New York, Feb. 15, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Technology Advisory Global Market Report 2023" - https://www.reportlinker.com/p04442223/?utm_source=GNW
The global technology advisory market will grow from $154.47 billion in 2022 to $161.32 billion in 2023 at a compound annual growth rate (CAGR) of 4.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The technology advisory market is expected to grow to $184.7 billion in 2027 at a CAGR of 3.4%.
The technology advisory market consists of revenue earned by entities that provide advisory services to clients to identify, prioritize, design, and manage their investments in a various advanced technology.Technology advisory services provide consultancy on developing technology strategies, technology ideation and prototyping, design digital consulting services, and ways to enhance cybersecurity.
The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
Technology advisory refers to services that offer advice on developing technology strategies, technology ideation and prototyping, designing digital consulting services, and cybersecurity enhancements. Technology advisory help to create an effective IT strategy, adjust operations to meet corporate objectives, invest in the appropriate technology and implement it, adopt the shifting IT landscape, keep up with the latest technology developments, enhance enterprise architecture, manage and improve IT expenses.
North America was the largest region in the technology advisory market in 2022.Western Europe was the second largest region in the technology advisory market.
The regions covered in the technology advisory market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of technology advisory services are application development, cloud services, cybersecurity and privacy, data and analytics, technology strategy and enterprise architecture, and others.Application development refers to the process of building a computer program or a series of programs to fulfil the many functions that a business requires.
The different industries include banking, financial services, healthcare, IT and telecom, government, and others and involve various sizes of enterprises such as large enterprises and small and medium-sized enterprises.
The increasing requirement for simplifying business operating models and IT investment monitoring is a major driver contributing to the growth of the technology advisory market.Technology consulting firms help companies integrate technology into their business operations and create better experiences, thereby improving business processes, reducing costs, and maximizing technology-based opportunities.
Technology advisory firms also help companies address cybersecurity concerns and keep data safe.For instance, Louis Vuitton uses technology consulting to create small modules in business and IT strategy and IT governance to run its operations effectively.
In addition to this, companies such as Canon and Samsung have been using technology advice to optimize their operations and reduce IT costs. Technology advisory services help companies focus more on core business, access the latest technology, and minimize hardware failure, virus and spyware attacks, and database corruption.
Security and reliability concerns are expected to limit the growth of the technology advisory market.Security hacks, illegal surveillance, lack of transparency, misuse of personal data, and algorithmic bias are some of the key factors that have come along with increased technological advancement.
According to Verizon’s 2021 Data Breach Investigations Report, the info-tech sector is highly susceptible to external (66%) and internal (37%) threats, industrial espionage (9%), and financial motives (88%). For example, according to security tracker Firefox Monitor, Paytm Mall, a premier shopping app, experienced a major data breach that affected nearly 3.4 million customers in 2020. Organizations today rely very much on applications and IT software to conduct business. Software defects resulting in unauthorized access and the use of malicious intruders and malicious code to breach the security of the system are adding more to the security and reliability of third-party technology advisory services and hence restraining the market growth.
Artificial Intelligence (AI) is a leading trend gaining traction in various business processes.AI is an amalgamation of different technologies that enables a machine to sense, understand, and act.
AI helps businesses identify and solve business problems and drive measurable business value.AI helps in designing hardware infrastructure - on-premise or cloud-based, ingestion, and analysis of big data, and to enable flexibility of computing resources.
For instance, in 2022, Tech Mahindra launched YANTR.AI, a cognitive artificial intelligence (AI) solution that automates and simplifies field services. With YANTR.AI, operational efficiency, productivity, and workflow control are enhanced by combining advanced analytics, artificial intelligence (AI), machine learning (ML), and optimisation with people, allowing field operations to be hyper-automated, thus increasing efficiency and customer satisfaction. With the improvement in AI technology with every passing day, it is gaining huge importance in data expertise, business processes, and workflow management.
In October 2020, Accenture plc, an Ireland-based global professional services company providing services in strategy, consulting, technology, and operations, acquired SALT Solutions AG, a German technology consultancy, for an undisclosed amount.The acquisition is expected to help Accenture plc build a cloud-based industrial internet-of-things (IoT) platform that will enable the client to reduce quality and waste issues in the whole supply chain.
SALT has deep expertise in manufacturing and supply chain systems, complementing Accenture’s expertise in cloud solutions and planning systems.The acquisition will help Accenture to expand its digital manufacturing and operations business in Germany.
SALT Solutions AG is a German technology consultancy company implementing and maintaining IT systems for a variety of companies across different sectors.
The countries covered in the technology advisory market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The technology advisory market research report is one of a series of new reports that provides technology advisory market statistics, including technology advisory industry global market size, regional shares, competitors with a technology advisory market share, detailed technology advisory market segments, market trends and opportunities, and any further data you may need to thrive in the technology advisory industry. This technology advisory market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p04442223/?utm_source=GNW
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