Market Insights report
IT Outsourcing is the largest part of the IT Services market. It is defined as the external contracting of IT-related services in contrast to relying on company-owned resources. Spending on IT Outsourcing is driven by the digital transformation as well as the growth of software and hardware across the globe. The companies using IT Outsourcing services benefit from a professional, high-quality IT management offered by service vendors. In the upcoming years, enterprises will depend more on service providers, which keep them up to date with evolving new technologies.
What's included?
In an IT context, outsourcing activities include IT administration, IT application, and web hosting services. The IT Outsourcing market refers to the external contracting of IT functions, services, or projects instead of relying on company-owned resources. By outsourcing IT tasks (e.g., to IT suppliers or software developers), enterprises are able to focus on their core functions and save internal resources and costs (e.g., office space, maintenance, and utilities). Thus, outsourcing teams becomes a viable cost resilience strategy in an environment where companies are looking to save money more than ever. The IT outsourcing sector is the biggest contributor to revenue in the IT Services market, with US$484.86 billion in 2023, and is projected to reach US$812.75 billion by 2029. In worldwide comparison, especially IBM and Accenture are well-known providers.
Overview
Overview
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