Hyderabad, July 10, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "IT Outsourcing Market Report (2023-2028)," the market is estimated at USD 585.57 billion in 2023. It is expected to register a CAGR of 3.69% during the forecast period.
IT outsourcing includes a contractual agreement based on which IT service providers have complete ownership and control over the IT infrastructure of clients. The increasing need for operational efficiency and cost-effective methods is propelling the demand for outsourcing to companies located offshore. There is an increasing need for IT outsourcing services specialized in cloud infrastructure and administration as firms are moving their processes to the cloud rapidly.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 585.57 billion |
| Market Size (2028) | USD 701.88 billion |
| CAGR (2023-2028) | 3.69% |
| Study Period | 2018-2028 |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Forecast Units | Value (USD billion) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | The demand for application modernization and maintenance and managed security services. |
| IT outsourcing has become a cost-reduction process due to migrations and various options for cloud services. |
Which are the Top Companies in the IT Outsourcing Market?
The IT outsourcing market is highly competitive due to the presence of multiple players providing advanced IT services to local and international markets. Companies are using advanced technologies to remain in the market and retain clients, thereby increasing competitive rivalry.
Prominent players in the IT outsourcing market are:
- IBM Corporation
- DXC Technologies
- Accenture PLC
- NTT Corporation
- Infosys Limited
- Tata Consultancy Services
- Cognizant Technology Solutions Corporation
- Capgemini SE
- Wipro Limited
- Andela Inc.
- WNS Global Services
- Pointwest Technologies
- ATOS SE
- Amadeus IT Group
- Specialist Computer Centres (SCC)
- HCL Technologies Ltd
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Key Highlights from the IT Outsourcing Market Report:
Rapid Migration to the Cloud and Adoption of Virtual Infrastructure
- Migrating to the cloud and the development of a virtual infrastructure has led outsourcing companies to divert resources from low-value assets to focus on customizable, flexible, and advanced solutions.
- Companies intending to outsource cloud services are taking into consideration the cost optimization aspect. Therefore, multi-cloud strategies are gaining momentum, allowing providers to reduce concentration risk.
Asia-Pacific Holds the Largest Market Share
- The Chinese IT industry has witnessed tremendous growth in the past two decades. In its five-year plan, the Chinese government is focused on making IT one of the seven strategic industries to help shift the country from cheap-labor manufacturing outsourcing to renowned, innovation-driven IT outsourcing.
- Multiple global IT service providers are expanding their businesses rapidly in India to enhance the productivity of manufacturing companies by managing their IT and network infrastructure, propelling the growth of the market in the region.
What are the Latest Developments in the IT Outsourcing Market?
- In March 2022, Cognizant collaborated with Microsoft to offer a new digital health solution to enhance monitoring patients remotely for improved medical care.
- In February 2022, WNS Holdings Limited, a leading BPM solutions provider, announced the launch of WNS Triangle, the new data, analytics, and AI unit of WNS. WNS Triangle enables businesses to define data correctly and execute AI strategies with cloud-based platforms, improving outcomes.
Mordor Intelligence has Segmented the IT Outsourcing Market Based on Organization Size, End-user Vertical, and Geography:
- By Organization Size (Market Size and Forecast based on Value (USD billion), 2018-2028)
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- Small and Medium Enterprises
- Large Enterprises
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- By End-user Vertical (Market Size and Forecast based on Value (USD billion), 2018-2028)
-
-
- BFSI
- Healthcare
- Media and Telecommunications
- Retail and E-commerce
- Manufacturing
- Other End-user verticals
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-
- By Geography (Market Size and Forecast based on Value (USD billion), 2018-2028)
-
- North America
- United States
- Canada
- Europe
- United Kingdom
- Germany
- France
- Italy
- Spain
- The Nordics
- Benelux
- Poland
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Indonesia
- Vietnam
- Malaysia
- South Korea
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Colombia
- Rest of Latin America
- Middle East & Africa
- Gulf Cooperation Council (GCC)
- South Africa
- Turkey
- Rest of Middle East & Africa
- North America
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In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the IT Outsourcing Market Report (2023-2028).
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About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.
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