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News » IMARC Group: IT outsourcing market to hit $827Bn by 2032

IMARC Group: IT outsourcing market to hit $827Bn by 2032

IT outsourcing market 2032
Photo from IMARC Group

WYOMING, UNITED STATES — The IT outsourcing industry looks set for substantial growth over the next years, expanding from $575.2 billion in 2023 to $827.3 billion in 2032 with a 4% compound annual growth rate (CAGR).

According to a report by market research firm IMARC Group, the integration of cloud computing, which allows enhanced access, cost savings, and scalability, is driving increased demand in the market. As providers offer more cloud-based solutions, companies are transitioning systems and adopting hybrid work models.

The increasing focus of businesses on cybersecurity and data privacy is also encouraging companies to opt for IT outsourcing services.

Further, the increasing adoption of several advanced technologies by businesses worldwide, such as artificial intelligence (AI), machine learning, data analytics, and IoT (Internet of Things), is creating a positive outlook for the market.

IMARC Group’s report named Accenture, Capgemini, Dell Technologies, DXC Technology, Fujitsu Limited, IBM, NTT Group, Specialist Computer Centres (SCC), and Wipro as the leading companies operating in the global IT outsourcing industry.

The report also showed that software-as-a-service (SaaS) currently holds the greatest share of the market due to its cost-efficiency, scalability, and ability to streamline software management for businesses.

The Banking, Financial Services, and Insurance (BFSI) segment also represents the largest market segment by end-users due to its complex technology needs, data security requirements, and the cost-effectiveness of outsourcing these services.

Geographically, North America’s dominance in the IT outsourcing market is attributed to the mature technology ecosystem, strong regulatory framework, and the availability of a skilled workforce in the region. However, Asia Pacific may see the quickest growth as firms there scale internationally and utilize outsourcing.

With rising interest in digital transformation and emerging technology, demand looks set to continue growing. As organizations seek external expertise to streamline operations and focus on core goals, the outlook for the IT outsourcing industry remains positive.

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