Ground IT Outsourcing Market To Reach US$ 689.2 Billion By 2027 And Industry Growth (CAGR of 4.60%) | IMARC Group

Published April 6, 2023

The global IT outsourcing market size reached US$ 522.3 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value US$ 689.2 Billion by 2027, exhibiting a growth rate (CAGR) of 4.60% during 2022-2027.

Information technology (IT) outsourcing includes reliance on external assistance providers to deliver IT-enabled business processes, application services, and infrastructure solutions for effective firm outcomes. It also comprises software as a service (SaaS), and cloud-enabled outsourcing that aids clients in developing precise strategies and visions. In addition, information technology subcontracting assists in decreasing expenses, increasing time savings, and supporting uninterrupted workflow. As a result, it finds wide applications in numerous sectors across the globe. 

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IT Outsourcing Market Trends:

The escalating demand for these services among businesses across several countries to revise budgets and outsource non-core functions to maintain financial stability and minimize the impact of the pandemic is among the key elements stimulating the IT outsourcing market. Moreover, the rising number of companies that are subcontracting their data storage to a third party, on account of lower labor costs, cheaper infrastructure, and tax savings advantages, as keeping devices and facilities in-house requires substantial capital investments, is acting as another significant growth-inducing factor.

Besides this, the shifting preferences of small and medium-scale enterprises (SMEs) toward these services, owing to the lack the space or funds for in-house auxiliary departments and fierce global competition in the industry, for improving efficiency and expanding business are positively influencing the global market. Furthermore, the increasing incorporation of IT outsourcing in the health care sector to transform operations is also propelling the market growth. Apart from this, the inflating focus of health firms on these services to manage finances while balancing information technology maintenance, as subcontracting generally includes coding and billing, therapeutical transcriptions, insurance claim processing, virtual assistants, and customer support, which help accelerate medical workflows and research procedures, is anticipated to fuel the IT outsourcing market over the forecasted period.

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IT Outsourcing Market 2022-2027 Competitive Analysis and Segmentation:

Competitive Landscape With Key Players:

The competitive landscape of the IT outsourcing market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

  • 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 Market Segmentation:

The report has segmented the IT outsourcing market on the basis of service model, organization size and end use.

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)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa (United Arab Emirates, Saudi Arabia, Turkey, South Africa, Others)

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This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.

Key Highlights of the Report:

  • Market Performance (2016-2021)
  • Market Outlook (2022-2027)
  • Market Trends
  • Market Drivers and Success Factors
  • Impact of COVID-19
  • Value Chain Analysis
  • Comprehensive mapping of the competitive landscape

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