IT outsourcing market set for $720.2Bn by 2028
DUBLIN, IRELAND — The global IT outsourcing market is projected to climb to $720.2 billion by 2028 at a compound annual growth rate (CAGR) of 4.48% between 2023 and 2028.
According to a report from ResearchAndMarkets.com, factors propelling this growth include the COVID-19 pandemic’s influence, prompting businesses to reevaluate their budgets. Many have chosen to outsource non-core operations to safeguard their financial position and navigate the challenges brought by the pandemic.
High costs associated with in-house data storage have also accelerated the outsourcing trend, given its benefits like cost savings on labor, efficient infrastructure, and tax advantages.
Small and medium-sized enterprises (SMEs) increasingly rely on IT outsourcing, facing stiff global competition and limited resources. This move boosts efficiency and aids in global outreach.
Moreover, the healthcare sector harnesses IT outsourcing for diverse tasks, from finance management and IT upkeep to coding and customer support. Such integration simplifies medical procedures and advances research, further buoying the market’s potential.
