Global IT Professional Services Market By Type (ITO Services, Project-oriented Services, and IT Support & Training Services), By Deployment Mode (Cloud and On-premise), By End-Use (Technology Companies, Marketing & Communication Companies, and Other End-Uses), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2022-2032
- Published date: May 2023
- Report ID: 42916
- Number of Pages: 387
IT Professional Services Market Overview:
The market for IT Professional Services in the global market was worth USD 776,210 million in 2021. This market is expected to experience a CAGR of 9.8% between 2023-2032.
Companies are now deploying IT services worldwide due to the automation of mundane tasks and shifts in customer demands such as personalized pricing and better customer service. In addition, the COVID-19 outbreak forced professional service companies to adopt remote working on a large scale and adapt their business strategies to changing market conditions.
The COVID-19 epidemic also led to technological advances across industries. Companies that managed to survive the pandemic were able to use technology to improve their resource management and talent acquisition.
Global IT Professional Services Market Analysis
The market leader in IT professional services in 2021 was the project-oriented services segment, which accounted for more than 37% of the total revenue. These services can be used to install, modernize, maintain, and decommission a project. These services are often customized to meet the client’s needs.
This helps them optimize their operational efficiency and deliver projects on schedule within the budget. Many benefits can be realized for organizations through project-oriented services. These services include resource management, scope and revenue management, preparation of better quotes, effective delivery, and preparing the necessary quotations. These are the key factors that drive the segment’s popularity.
Information Technology Outsourcing (ITO), the service segment that helps organizations across industries respond to changing business demands, will see the fastest CAGR of 11% over the forecast period. ITO services allow organizations to have access to technical expertise, provide automation, and lower costs by selecting the right delivery model.
ITO services also offer a wide range of resources to help create a strong Return on Investment (ROI), which bridges the gap between legacy IT systems with innovation. These services are expected to gain growth because they offer high-performance computing, compliance, security, and scalability.
Deployment Mode Analysis
Cloud services dominated the IT market in 2021. By offering flexibility and operational agility, cloud deployment can increase enterprise value. It also provides storage management capabilities. Organizations are increasingly moving to cloud-based platforms because of the ease of deployment and lower installation costs.
It also helps companies improve efficiency, accessibility, and scaling, which is driving the demand for cloud computing. Cloud computing is being adopted by many enterprises to ensure flexible working environments and the adoption of Bring Your Own Device (BYOD).
Over the forecast period, on-premise is expected to experience significant growth at a CAGR of 9.5%. Organizations opt for on-premise deployment because they can have better control over the IT infrastructure, as well as the ability to adapt it to their needs. Data protection is the main reason firms choose to deploy on-premise. It means sensitive data won’t leave the company premises and it will be protected against potential fraud and data loss.
Firms are encouraged to use on-premise deployment because they have less dependence on the internet. This means that even in the event of a network failure, employees will still be capable of accessing data. These benefits will likely drive the demand for on-premise deployment.
End Use Analysis
The market was dominated by technology companies, which held a significant market share in 2021. IT professional services are essential for companies that rely on data analytics. Technology is continually evolving. This is why many technology companies, especially those focusing on Technology as a Service (TaaS), choose to use IT professional services as part of their support for their business operations.
Digital transformation was also necessary after the COVID-19 epidemic. This led to many technological shifts in work culture including remote working and maintaining IT infrastructure. All these factors contribute to the IT services market growth.
Marketing and communication companies are expected to experience the fastest growth with a CAGR of 11.5% during the forecast period. These companies require extensive market research, website analysis, budget allocation, and other IT services. This segment will be further impacted by the growth of digital media, as well as enhanced customer experiences.
It is crucial that communication and marketing companies actively engage customers and monitor their activities for future evaluation. This allows communication and marketing companies to save significant money by actively sharing information and sending targeted ads.
Key Market Dynamics
- ITO Services
- Project-oriented Services
- Enterprise Cloud Computing Services
- IT Support & Training Services
By Deployment Mode
- Technology Companies
- Marketing & Communication Companies
- Consulting Companies
- Other End-Uses
Companies are adapting to the changing environment by redesigning their business models in order to be prepared for any challenges that may arise. IT professional services assist organizations in identifying areas of cost-saving. They also offer many other benefits, including Business Intelligence (BI), forecasting, improved business operations, reduced resource consumption, and accurate forecasting.
IT services are being used by many companies to boost their business growth after the pandemic. Many professional service firms offer a range of services including consulting, audit & accounting and implementation support. They also provide financial risk immunity. They can provide business information management and analytic capabilities.
With legacy tools and silos of data, it’s difficult to compete in today’s market. Therefore, IT professional services are essential for organizations to utilize advanced tools. These tools enable sharing of resources and automate the delivery process. They also provide detailed Analyses that will drive industry growth.
IT professional services are available in both the public and private sectors. Some businesses use professional services as their primary line of business while others use it as a value driver to their core offering. Companies grow more complex and need better tools to run their businesses.
Professional services can be extremely useful in managing projects, tracking time, managing resources, and automating mundane back-end tasks. The most advanced technologies used by IT professional services include Artificial Intelligence and Machine Learning (ML), Robotic Process Automation, and the Internet of Things IoT. They also use chatbots and blockchain to help create new business models.
Organizations are being forced to seek professional service providers due to increasing competition and digitalization. These service providers help organizations improve their operational efficiency by fixing issues such as poor service infrastructure or inefficient staffing.
The IT professional services providers are able to streamline and standardize the organization’s administrative processes, which helps in the digital transformation. The strategy allows firms to categorize professional service usage into two groups. There are two types of professional services: business-centric to generate revenue through value-driven models and employee-centric to help fill the skill gap.
North America dominated this market in 2021. They accounted for over 36.3% of the total market. This was due to their high adoption of Enterprise Resource Planning (ERP), and cloud services that allow data management. Further, due to the rapid growth of the regional retail sector, vendors must use features such as inventory management, reporting, and data analytics.
A majority of U.S. affiliates owned by foreigners are investing heavily in the research and development of IT services. This will help support the growth of IT services across the region.
Asia Pacific is expected to be the fastest-developing market in the region with a CAGR of 11.6% over the forecast period. The region’s demand for knowledge-based services is expected to grow exponentially, especially in the legal and advisory, as well as accounting services industries.
This will increase the region’s growth during the forecast period. APAC will also benefit from the growing focus on IT in emerging economies such as India and China, which will create many opportunities for IT professionals. A large number of SMEs from the Asia Pacific rely on professional services to help them run their daily operations.
Key Regions and Countries covered іn thе rероrt:
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- South America
- Rest of South America
- South Africa
- Rest of MEA
As part of their efforts in acquiring new customers and increasing their market shares, eminent market players are actively investing in research & Development activities. They also improve their internal processes and engage in new product design.
They are also looking at mergers and acquisitions as a way to gain a competitive advantage in the market. Netmagic, an NTT-owned company, collaborated with VMware to launch cloud health services for India. Netmagic gained cost optimization, resource management, and data security benefits from the collaboration.
Маrkеt Кеу Рlауеrѕ:
- VMware Inc.
- Accenture Plc
- Capgemini SE
- IBM Corporation
- Fujitsu Limited
- Hewlett Packard Enterprise Development LP
- Microsoft Corporation
- Oracle Corporation
- Other Key Players
For the IT Professional Services Market research study, the following years have been considered to estimate the market size:
Attribute Report Details
Short Term Projection Year
Long Term Projection Year
Competitive Landscape, Revenue analysis, Company Share Analysis, Manufacturers Analysis, Volume by Manufacturers, Key Segments, Key company analysis, Market Trends, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis, strategy for existing players to grab maximum market share, and more.
North America, Europe, Asia-Pacific, South America, Middle East & Africa
United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa
Frequently Asked Questions (FAQ)Q: What is the size of the IT Professional Services market in 2021?
A: The IT Professional Services market size is US$ 776,210 million in 2021.Q: What is the projected CAGR at which the IT Professional Services market is expected to grow at?
A: The IT Professional Services market is expected to grow at a CAGR of 9.8% (2023-2032).Q: List the segments encompassed in this report on the IT Professional Services market?
A: Market.US has segmented the IT Professional Services market by geographic (North America, Europe, APAC, South America, and Middle East and Africa). By Type, the market has been segmented into ITO Services, Project-oriented Services, Enterprise Cloud Computing Services, and IT Support & Training Services. By Deployment Mode, the market has been further divided into Cloud and On-premise. By End-Use, the market has been further divided into Technology Companies, Marketing & Communication Companies, Consulting Companies, and Other End-Uses.Q: List the key industry players of the IT Professional Services market?
A: VMware Inc., Accenture Plc, Capgemini SE, IBM Corporation, Fujitsu Limited, Hewlett Packard Enterprise Development LP, Microsoft Corporation, Oracle Corporation, and Other Key Players are engaged in the IT Professional Services marketQ: Which region is more appealing for vendors employed in the IT Professional Services market?
A: North America is expected to account for the highest revenue share of 36.3%. Therefore, the IT Professional Services industry in North America is expected to garner significant business opportunities over the forecast period.Q: Name the key areas of business for IT Professional Services?
A: The US, India, China, Canada, UK, Japan, & Germany are key areas of operation for the IT Professional Services Market.Q: Which segment accounts for the greatest market share in the IT Professional Services industry?
A: With respect to the IT Professional Services industry, vendors can expect to leverage greater prospective business opportunities through the project-oriented services segment, as this area of interest accounts for the largest market share.
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