LONDON, July 20, 2023 (GLOBE NEWSWIRE) -- According to The Business Research Company’s IT consulting market forecast, the global IT consulting market size is expected to grow from $97.48 billion in 2022 to $107.35 billion in 2023 at a compound annual growth rate (CAGR) of 10.1%. The global IT consulting market size is then expected to reach $165.58 billion in 2027 at a CAGR of 11.4%. Asia-Pacific was the largest region in the IT consulting market in 2022.
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The increased adoption of cloud computing is likely to drive future growth in the IT consulting market. Cloud computing is a platform that integrates computation, storage, and network infrastructure to allow for quick application development and dynamic scaling. Cloud computing technology allows users to access storage, data, apps, and servers through internet-connected PCs, smartphones, tablets, and wearables. Cloud computing services handle and store data in locations remote from end users. For example, according to Google's 2022 State of DevOps Report, published in January 2023, in 2022, 26% of users reported using several public clouds, up from 21% in 2021. The use of hybrid clouds has increased from 25% to 42.5%. Furthermore, according to Eurostat statistics published in December 2021, 41% of EU firms utilized cloud computing in 2021. As a result, the increased acceptance of cloud computing is propelling the IT consulting market forward.
As per the IT consulting market outlook, major players in the market are Accenture plc, PricewaterhouseCoopers, Deloitte Touche Tohmatsu Limited, Ernst & Young Global Limited, Infosys Limited, Capgemini SE, The International Business Machines Corporation, CGI Inc., Mckinsey & Company, Boston Consulting Group Inc., Bain & Company, Tata Consultancy Services, Fujitsu, HCL Technologies, and HP Inc.
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Technology advancements are a crucial trend that is gaining traction in the IT consulting market. Companies in the IT consulting market are embracing new technology in order to maintain their market position. For example, in May 2022, ServiceNow, a software firm based in the United States, announced the Procurement Service Management (PSM) solution, a technology to aid in the digitalization and self-service of sourcing chores in order to shorten delivery times and transform procurement throughout the company. Procurement modernization is a major goal for businesses that want to digitally transform processes, reallocate personnel to more strategic roles, and boost supplier collaboration through more connected, interactive experiences.
The global IT consulting market is segmented by type into operations consulting, security consulting, strategy consulting; by enterprise size into large enterprise, small and medium enterprise; by application into government, BFSI, telecommunications, manufacturing, other applications.
IT Consulting Global Market Report 2023 by The Business Research Company provides insights on the IT consulting market size, IT consulting market segments, IT consulting market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 5,000+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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