The new IT outsourcing market research from Technavio indicates neutral growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global IT Outsourcing Market 2020-2024 (Graphic: Business Wire)
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“One of the primary growth drivers for this market is the need to optimize business processes,” says a senior analyst for the information technology industry at Technavio. The market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments. As the markets recover Technavio expects the IT outsourcing market size to grow by USD 98 billion during the period 2020-2024.
IT Outsourcing MarketSegment Highlights for 2020
- The IT outsourcing market is expected to post a year-over-year growth rate of 3.82%.
- Based on the end-user, the government segment saw maximum growth in 2019. The need to optimize business processes is driving the growth of the segment.
- The segment growth will be significant during the forecast period.
Regional Analysis
- 37% of the growth will originate from the APAC region.
- APAC had the largest IT outsourcing market share in 2019. This will significantly increase the IT outsourcing market growth in this region.
- China, Japan, and India are the key markets for the IT outsourcing market in APAC.
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Notes:
- The IT outsourcing market size is expected to accelerate at a CAGR of almost 5% during the forecast period.
- The IT outsourcing market is segmented by end-user (Government, BFSI, Telecommunications, energy and utilities, Manufacturing, Healthcare, Retail, Media and entertainment, and Others), Service (Infrastructure outsourcing and application outsourcing), and geography (North America, Europe, APAC, South America, and MEA).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including 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.
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