COVID-19 Impacts: IT Outsourcing Market Will Accelerate at a CAGR of Almost 5% Through 2020-2024 | Need to Optimize Business Processes to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--Aug 5, 2020--
Technavio has been monitoring the IT outsourcing market and it is poised to grow by USD 98 billion during 2020-2024, progressing at a CAGR of almost 5% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
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Technavio has announced its latest market research report titled Global IT Outsourcing Market 2020-2024 (Graphic: Business Wire)
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19.Please Request Free Sample Report on COVID-19 Impact
Frequently Asked Questions-
- What was the value of the IT outsourcing market in 2019?
- Technavio says that the value of the market was USD 388.65 billion in 2019 and it is projected to reach USD 486.16 billion by 2024.
- At what rate is the market projected to grow during the forecast period 2020-2024?
- Growing at a CAGR of almost 5%, the market growth will accelerate during the forecast period.
- What is the key factor driving the market?
- The need to optimize business processes is one of the key factors driving the market growth.
- Who are the top players in the market?
- Accenture Plc, Capgemini Service SAS, Fujitsu Ltd., HCL Technologies Ltd., Hewlett Packard Enterprise Co., International Business Machines Corp., Larsen & Toubro Ltd., Tata Consultancy Services Ltd., Tech Mahindra Ltd., and Wipro Ltd. are some of the major market participants.
- Which region is expected to hold the highest market share?
- What is the year-over-year growth rate of the global market?
- The year-over-year growth rate for 2020 is estimated at 3.82%.
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Accenture Plc, Capgemini Service SAS, Fujitsu Ltd., HCL Technologies Ltd., Hewlett Packard Enterprise Co., International Business Machines Corp., Larsen & Toubro Ltd., Tata Consultancy Services Ltd., Tech Mahindra Ltd., and Wipro Ltd. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The need to optimize business processes has been instrumental in driving the growth of the market.
IT Outsourcing Market 2020-2024: Segmentation
IT Outsourcing Market is segmented as below:
- Energy and Utilities
- Media and Entertainment
- Infrastructure Outsourcing
- Application Outsourcing
- North America
- South America
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IT Outsourcing Market 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. Our IT outsourcing market report covers the following areas:
- IT Outsourcing Market size
- IT Outsourcing Market trends
- IT Outsourcing Market analysis
This study identifies rise in the integration of application outsourcing as one of the prime reasons driving the IT outsourcing market growth during the next few years.
IT Outsourcing Market 2020-2024: Vendor Analysis
We provide a detailed analysis of vendors operating in the IT outsourcing market, including some of the vendors such as Accenture Plc, Capgemini Service SAS, Fujitsu Ltd., HCL Technologies Ltd., Hewlett Packard Enterprise Co., International Business Machines Corp., Larsen & Toubro Ltd., Tata Consultancy Services Ltd., Tech Mahindra Ltd., and Wipro Ltd. Backed with competitive intelligence and benchmarking, our research reports on the IT outsourcing market are designed to provide entry support, customer profile and M&As as well as go-to-market strategy support.
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IT Outsourcing Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist it outsourcing market growth during the next five years
- Estimation of the it outsourcing market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the it outsourcing market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of it outsourcing market vendors
Table of Contents:
- Market Overview
- Market ecosystem
- Value chain analysis
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by End-user
- Market segments
- Comparison by End-user placement
- Government - Market size and forecast 2019-2024
- BFSI - Market size and forecast 2019-2024
- Telecommunications - Market size and forecast 2019-2024
- Energy and Utilities - Market size and forecast 2019-2024
- Manufacturing - Market size and forecast 2019-2024
- Healthcare - Market size and forecast 2019-2024
- Retail - Market size and forecast 2019-2024
- Media and Entertainment - Market size and forecast 2019-2024
- Others - Market size and forecast 2019-2024
- Market opportunity by End-user
Market Segmentation by Service
- Market segments
- Comparison by Service placement
- Infrastructure outsourcing - Market size and forecast 2019-2024
- Application outsourcing - Market size and forecast 2019-2024
- Market opportunity by Service
- Geographic segmentation
- Geographic comparison
- North America - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- APAC - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
Drivers, Challenges, and Trends
- Market drivers
- Volume driver - Demand led growth
- Volume driver - Supply led growth
- Volume driver - External factors
- Volume driver - Demand shift in adjacent markets
- Price driver - Inflation
- Price driver - Shift from lower to higher priced units
- Market challenges
- Market trends
- Landscape disruption
- Vendors covered
- Market positioning of vendors
- Accenture Plc
- Capgemini Service SAS
- Fujitsu Ltd.
- HCL Technologies Ltd.
- Hewlett Packard Enterprise Co.
- International Business Machines Corp.
- Larsen & Toubro Ltd.
- Tata Consultancy Services Ltd.
- Tech Mahindra Ltd.
- Wipro Ltd.
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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