IT Outsourcing Market 2024 Emerging Technologies, Regional Analysis, Competitive Landscape

IT outsourcing is an operative model where information technology (IT) service providers offer IT services to businesses. IT is the application of computers to transmit, study, store, retrieve, and manipulate information or data, often in the context of enterprises or other businesses. The IT service provider could be an external IT service provider or an internal IT organization. Global IT outsourcing refers to services related to technical expertise that enable organizations to manage, create, optimize, and access information and business processes. IT outsourcing also provides restoration and data backup services. This has resulted in higher productivity and reduction of operational costs of organizations.

The global IT outsourcing market is mainly driven by an increase in the number of start-up companies and rise in the adoption of advanced technologies in order to manage, test, develop, install, troubleshoot, and configure computer hardware and software of an organization on a regular basis. Additionally, an increase in emphasis on developing an IT-efficient infrastructure and rise in demand for IT services such as system integration services and consulting services by organizations are boosting the market. Furthermore, increase in the need to support a virtualized IT ecosystem is a major factor propelling the IT outsourcing market. Increase in migration and digitization to the cloud frame is also fuelling demand for the IT outsourcing model across the world. However, safety and privacy concerns and rise in hacking incidents on application-based services are some of the major factors that are restraining the market. Furthermore, high cost of advanced infrastructure to manage IT services is hampering the market.

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Rise in demand for advanced technologies from small and medium enterprises for better network connectivity is anticipated to create new opportunities for the IT outsourcing market around the globe.

The global IT outsourcing market can be segmented based on service model, deployment, enterprise size, industry, and region. Based on service model, the IT outsourcing market can be classified into Software as a Service (SaaS), Platform as a Service (PaaS), and Infrastructure as a Service (IaaS). In terms of deployment, the market can be categorized into public cloud, private cloud, and hybrid cloud. Based on enterprise size, the market can be categorized into small and medium enterprises and large enterprises. In terms of industry, the global IT outsourcing market can be divided into banking, financial services, and insurance (BFSI); telecom; retail; health care; energy and utilities; and others.

In terms of region, the global IT outsourcing market can be segmented into Europe, North America, Middle East & Africa, South America, and Asia Pacific. The IT outsourcing market in North America is estimated to expand at a high growth rate during the forecast period. This is primarily due to the presence of a large number of technical experts and rise in demand for IT services among enterprises in the region. The IT outsourcing market in Asia Pacific is anticipated to expand significantly during the forecast period. Demand for IT outsourcing in the region is primarily generated from countries such as India, China, and Japan. Furthermore, technological advancements, rise in globalization, and product escalation in developing countries of the region are expected to present attractive opportunities for the growth of the IT outsourcing market in Asia Pacific. Rise in complexity in business processes of IT companies is also boosting demand for IT services in Asia Pacific.

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Major players operating in the global IT outsourcing market include BMC Software, Inc., Hewlett Packard Enterprise Company, International Business Machines Corporation, Red Hat, Inc., VMware, Inc., Accenture plc, Adaptive Computing Enterprises, Inc., CA Technologies, Cisco Systems, Inc., Citrix Systems, Inc., CloudBolt Software, Inc., Conviture, Inc., CSC Computer Sciences Limited, Dell EMC, Egenera, Inc., Embotics Corporation, GigaSpaces Technologies Inc., and Micro Focus International plc.

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