Artificial Intelligence
IT Outsourcing Global Market Report 2023
New York, June 28, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “IT Outsourcing Global Market Report 2023” – https://www.reportlinker.com/p06463994/?utm_source=GNW
, DXC Technologies, Infosys Limited, Tata Consultancy Services Ltd., Cognizant Technology Solutions Corporation, Wipro Limited, Red Hat Inc., VMware Inc., and Adaptive Computing Enterprises Inc.
The global IT outsourcing market is expected to grow from $117.61 billion in 2022 to $124.52 billion in 2023 at a compound annual growth rate (CAGR) of 5.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The IT outsourcing market is expected to reach $150.06 billion in 2027 at a CAGR of 6.3%.
The IT outsourcing market includes revenues earned by entities by providing utility services and cloud-enabled outsourcing services, offshoring, onshoring, and nearshoring services.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
IT outsourcing refers to the utilization of third-party service providers to supply IT-enabled business processes, application services, and infrastructure solutions for business results. It allows clients to build the finest sourcing strategy and vision, choose the most suitable IT service providers, structure the best contracts possible, and govern arrangements for long-term win-win collaborations with external suppliers.
North America was the largest region in the IT outsourcing market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in IT outsourcing report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The services involved in IT outsourcing are a software as a service (SaaS), platform as a service (PaaS), and infrastructure as a service (IaaS).SaaS is a software distribution in which a cloud provider hosts programs and makes them available to end customers through the internet.
The various organizations involved are small and medium enterprises and large enterprises, which are deployed on public cloud and private cloud. It is used by banking, financial services and insurance (BFSI), healthcare, media and telecommunication, retail and e-commerce, manufacturing, and others.
The growing adoption of cloud services is expected to propel the growth of the IT outsourcing market going forward.Cloud services combines computation, storage, and network infrastructure to enable rapid application creation and dynamic scaling.
IT Outsourcing has grown increasingly prevalent as it allows access to larger global markets.These IT outsourcing funcationalties ensures scalability, easier access to subject matter experts, lower costs and to focus resources on core business development.
For instance, in January 2023, according to the 2022 State of DevOps Report published by Google, a US-based technology company, in 2022, 26% of users reported using numerous public clouds, up from 21% in 2021. The utilization of hybrid clouds increased from 25% to 42.5%. Therefore, the growing adoption of cloud computing is driving the growth of the IT consulting market.
Technological advancement are a key trend gaining popularity in the IT outsourcing market.Major companies operating in the IT outsourcing market are focused on developing innovative solutions to strengthen their position in the market.
For instance, in November 2021, Oracle Corporation, a US-based computer technology corporation, launched Oracle Cloud Infrastructure (OCI) AI services, a set of services designed to make it easier for developers to incorporate AI into their applications without having data science knowledge.It includes OCI language, OCI speech, OCI vision, OCI anomaly detection, OCI forecasting, and OCI data labeling.
The uniqueness of this product is that all of these services are at the core of Oracle AI, a set of artificial intelligence, machine learning, and data science capabilities that includes Oracle Digital Assistant, as well as OCI Data Science and Oracle Database Machine Learning, which are used for developing, maintaining, and delivering models based on machine learning.
In June 2020, Noventiq Holdings Plc, a UK-based provider of IT solutions and services acquired Aplana Group for an undisclosed amount.With this acquisition, a total of 200 employees with experience in a range of important industries, including finance, the automobile industry, logistics, and other.
Further, they will join Softline’s team in three Russian research centers (Moscow, Voronezh, and Ufa). Aplana Group is a US-based provider of software development outsourcing services.
The countries covered in the IT outsourcing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The IT outsourcing market research report is one of a series of new reports that provides IT outsourcing market statistics, including the IT outsourcing industry global market size, regional shares, competitors with IT outsourcing market share, detailed IT outsourcing market segments, market trends, and opportunities, and any further data you may need to thrive in the IT outsourcing industry. This IT outsourcing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06463994/?utm_source=GNW
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