IT Outsourcing Market to Grow with a CAGR of 10.12% through 2028
Increasing focus
on innovation and growing adoption of cloud computing are likely to drive the market
in the forecast period.
According to
TechSci Research report, “IT Outsourcing Market – Global Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2028”, the
Global IT Outsourcing Market stood at USD 349.10 billion in 2022 and is
anticipated to grow with a CAGR of 10.12% in the forecast period, 2024-2028. One
of the primary drivers fueling the growth of the global IT outsourcing market
is the pursuit of cost efficiency and operational optimization. Organizations
across various industries are under constant pressure to reduce operational
expenses while maintaining or enhancing the quality of their IT services. IT
outsourcing offers a compelling solution to achieve this balance. By
outsourcing specific IT functions and processes to external service providers,
companies can tap into a global talent pool with specialized expertise, often
at a fraction of the cost of maintaining an in-house IT department. Outsourcing
providers can leverage economies of scale, cutting-edge technologies, and
streamlined processes to deliver services more cost-effectively. Furthermore,
IT outsourcing allows organizations to align their IT costs with their actual
usage and business needs. This scalability ensures that resources are allocated
efficiently, whether it's scaling up during peak periods or scaling down during
slower times. Cost efficiency is a driving force behind the continued expansion
of IT outsourcing across industries, from finance to healthcare to
manufacturing.
Access
to specialized skills and expertise is another significant driver of the global
IT outsourcing market. The rapidly evolving technology landscape demands a
diverse set of IT skills that organizations may not have readily available
in-house. IT outsourcing provides access to a vast pool of professionals with
specialized knowledge and experience in various domains of information
technology. Outsourcing partners often maintain teams of experts in areas such
as software development, cybersecurity, cloud computing, data analytics, and
artificial intelligence. This allows organizations to tap into specific skills
when needed without the lengthy recruitment and training processes associated
with hiring full-time employees. Moreover, outsourcing providers frequently
possess industry-specific knowledge and best practices. They understand the
unique challenges and requirements of different sectors, ensuring that IT
solutions are tailored to meet industry standards and regulatory compliance.
Access to this specialized expertise is invaluable for organizations looking to
stay competitive, innovate, and address complex IT challenges effectively. As
technology continues to advance, the demand for specialized skills and
knowledge is likely to further drive the growth of the global IT outsourcing
market..
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"Global IT Outsourcing Market.”
The Global IT
Outsourcing Market is segmented into service type, type, industry and region.
Based on industry.
The BFSI segment had the largest market share in 2022 & expected to
maintain in the forecast period. The Banking, Financial Services, and Insurance
(BFSI) sector is a significant segment within the global IT outsourcing market.
BFSI companies, including banks, insurance companies, and financial service
providers, rely heavily on IT outsourcing to optimize operations, reduce costs,
enhance customer experiences, and stay competitive in a rapidly evolving
industry. One of the primary drivers for IT outsourcing in the BFSI sector is
the pursuit of cost efficiency. Banks, insurance companies, and financial
institutions are under constant pressure to reduce operational expenses while
delivering high-quality services. IT outsourcing allows them to achieve cost savings
by accessing a global talent pool and leveraging economies of scale.
Outsourcing providers offer specialized services, including application
development, infrastructure management, and customer support, at competitive
rates. BFSI organizations understand the importance of focusing on core
competencies like risk management, compliance, and customer relationship
management. By outsourcing routine IT functions, such as IT infrastructure
management, application development, and maintenance, they can free up internal
resources to concentrate on strategic activities that drive business growth and
innovation.
Based on service
type, The help desk services segment had the largest market share in 2022 and
is projected to experience rapid growth during the forecast period. Help Desk
Services are at the heart of IT support for organizations of all sizes and
across various industries. They serve as the initial point of contact for users
facing technical issues or seeking assistance. These services encompass a wide
range of activities, including resolving software glitches, assisting with
hardware problems, and providing guidance on using software applications. They
are essential for maintaining the productivity and efficiency of an
organization's IT environment. Cost efficiency is a significant driver behind
the outsourcing of Help Desk Services. Outsourcing providers can offer these
services at competitive rates, often leveraging economies of scale. This allows
organizations to reduce operational costs associated with maintaining an
in-house help desk team. Additionally, outsourcing providers offer scalability,
allowing organizations to flexibly adjust the level of support based on their
needs, especially during peak periods.
Major companies
operating in the Global IT Outsourcing Market are:
- Accenture Outsourcing
Services SA
- Infosys
Limited
- TATA
Consultancy Services Limited
- Wipro
Limited
- HCL
Technologies Limited
- Capgemini
SE
- DXC
Technology
- Atos
SE
- NTT
DATA Group Corporation
- CGI
Inc.
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“The Global IT
Outsourcing market is expected to rise in the upcoming years and register a
significant CAGR during the forecast period. Businesses
are increasingly outsourcing their ICT operations to third-party providers in
order to focus on innovation. By outsourcing these operations, businesses can
free up their resources to focus on developing new products and services. Cloud computing is becoming increasingly popular, and
this is driving the growth of the ICT outsourcing market. Businesses are
outsourcing their ICT operations to third-party providers in order to take
advantage of the scalability, flexibility, and cost-effectiveness of cloud
computing. Additionally, Businesses are increasingly expanding their operations
to other countries. By outsourcing their ICT operations to third-party
providers in these countries, businesses can reduce their costs and improve
their efficiency. Therefore, the market of IT Outsourcing is expected to boost
in the upcoming years.,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based management consulting firm.
“IT Outsourcing Market – Global Industry Size,
Share, Trends, Opportunity, and Forecast, Segmented By Service
Type (Help Desk Services, Infrastructure Outsourcing, Business Process
Outsourcing, Staff Augmentation, Project-Based Outsourcing, Others), By Type
(Onshoring, Offshoring, Nearshoring), By Industry (BFSI, IT &
Telecommunications, Retail, Healthcare, Energy, Others), By
Region, By Competition Forecast & Opportunities, 2018-2028F”,
has evaluated the future growth potential of Global IT Outsourcing Market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global IT Outsourcing Market.
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