The global IT outsourcing market is anticipated to grow at a significant CAGR of 4.2% during the forecast period (2022-2028). IT outsourcing refers to the subcontracting of some functions or the use of external resources for all or part of an IT function. Companies outsource work for a variety of reasons, including short-term support or lower prices on simple tasks. Outsourcing provides a business with personnel flexibility, allowing them to bring in new workers as needed and release them when they are through, meeting cyclic or seasonal demand.
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The market is primarily driven by the benefits of having a high degree of IT competence without the high costs of hiring a full-time IT specialist. The emergence of technology fields that require expert support and a larger workforce is projected to aid market growth in the future. The increased adoption of cloud services since the outbreak of COVID-19 is also likely to provide a favorable market scenario for the expansion of the IT outsourcing market as businesses that use such services frequently outsource maintenance and development work from third parties.
The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, in order to stay competitive in the market. For instance-
- In February 2022, the University of Newcastle signed a multi-year managed services agreement with DXC Technology, an Oracle Partner Network member, to maintain Oracle’s PeopleSoft Campus Solutions application and infrastructure.
- In February 2022, Qualtrics, the inventor of the Experience Management (XM) category, collaborated with Infosys, to bring Qualtrics solutions to market, Infosys has developed a Qualtrics center of excellence. These products are part of Infosys Cobalt’s cloud offerings, and they assist clients in improving their customer, employee, and supplier experiences.
- In January 2022,Airbus, NTT DOCOMO INC. (DOCOMO), and SKY Perfect JSAT Corp. (SKY Perfect JSAT) have started working together on future high-altitude platform stations (HAPS)-based connectivity services as part of a future space-based wireless communication ecosystem.
Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Services
- By End-Users
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape-IBM Corp., DXC Technologies, Accenture plc, NTT Corp., and Infosys Ltd., among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global IT Outsourcing Market Report by Segment
By Services
- Software Development
- Web Development
- Application Support & Management
- Technical Support/Help Desk
- Database Development & Management
- Telecommunication
By End-Users
- Government
- BFSI
- Telecom
- Others
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