July 07, 2020
As per the regional analysis, ‘Global IT Sourcing Market Size study with COVID-19 impact, by Service (Software Development, Web Development, End-User Support and Management, Help Desk, Database Development and Management and Telecommunication), by End-User (Government, BFSI, Telecom and Others) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global IT sourcing market is projected to register a healthy growth rate through 2026.
Lucrative benefits such as reduced costs, improved efficiency, availability of scarce skills or resources, access to innovative intellectual property, and decreased investment in internal infrastructure are the key benefits fueling the demand for IT sourcing. According to Statista, worldwide outsourcing industry was valued at over USD 76.9 billion in 2016 and reached USD 92.5 billion in 2019, indicating a positive growth trend for the IT sourcing industry.
For the uninitiated, information generation subcontracting mostly involves sub-contracting of operations or to keep log of assets outside of an organization for all or a distinct part of an IT operation which no longer requires much technical abilities. Short term backing or cheaper rates for easily manageable tasks is a major factor encouraging corporates to avail IT outsourcing.
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Upsurge in demand for outsourcing services, in conjunction with rapid expansion of information technology (IT) sectors across industry verticals will foster the industry growth in the coming years. However, additional costs associated with IT sourcing will negatively impact the business outlook over the forecast duration.
Additionally, global COVID-19 pandemic has halted the operations of many industries and organizations due to strict lockdown measures to contain the spread of the coronavirus. This has resulted in slowing down several business processing and consequently limited the demand for sourcing of services in several organizations, thereby, decelerating the IT sourcing industry growth.
As per the regional analysis, global IT sourcing market is fragmented into North America, Europe, Asia Pacific, Latin America, and Rest of the World. The report claims that North America accounts for majority market share, owing to exponential growth of the IT industry in the region.
Meanwhile, Asia Pacific IT sourcing market is slated to register a strong CAGR through 2026, primarily driven by the rapid progression of outsourcing industries spread across the region.
Key players operating in global IT sourcing market are Dell Technologies, Inc., SYNNEX Corporation, Quality Systems, Inc., HP Corporation, CA Technologies, Cisco Systems, Inc., IBM Corporation, and Accenture PLC.