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Global IT Outsourcing Market Driven by Optimization of Business Process | Technavio

Technavio market research analysts forecast the global IT outsourcing market to grow at a CAGR of over 4% during the period 2018-2022, according to their latest report.

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Technavio has published a new market research report on the global IT outsourcing market from 2018-2 ...

Technavio has published a new market research report on the global IT outsourcing market from 2018-2022. (Graphic: Business Wire)

In this report, Technavio highlights the growing digital transformation in organizations as one of the key emerging trends in the global IT outsourcing market. The new digital age in IT businesses is changing the market behavior quickly; businesses are rapidly accepting IT outsourcing to meet the IT requirements. Companies realize the benefits of the application of digital technologies that help them augment their business performance and deliver better services to their customers. Digital transformation is not specific to the individual industry, and hence, it affects all the industries regardless of their product and service offerings. Companies that are adopting digital technologies are witnessing a significant change in their performance and business model. This is supporting the growth of the market as several IT service providers around the globe are providing support for the digital transformation of global firms.

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In this report, Technavio analysts highlight the need to optimize business processes as a key factor contributing to the growth of the global IT outsourcing market:

Need to optimize business processes

At present, enterprises have been concentrating on improving the overall efficiency of the organization. Organizations need strategic planning that is aligned with their operational strategy in order to innovate their product and service offerings. IT outsourcing is helping organizations to align their project management planning with their business objectives for innovations and sustainable development. IT outsourcing services help enterprises in the strategic planning process and provide them with the means to assign resources for the project development across various locations globally.

According to a senior analyst at Technavio for ITO and BPO, “IT outsourcing services help in achieving capacity optimization, lead time and cost reduction, as well as profit incrementation. These services boost the processes of an organization by improving resource control, which improves the productivity and efficiency of the firm. Many enterprises are looking for IT outsourcing services that can accelerate their growth due to the increasing importance of IT systems. Therefore, the rising requirements to optimize project management and business processes in organizations are expected to propel the growth of the global IT outsourcing market during the forecast period.”

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Global IT outsourcing market segmentation

This market research report segments the global IT outsourcing market into the following end-users (government, BFSI, telecommunications, energy and utilities, manufacturing, healthcare, retail, and media and entrainment) and key regions (the Americas, APAC, and EMEA).

Of the eight major end-users, the government segment held the largest market share in 2017, accounting for nearly 35% of the market. As per the present technology implementation in the government sector, cloud computing has been rapidly integrated with government systems to keep up with the growing digitization in the market.

The Americas was the leading region for the global IT outsourcing market in 2017, accounting for a market share of nearly 50%. By 2022, EMEA is expected to register a growth of nearly 5%.

 

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About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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