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IT Services Outsourcing Market Size to Worth Around USD 1.06 Trillion by 2030

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Los Angeles, Aug. 26, 2022 (GLOBE NEWSWIRE) — Recently announced report on “IT Services Outsourcing Market – Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022-2030”.

Regional Snapshots

The Asia Pacific region is expected to have the largest market share in the coming years due to a large amount of outsourcing done in these regions. China and India are the most preferred destinations for the outsourced work. Most of the companies that are based in the United States find India and China extremely attractive for outsourcing they are functions as these nations provide cost effective solutions and the presence of talented workforce is expected to drive the market growth in the coming years.

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When it comes to China it shall provide better opportunities in the future as it is more cost effective as compared to India. The revenue generated through the outsourced work has been extremely beneficial in improving the economy of this region. Even though this region is extremely efficient in manufacturing many products due to the availability of cheap labor in the coming years it shall be and outsourcing hub for the IT related functions. From the past 25 years India has dominated the outsourcing market. This region has a lot of outsourced work and it happens to be a preferred destination by most of the companies situated across the globe. There is a growing demand for developing various softwares and it is expected to grow in the coming years period

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Other regions that are preferred for the outsourced work are Japan, Vietnam as well as Indonesia.

Key Takeaways:

  • In 2021, the off-shore segment has accounted market share of around 52%.
  • In 2021, the on-shore segment has generated 48% market share.
  • North America region has contributed 42% market share in 2021.
  • Asia Pacific region has reached 36% market share in 2021.

Report Highlights

  • The banking and finance segment will dominate the market in the coming years due to an increased amount of investments which are done by these industries for increasing the automation. The ecommerce and retail segment is also expected to grow well during the forecast period due to the entry of various startups. Increased use of virtual reality and artificial intelligence in the retail and online platforms will drive the market growth. There is a growing demand for software that will be beneficial for the health care providers. There is a growing demand for software applications for the medical industry.
  • The offshore segment will grow well during the forecast. As it provides benefits in terms of cost and it also helps in providing talented workforce. Many companies prefer the countries in the Asia Pacific region for outsourcing their work. In the coming years the demand for onshore segment value grow as it provides many benefits of effective communication and the operation in the same time zone. As the out sorcerer and the vendor is located in the same country these two forms or under the same rule which happens to be a major driving force.
  • On the basis of the service the application business segment will grow well during the forecast period. There’s been an increase in the demand for cloud computing and be zoning of infrastructure. Most of the traditional methods which were used in the organizations are replaced by automation. Vendors are also trying to bring in more automation in their services.
  • Growing popularity of the ecommerce segment and increased use of smartphones will drive the market. Many companies outsource their after sales services or the help desk services to other companies as it is helpful in reducing the amount of time spent on these activities and the cost incurred by these companies. It is also beneficial as it helps in improving the focus on the core processes of the business.

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Scope of the Report

Report Attributes Details
Market Size in 2021 USD 530.15 Billion
Revenue Forecast by 2030 USD 1.06 Trillion
CAGR 8.06% from 2022 to 2030
Largest Market Asia Pacific
Base Year 2021
Forecast Year 2022 to 2030
Key Players Accenture, Cognizant, Capgemini, Infosys, IBM, HP, Oracle

Market Dynamics

Drivers

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There has been a growth in the demand for these outsourcing services add some of the companies may have a shortage of manpower. And there is a growing demand for the use of the virtual software that would be instrumental in performing many functions for the company. The amount of time spent and the amount of cost which goes in the employing of new staff will be one of the reasons why there is a greater demand for outsourcing. Due to an increase in the project related jobs the demand for outsourcing is expected to grow. As and when the need arises more staff can be employed or the staff can also be reduced.

All the targets of the project are met without wasting any time on training. It also helps in providing enhanced security. Outsourcing has been extremely beneficial for the cyber security. In order to reduce the cost many market players are focusing on outsourcing their functions. Outsourcing also helps in improving the focus on the core activities.

Restraints

Due to the outsourcing of various functions new staff is involved in the functioning due to which the main organization has less control in the activities. When a business function is outsourced the secondary managing body may not perform the tasks as laid down by the company through the similar standards. The quality of the services may also be affected. In case off hiring less qualified staff to perform various functions the service quality will also be hampered to a great extent.

Opportunities

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The market is expected to grow in the coming years due to the availability of qualified and certified staff. The availability of the labor which is offered at lower cost will also drive the market growth in the coming years. The efficiency and the competitiveness of the organizations improved due to the outsourcing of few services. That is providing opportunities for growth is the risk sharing factor. The increased use of the high-end technologies in these outsourced regions will provide better opportunities for growth.

Related Reports

Challenges

The devising of an agreement or the contract between the service provider and outsource are needs to be free of any loopholes. The organizations should seek the help from legal experts in order to keep the business going. Any political unrest among the countries will have a great impact on this business and it happens to be a major challenge in the growth. Outsourcing any functions of the business may alter the quality service offered to the consumers. Over a period of time it may also harm the reputation of the company. As the quality of the services offered deteriorate the customer satisfaction is also affected and these are the major challenges in the growth of the market.

Recent developments

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  • Infosys had collaborated with Telenor Norway in the year 2022. This collaboration aims at transforming the supply chain operations as well as the finance operations of these organizations.

Market Segmentation

By Service

  • Application
  • Network operations
  • Data center operations
  • Help desk
  • Emerging technology
  • Others

By Location

  • Offshore
  • Onshore

By End User

  • BFSI
  • Healthcare
  • Aerospace and defense
  • Telecom and media

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa (MEA)

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Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.

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Artificial Intelligence

High tech specs and adapted World Cup pitch sensors awarded share of £1.5m as finalists in Longitude Prize on Dementia

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AI glasses that help people living with dementia navigate their environment and a smartwatch that learns daily routines to assist in everyday tasks are among five groundbreaking technologies announced as finalists in The Longitude Prize on DementiaThe Longitude Prize on Dementia is a £4.4m prize funded by Alzheimer’s Society and Innovate UK and delivered by Challenge WorksThe prize is driving the creation of AI-based assistive technologies that can help people living with dementia maintain their independence for longerThe five finalists will share £1.5m to develop their solutions in pursuit of the £1m first prize to be awarded in 2026LONDON, Oct. 8, 2024 /PRNewswire/ — State of the art AI glasses to help people with dementia navigate their environment and a smartwatch that learns daily routines are among five groundbreaking technologies awarded £300,000 as a finalist in the £4.4m Longitude Prize on Dementia.

It is rewarding the creation of new assistive technologies that use AI to transform how people live with dementia after a diagnosis so that they can maintain their independence for as long as possible.
The global challenge prize is funded by Alzheimer’s Society and Innovate UK and delivered by Challenge Works (part of Nesta).
One in three people born in the UK today will develop dementia in their lifetime, with around a million people in the UK living with a form of dementia now. This is projected to rise to 1.4 million people by 2040.
The five finalists, who were announced today in the UK on BBC One’s The One Show, will each receive £300,000 to develop their technologies in the next 15 months. The finalists are:
High-tech glasses that help users recognise objects and people – the technology helps people living with dementia to recognise objects and people and remember what to say or do to improve memory recall. This will help them to carry out daily activities independently, such as making a cup of tea or greeting a loved one. The glasses, which also work with existing prescriptions, aim to delay the progression of memory loss and use synaesthesia – associating senses such as sights and sounds (CrossSense, Animorph, UK).Football pitch sensor technology applied to predict and prevent falls – existing ‘fall’ technology can only inform caregivers once an accident has happened, this groundbreaking update will use the technology that maps how a football moves on a pitch (Ultra Wideband) to establish when falls are likely to happen and ultimately prevent them. This tech, worn in the form of a smartwatch designed for older people, could anticipate slips at certain points in a daily routine (e.g. before bed) or in certain locations (e.g. the bathroom). By detecting and calculating fall risk, the tech could limit risk of hospital admission which can speed dementia symptom progression (Theora 360, Clairvoyant Networks, Inc, USA).A smartwatch-based app to provide guidance on daily routines – this AI software processes data from a smartwatch and sensors around the home to learn about its users’ activities and gently guide them on their routines, reminding them of actions they may have forgotten through personalised cues such as illustrations (eg an open fridge or running tap), text, audio and vibrations. If they are not responsive, it will alert a carer. The software will become more intensive as a person’s dementia progresses, helping them to stay in their own home and community for longer (AUTONOMOUS, Associação Fraunhofer Portugal Research, Portugal).At-home monitoring-box that protects privacy – when a loved one is in the early stages of dementia and is still able to live independently, family members can sometimes worry about their wellbeing. This ‘sensor’ box and automated messaging system scans rooms to help remotely inform family members of the loved one’s wellbeing via WhatsApp or text message (e.g. your mum is up and about and the heating came on at the usual time this morning). This provides reassurance for both family member and user, but unlike existing monitoring technology, doesn’t use cameras or wearables, connecting caregivers without infringing on privacy (Supersense Technologies, UK).Home assistance device resembling a traditional telephone – this familiar-looking device offers a screen for video calls which can also display personalised reminders of daily activities. The phone connects users to a reassuring voice-recording of their choice that shares prompts on daily activities and displays images of items in that person’s house. It also makes video-calling loved ones as easy as picking up the phone, to empower people living with dementia to do things they love that bring meaning (MemoryAid, The MARCS Institute, Western Sydney University, Australia).Dr James Brown, CEO of Supersense Technologies said: “A few years ago, I was volunteering with a charity supporting people who had just received a dementia diagnosis. At almost every house we visited there would be a drawer full of unused gadgets – fall-detection watches or pendants, AI speakers – great tech but clearly not being used by the people it was designed for.
“As an engineer and researcher with a decade of experience in developing sensor technology, I knew that there was far better, unintrusive technology that could help people with dementia or mild cognitive impairment to live safely in their own homes for longer, and to help families know that their loved one is safe and well. Our system is specifically designed to maintain a person’s privacy and autonomy, while identifying new behavioural patterns as soon as they develop, so that loved ones or carers can provide support at the right time, all with the aim of helping people to stay independent in their homes for longer.”
Kate Lee, CEO of Alzheimer’s Society said: “Currently, around one million people in the UK live with dementia, a figure projected to rise to 1.4 million by 2040. AI presents exciting opportunities to help those with dementia stay active and independent, enabling them to remain in their own homes for as long as possible. By harnessing the power of technology, we can support memory recall and assist individuals in maintaining their daily routines. The five finalists of the Longitude Prize on Dementia are tackling these challenges in innovative and diverse ways. I look forward to seeing how their technologies evolve over the next year.”
Dr Jennifer Bute was diagnosed with young-onset Alzheimer’s disease in 2009 at the age of 63, leading to her retiring early from her career as a GP. She adds: “Research suggests that remaining independent, whether in your own home or a place where extra help is available, is one of the best contributors to slowing the progression of Alzheimer’s disease. As a daily user of technology to help manage my finances, medications – even my home lighting – it’s really encouraging to see the breadth of new tools and services being developed to support independent living.”
Tris Dyson, Managing Director at Challenge Works said: “The Longitude Prize on Dementia was launched to help meet the urgent need for intuitive, AI technologies that could support independent living for people with dementia. Last year we saw some incredible ideas come through the 24 semi-finalist entries and it was a challenge for the judges to select the five finalists announced today. This announcement proves the critical role innovation, and challenge prizes, have to play in helping to solve some of the biggest challenges of our time.”
Stella Peace, interim Executive Chair, Innovate UK said: “Dementia’s impact is devastating for those who develop the condition and for their loved ones. There is much we can do to ensure that those with dementia continue to live fulfilling lives. Technology has a great role to play and the projects for which we have announced funding today have the potential to truly change lives for the better.”
In addition to the financial reward, non-financial support has been funded to provide innovators with crucial insight and expertise until the end of 2025. The support includes access to potential product users, mentorship, and expert advice on technical and business aspects of the innovation to ensure products are scalable. It will also facilitate knowledge sharing between participants. All teams will be working with people with lived experience to ensure solutions are fully co-created.
In early 2026, one winner will receive a prize pot of £1 million, following a judging process with the international Judging Panel and Lived Experience Advisory Panel. For more information on the finalists and prize, please visit dementia.longitudeprize.org.
 
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Thundercomm Launches RUBIK Pi on Qualcomm Platforms

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Making Application Development with AI Inference More Accessible
AUSTIN, Texas, Oct. 8, 2024 /PRNewswire/ — Embedded World — At an industry event in Austin today, Thundercomm announces RUBIK Pi, the first Pi built on Qualcomm® SoC platforms for developers. RUBIK Pi is an innovative tool that aims to lower the barriers application development with AI inference, allowing developers to access high-performance, easy-to-deploy AI R&D tools

The Pi product is a must-have for electronics enthusiasts and developers. It can be seen as a microcomputer, integrating a processor, memory, storage, and various interfaces on a credit card-sized board. Thundercomm, a world-leading IoT product and solution provider, building on its expertise in ICT technologies and developer workflows, launched RUBIK Pi, aiming to create the most user-friendly AI R&D tools.
RUBIK Pi utilizes the Qualcomm® QCS6490 processor, delivering 12.5 TOPS of AI inference performance and support for a 1.8 billion-parameter LLM. With Qualcomm® AI Hub, developers can explore cutting-edge tools that allow developer to download pre-optimized AI models or optimize their custom model to get the best performance from the SoC
RUBIK Pi supports Qualcomm® Linux®, Android, and Windows, ensuring broad operating system compatibility. It also features upward compatibility with Thundercomm’s C8550 SOM and downward compatibility with the C5430P SOM, providing robust scalability for developers.
“We’re excited to see Thundercomm launch RUBIK Pi. It’s the first Pi product built on the Qualcomm® SoC platform, supporting Qualcomm® Linux® and  Android, Windows, and Ubuntu,” said Manvinder Singh, VP, Product Management, Partner Solutions, Developer Experience, Industrial and Embedded IoT, Qualcomm Technologies, Inc. “It has a rich set of IO interfaces and delivers unrivaled compute and AI performance to unleash developer creativity. With the support of Qualcomm® Al Hub, developers will be able to quickly deploy optimized AI models on RUBIK Pi.”
“RUBIK Pi is a lightweight development board that is not only easy to use and is low cost but also holds significant ESG value. By making AI application development accessible to beginners, it promotes AI education, enhances technological literacy, and fosters social equity,” said Pier Zhang, Vice President of Thundercomm.
Preliminary orders of RUBIK Pi will be available at the beginning of November. For more information on RUBIK Pi, please visit the webpage.
About Thundercomm
Thundercomm, headquartered in San Diego, is a joint venture with Qualcomm®. Thundercomm was established to accelerate innovation in the Internet of Things and automotive industry, providing one-stop solutions powered by Qualcomm Technologies. Learn more at www.thundercomm.com
The registered trademark Linux® is used pursuant to a sublicense from the Linux Foundation, the exclusive licensee of Linus Torvalds, owner of the mark on a worldwide basis.
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Artificial Intelligence

Precisely Announces Breakthrough in Data Enrichment with New Data Graph API

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Unified access to a connected network of trusted datasets empowers users with enhanced query capabilities to gain valuable insights  
BURLINGTON, Mass., Oct. 8, 2024 /PRNewswire/ — Precisely, the global leader in data integrity, today announced the Data Graph API, a new addition to the Data Enrichment service within the Precisely Data Integrity Suite, during its Trust ’24 Data Integrity Summit in Philadelphia. For the first time, a single API offers simplified access to the Precisely data portfolio for flexible queries, data enrichment, and enhanced data discovery. Supported by the PreciselyID, the company’s unique and persistent identifier for any addressable location, the Data Graph API reduces complexity, ensures consistency, and speeds up the data enrichment process, accelerating time-to-value.

Data enrichment, the process of augmenting company data with carefully curated third-party data to improve its overall value, accuracy, and usability, is fast becoming a critical priority for organizations. This is especially true for companies looking to ensure that initiatives, such as AI and machine learning, are driven by contextually relevant data. In fact, research indicates a 22% increase in use of data enrichment as a key strategy for improving data integrity year over year. Despite this, many organizations continue to struggle with the time-consuming and often manual process of accurately integrating third-party data.
Powered by GraphQL technology, the Data Graph API dramatically simplifies data enrichment by enabling users to specify their data needs in a single query. The API filters and organizes the data before delivery, ensuring that businesses receive only the most relevant information according to their needs.  
Korem, a leading expert in geospatial technologies, and design partner for the Data Graph API, are looking forward to implementing the new functionality into their solutions to support a wide range of industry use cases. “We are excited about the launch of the new Data Graph API from Precisely,” said Jonathan Houde, CTO at Korem. “Instead of licensing entire datasets or making multiple web service calls, our customers can now access all the necessary information through one efficient and cost-effective service.”
At the heart of the Data Graph API is the PreciselyID, which allows customers to connect addresses to a wealth of trusted data for additional insight, such as relationships between buildings, parcels, property attributes, addresses, demographics, natural perils, and more. The Data Graph API simplifies queries to the rich portfolio of Precisely connected data and can facilitate the same easy access to data from industry partners. One such partner is GeoX, an aerial image processing company that provides property intelligence data to the insurance industry. As an industry partner, GeoX integrates their property intelligence into the Data Graph API, enabling insurers to enhance risk assessments, accurately underwrite policies, and predict and prevent losses by establishing a complete, 360-degree view of residential and commercial properties.
“The launch of the Data Graph API fundamentally transforms how companies bring together data to enhance the contextual relevance of AI and advanced analytics,” said Dan Adams, Senior Vice President and General Manager for Data Enrichment at Precisely. “Our data enrichment portfolio is designed to work together seamlessly, using unique identifiers to create a network of connected data where all feature relationships are mapped across datasets. As we extend this by pre-linking data from our trusted partners, the possibilities become limitless. We know this will save our customers time, allowing them to focus more on innovation rather than data preparation.”
The Data Graph API and a broad range of other market-leading tools are available in the company’s recently announced Precisely Data Integrity Suite Developer Portal, providing developer-friendly tools and resources to shorten the time it takes to build applications.
Learn more about the Data Graph API and how it helps customers to unlock a new world of data enrichment or register for the virtual Trust ’24 event taking place October 15 – 16 to hear about the latest data integrity innovations.
About PreciselyAs a global leader in data integrity, Precisely ensures that your data is accurate, consistent, and contextual. Our portfolio, including the Precisely Data Integrity Suite, helps integrate your data, improve data quality, govern data usage, geocode and analyze location data, and enrich with complementary datasets for confident business decisions. Over 12,000 organizations in more than 100 countries, including 93 of the Fortune 100, trust Precisely software, data, and strategy services to power AI, automation, and analytics initiatives. Learn more at www.precisely.com.
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