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
IT Outsourcing Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2019 |
Forecast period |
2020-2024 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5% |
Market growth 2020-2024 |
USD 97.51 billion |
Market structure |
Fragmented |
YoY growth (%) |
3.82 |
Regional analysis |
North America, Europe, APAC, South America, and MEA |
Performing market contribution |
APAC at 37% |
Key consumer countries |
US, UK, China, Germany, and Japan |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
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., and and Wipro Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Do reach out to our analysts for more customized reports as per needs. Speak to our Analyst now!
IT Outsourcing Market trend
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
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:
For more detailed highlights on products offerings and the growth strategies adopted by other vendors, Download a sample report
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.
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.
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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:
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:
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
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SOURCE Technavio
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