IT outsourcing to surge to $703Bn by 2029 — HTF
PUNE, INDIA — The IT outsourcing service market is poised for significant growth, with projections indicating an increase to US$703 billion by 2029, marking a 4.1% compound annual growth rate (CAGR).
According to a report by marketing agency HTF Market Intelligence, the market’s expansion is underpinned by several key factors, including the escalating demand for cloud services, the strategic shift towards managed IT services, and heightened cybersecurity concerns among businesses.
The report said that these trends are driven by the need for specialized expertise, rapid technological advancements, and the imperative to reduce operational costs.
As companies continue to navigate the complexities of digital transformation, the strategic outsourcing of IT services emerges as a key enabler of competitiveness and innovation.
HTF Market Intelligence also identified the prominent players in the market throughout the forecast period. This includes tech giants like Accenture, HCL Technologies, HPE, IBM, TCS, Microsoft, OneNeck IT Solutions, Genpact, Essintial Enterprise Solutions, Wipro, Infosys, and Adobe Inc.
Their diverse service offerings, spanning from software development to cybersecurity and cloud services, underscore the market’s competitive and dynamic nature.
The report from HTF Market Intelligence also emphasizes the importance of strategic planning for businesses to leverage the opportunities presented by IT outsourcing. This includes tapping into specialized skills, scaling operations efficiently, and achieving cost reductions.
