toubro Ltd. - Business segments

                                Exhibit 83:  Larsen & Toubro Ltd. - Key news

                                Exhibit 84:  Larsen & Toubro Ltd. - Key offerings

                                Exhibit 85:  Larsen & Toubro Ltd. - Segment focus

                11.10 Tata Consultancy Services Ltd.  

                                Exhibit 86:  Tata Consultancy Services Ltd. - Overview

                                Exhibit 87:  Tata Consultancy Services Ltd. - Business segments

                                Exhibit 88:  Tata Consultancy Services Ltd. - Key news

                                Exhibit 89:  Tata Consultancy Services Ltd. - Key offerings

                                Exhibit 90:  Tata Consultancy Services Ltd. - Segment focus

                11.11 Tech Mahindra Ltd.       

                                Exhibit 91:  Tech Mahindra Ltd. - Overview

                                Exhibit 92:  Tech Mahindra Ltd. - Business segments

                                Exhibit 93:  Tech Mahindra Ltd. - Key news

                                Exhibit 94:  Tech Mahindra Ltd. - Key offerings

                                Exhibit 95:  Tech Mahindra Ltd. - Segment focus

                11.12 Wipro Ltd.         

                                Exhibit 96:  Wipro Ltd. - Overview

                                Exhibit 97:  Wipro Ltd. - Business segments

                                Exhibit 98:  Wipro Ltd. - Key news

                                Exhibit 99:  Wipro Ltd. - Key offerings

                                Exhibit 100:  Wipro Ltd. - Segment focus

12. Appendix                            

                12.1 Scope of the report         

                                12.1.1 Market definition

                                12.1.2 Objectives

                                12.1.3 Notes and caveats

                12.2 Currency conversion rates for US$            

                                Exhibit 101:  Currency conversion rates for US$

                12.3 Research Methodology 

                                Exhibit 102:  Research Methodology

                                Exhibit 103:  Validation techniques employed for market sizing

                                Exhibit 104:  Information sources

                12.4 List of abbreviations        

                                Exhibit 105:  List of abbreviations

About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/it-outsourcing-market-size-to-register-a-growth-of-usd-97-51-billion--need-to-optimize-business-processes-is-a-key-driver--technavio-301551984.html

SOURCE Technavio