APAC IT, biz services market at record-high growth for 2021
Asia Pacific’s (APAC) IT and business services market grew at its fastest pace ever at 44% to a record $16.1 billion, according to global technology research and advisory firm Information Services Group (ISG).
The Asia Pacific ISG Index, which measures commercial outsourcing contracts with annual contract value (ACV) of US$5 million or more, showed that the full-year ACV for the combined market is the region’s best annual growth rate since 2014.
XaaS spending rose 47% to a record US$13.2 billion with infrastructure-as-a-service (IaaS) growing 47.5% to US $11.7 billion and software-as-a-service (SaaS) increasing by 40% to US $1.5 billion.
Meanwhile, managed services advanced 32% to US$2.9 billion with IT outsourcing growing 26% to US$2.3 billion, and business process outsourcing (BPO) climbing 57.5% to US$628 million.
APAC also recorded a total of 213 managed services contracts in 2021, including 24 worth more than $30 million.
Major markets that posted significant gains in 2021 include Japan (49%), Australia- New Zealand (38%), and China (30%).
