IT Services Outsourcing Market Segmented By Onshore and Offshore Service Model with Vertical such as Automotive, Consumer Electronics, Telecommunication, Semiconductor, Aerospace, Pharmaceutical, Others
Industry: IT and Telecommunication
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Report Type: Ongoing
Report ID: PMRREP24475
The ability of IT services outsourcing to reduce the operational cost and to optimize return on investment is expected to drive the growth of IT services outsourcing market. The rapid technological advancement and the trend of digitization is increasing at a faster pace than ever which is fuelling the growth of IT services outsourcing market. Also, with the increasing demand to boost product development process, the need for IT services outsourcing is increasing rapidly.
The growing need for development of product and associated platform is driving the demand for IT services outsourcing. The IT services outsourcing market is also increasing due to the global competition and reducing product lifecycles are forcing companies to leverage their value chain to retain market share. Therefore, due to the above factors the IT services outsourcing market is expected to grow swiftly during the forecast period.
Advancements in technology base and increasing the demand for IT services outsourcing to enhance customer productivity by removing complexities is also one of the major factors which drives the growth of IT services outsourcing market.
Moreover, various organizations are continuously adopting IT services outsourcing to keep their IT infrastructure operating at an optimal level, and to manage their IT costs. Apart from this, social, mobile, and cloud computing are accelerating the demand for IT services outsourcing and with the rapid technological shift and continuous deployment & migration of mobile devices, the demand for IT services outsourcing is increasing rapidly.
Drivers
The growing complexity of product designing, prototyping, visual designing & engineering, and product lifecycle management is the primary factor which is driving the growth of IT services outsourcing. Also, the shift towards the ecosystem of services to enhance the customer experience is also fuelling the growth of IT services outsourcing market.
Furthermore, the rising trend of collaboration between OEMs and IT services outsourcing solution providers to accelerate time to market and to optimize R&D operations is fuelling the growth of IT services outsourcing market.
Moreover, the rising trend of automation and increasing adoption of agile methodologies are creating potential opportunities for the growth of IT services outsourcing market. Furthermore, the development and implementation of smart technologies in enterprises is also fuelling the growth of IT services outsourcing market.
Moreover, the high demand for IT services outsourcing from IT and e-Commerce organizations to quickly resolve issues and problems in order to provide higher levels of business user satisfaction at reduced costs is one of the significant factors driving the growth of the IT Services Outsourcing market.
Challenges
With the development of technology, the risk of threats also increase. Thus, security is one of the primary challenges for the growth of IT services outsourcing market. The less development in the technology base and less spending on research & development by various countries in Latin America and the Middle East & Africa are the major challenges which hinder the growth of the IT services outsourcing market.
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Key Players
Prominent players in the global IT services outsourcing market are HCL Technologies, IBM, Infosys Ltd., Tata Consultancy Services, Tech Mahindra, and Wipro Ltd., Cognizant Corporation, Capgemini SE, Accenture PLC, Genpact, Teradata, and EXL services.
On the basis of geography, North America is expected to be a large market for IT services outsourcing, due to the early adoption of digital technologies and the presence of various key players in the region. The demand for IT services outsourcing in APAC and Europe is expected to grow rapidly in the coming few years, due to the high demand for IT services outsourcing from IT and e-Commerce organizations in the region.
Moreover, the rapid technological shift and continuous deployment & migration of mobile devices in countries such as Japan, China, and India is also driving the demand for IT services outsourcing in Asia Pacific. The IT services outsourcing markets in Latin America is also expected to witness high growth rates in the coming period, due to the rise in digital technologies. The IT services outsourcing market in MEA is also increasing due to the high adoption of smart phones and tablets in the region.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The report also maps the qualitative impact of various market factors on market segments and geographies.
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