DUBLIN--(BUSINESS WIRE)--The "IT Outsourcing Market - Growth, Trends, and Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The global IT outsourcing market was valued at USD 333.7 billion in 2019, and it is expected to reach USD 397.6 billion by 2025, registering a CAGR of 4.5%, during the forecast period (2020 - 2025). With digital transformation, organizations have become dependent on the success of creative applications and extensions that IT could provide. More certainly, IT has become a key competitive edge for most of the organization.
- With the increasing cloud migrations and options of cloud services, IT outsourcing has become more than a simple cost reduction technique. Therefore, this new form is driven by organizational motivations in terms of business growth, customer experience, and competitive disruption.
- More importantly, such increased preference amongst the newer and even smaller organizations has led the vendors of the market to increasingly focus on driving out a way to integrate the offshore team with the on-site. Another critical aspect driven by small-scale players is toward agility in vendors offering refers to the time-to-market.
- With the onset of COVID-19, the vulnerability of supply chains has been exposed. For most IT organizations, a fragile ecosystem included providers of critical IT services. In addition, work-from-home mandates have led the service providers to ensure that mission-critical enterprise customers have the necessary tools and technologies to enable the speed, security, quality, and overall efficacy of services provided.
BFSI Segment is Expected to Hold Significant Market Share
- Financial organizations are increasingly outsourcing their processes and services to third parties. Banks can outsource everything from mailing campaigns to payment processing. Without a robust and comprehensive in-house IT department or trusted outside partner, banks have a little chance to survive and attract customers.
- Modern customers need more personalized and streamlined access to banks' services. IT outsourcing vendors can handle the migration to omnichannel platforms that provide easy access from any device. Moreover, such platforms facilitate real-time data collection and analysis so that financial institutions can improve customers' experience. Hence such developments are driving IT outsourcing in the banks.
- The market is witnessing an increase in outsourcing contracts, thereby boosting the market's growth positively. In 2019, IT services company Wipro announced that it had bagged an IT outsourcing contract worth around USD 300 million from ICICI Bank under which it would offer a comprehensive suite of services to the lender.
India is Expected to Hold a Significant Market Share
- India has been considered as one of the most mature global IT outsourcing destinations with a wide range of options. The country has been working in this direction for more than 25 years and has maintained its dominance among the top IT outsourcing destinations since then.
- With the demand for skilled software developers on the rise, IT outsourcing companies based out of the country are rapidly expanding their operations all over the world. The cost factor and talented skill pool have played a key role in assuring the dominance of the country in the market. This has also led to the average developer hourly rate in India to hover around USD 30.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Demand for Efficiency and Scalable IT Infrastructure
4.2.2 Organization are Increasingly Focusing on IT as a Means to Gain Differentiation by Relying on Outsourced Vendors
4.2.3 Ongoing Migration Towards the Cloud and Adoption of Virtualized Infrastructure
4.3 Market Challenges
4.3.1 Fragmented Nature of the Market And Growing Incidence of Data Breaches
4.4 Porters Five Force Analysis
4.5 Impact of COVID-19 on the IT Outsourcing Industry
5 MARKET ANALYSIS
5.1 Trends Related to Onshoring & Offshoring
5.2 Breakdown of Outsourcing Industry - BPO vs IT-based outsourcing
5.3 Impact of the Ongoing Commodification of IT Solutions
5.4 Analysis of IT Outsourcing and Managed Service Industry
5.5 Breakdown of the Major IT Outsourcing Segments - Application & Infrastructure
5.6 Impact of Digital Transformation and Emergence of As-a-Service Model
6 MARKET SEGMENTATION
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 IBM Corporation
7.1.2 DXC Technologies
7.1.3 Accenture PLC
7.1.4 NTT Corporation
7.1.5 Infosys Limited
7.1.6 Tata Consultancy Services
7.1.7 Cognizant Technology Solutions Corporation
7.1.8 Capgemini SE
7.1.9 Wipro Limited
7.1.10 Andela Inc.
7.1.11 WNS Global Services
7.1.12 Pointwest Technologies
7.1.13 ATOS SE
7.1.14 Amadeus IT Group
7.1.15 Specialist Computer Centres (SCC)
7.1.16 HCL Technologies Ltd.
8 RELATIVE RANKING ANALYSIS OF THE MAJOR IT OUTSOURCING COMPANIES OPERATING WORLDWIDE
9 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/plle8w
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.