The global IT outsourcing market is subject to witness a substantial growth due to the increasing demand for optimization of various business processes. Growing importance towards adoption of organizational-level align strategic planning and increasing adoption of advanced operational strategies are expected to boost the growth of the market over the forecast period. Globally, the market is predicted to generate massive revenue over next seven years, providing numerous opportunities for market players to invest for research and development in the IT outsourcing market.
IT outsourcing is crucial to assign resources for the project development across various locations, thus propelling market growth over the coming years. In addition, IT outsourcing helps organization to align their project planning with their business objectives in efficient manner. Increasing demand for IT outsourcing solution from various end-user industry verticals are expected to fuel market expansion in the near future.
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Moreover, numerous benefits of IT outsourcing solution include capacity optimization, lead-time and cost reduction. The technological advancement in the organizational level communication sector is expected to offer number of growth opportunities for industry participants over the forecast period.
Rising demand for high-end technology to improve various business processes and organizational productivity are expected to favor industry growth in the upcoming years. Increase in the number of third party IP vendors coupled with rise in the number of IP blockage licensing by market players are positively impacting market growth, in the recent years.
However, factors such as growing complexity of the applications portfolio and unfavorable government polices are expected to limit market growth to certain extent. Yet, easy availability of skilled &cheaper talent-pool in overseas market and aligning IT services to meet the end-goal are estimated to foster market expansion in the near future.
The market is broadly categorized into six major segments based on the application type such as banking, financial services and insurance (BFSI), government sector, telecommunication sector, energy & utilities sector, manufacturing sector and healthcare sector. The banking, financial services and insurance (BFSI) is considered as one of the fastest growing segment in the IT outsourcing market with substantial revenue generation in the last few years.
The market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to increase in the number of research & development activities in the region and existence of well-established IT infrastructure in the region. Asia-Pacific region is predicted to hold major market share in the market with massive growth in forecast period.
Countries such as India, China, Malaysia, Japan, and Singapore are leading the Asia-Pacific market with increasing outsourcing activities, availability of skilled & cheaper talent pool, and significant investment by leading industry players considering potential growth opportunities in the region. The key players in the IT outsourcing market are Accenture PLC, IBM Co., APC by Schneider Electric, Inc., Cisco Systems, Inc., CA Technologies, Inc., Hewlett-Packard Co., BMC Software Co., Dell, Inc., NetScouts Systems, Inc., Fujitsu, Ltd., and Tata Consultancy Services Ltd.
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Market Segment:
The market is divided into the following segments based on geography:
• Americas
• APAC
• EMEA
Global IT outsourcing market 2018-2022, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Key vendors
• Accenture
• HCL Technologies
• HPE
• IBM
• TCS
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