LONDON, March 16, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the software consulting market, the increasing adoption of cloud computing by enterprises is the key driver contributing to the growth of the software consulting market. Enterprises are increasingly adopting the latest technologies such as cloud computing to increase productivity and efficiency. As of 2020, the cloud services industry was valued at about $200 billion, and most organizations are expected to increase their cloud spending budget by about 50%. Hence, the growing adoption of cloud computing is positively impacting the software consulting market scope.
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The global software consulting market size is expected to grow from $209.8 billion in 2021 to $234.38 billion in 2022 at a compound annual growth rate (CAGR) of 12.18%. The growth in the market is mainly due to the companies' rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $375.17 billion in 2026 at a CAGR of 12.46%.
Remote consulting services are gaining popularity amongst the software consulting market trends. Software consulting companies are increasingly offering consulting services remotely in response to the COVID-19 pandemic and to improve their efficiencies. Virtual consulting is likely to become widespread going forward as well. Major IT consulting companies such as IBM, Oracle, and Accenture are offering virtual and remote consulting services.
Major players in the software consulting market are Cap Gemini, Atos SE, Oracle, Accenture, IBM Corporation, Deloitte Touche Tohmatsu Limited, CGI Group Inc., Cognizant, Ernst & Young Global Limited, and SAP SE.
The global software consulting market is segmented by type into enterprise solutions, application development, migration and maintenance services, design services; by enterprise size into large enterprise, small and medium enterprise; by end-use industry into automotive, education, government, healthcare, IT and telecom, manufacturing.
In 2021, North America was the largest region in the software consulting market. Asia-Pacific is expected to be the fastest-growing region in the global software consulting market during the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Software Consulting Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide software consulting market overviews, software consulting market analyze and forecast market size and growth for the whole market, software consulting market segments and geographies, software consulting market trends, software consulting market drivers, software consulting market restraints, software consulting market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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