Global IT professional services market size is expected to reach USD 1.07 trillion by 2025 with a CAGR of 8.4%, according to a new study conducted by Grand View Research, Inc. Growth in demand for knowledge-based services and preference for flexible and customizable professional services are driving the global market.
Enterprises
across various end-use industries are under mounting pressures to reduce
capital expenditures and increase operational efficiencies. The adoption of IT
professional services has been growing as these services can help reduce the
overall IT costs, and in turn, the capital expenditure. Benefits associated
with these services, such as ease of deployment, lesser risk, and higher
security, have also been aiding the market growth.
Incumbents
of the BFSI, retail, telecommunication, and IT industries prefer cloud-based
services. As the number of enterprises opting for digital transformation
continues to increase, vendors are finding it more convenient to deliver IT
services through the cloud technology. It also allows providers to expand their
geographic reach and offer scalable services, as well as on-demand support.
Tech
companies, marketing firms, and consulting companies are the largest users of
IT professional services. Digitization, big data analytics, and Business
Intelligence (BI) are some of the key functionalities being outsourced to
reduce the administrative costs and overheads. However, concerns over data
security and protection of privacy and confidentiality are some of the factors
that may hinder the market growth.
For more info visit here: https://www.grandviewresearch.com/industry-analysis/it-professional-services-market
Further key
findings from the study suggest:
- The market is
significantly diverse and fragmented but led by a few well-established
companies, including Accenture PLC, Capgemini SA, IBM Corp., and Microsoft
Corporation
- The ability
of the vendors to provide cloud-based, tailored, and secured solutions would
influence the customers’ buying decisions
- The cloud
segment is expected to witness the fastest CAGR over the forecast period
- Technology
and consulting companies have emerged as the largest adopters of IT
professional services and would continue the trend in the years to come
- The North
America regional market led the global IT professional service market in
2017 and is expected to register a CAGR of 7.5% over the forecast period.
- However, Asia
Pacific is anticipated to be the fastest-growing regional market with a
CAGR of 9.6% during the forecast period
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Grand View Research has
segmented the global IT professional services market on the basis of type,
deployment, end use, and region:
IT Professional
Services Type Outlook (Revenue, USD Billion, 2014 - 2025)
- Project-oriented Services
- ITO Services
- IT Support & Training Services
- Enterprise-Cloud Computing Services
IT Professional
Services Deployment Outlook (Revenue, USD Billion, 2014 - 2025)
- On-premise
- Cloud
IT Professional
Services End-use Outlook (Revenue, USD Billion, 2014 - 2025)
- Technology Companies
- Consulting Companies
- Marketing & Communication Companies
- Others
IT Professional
Services Regional Outlook (Revenue, USD Billion, 2014 - 2025)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Middle East & Africa
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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