IT Professional Services Industry Overview
The global IT professional services market size was valued at USD 777.28 billion in 2021 and is expected to register a compound annual growth rate (CAGR) of 11.2% from 2022 to 2030.
The rise of automation to eliminate mundane tasks and radical shifts in customer demand such as customized pricing and enhanced customer experience are pushing enterprises to implement IT services across the globe. Additionally, the COVID-19 pandemic tested the professional services industry by forcing them to implement remote working at a large scale and adjust their business strategies to the rapidly changing market conditions. Additionally, the COVID-19 outbreak also accelerated several technological changes across industries, where firms survived the pandemic with the help of technology by focusing on resource management and talent acquisition.
Gather more insights about the market drivers, restrains and growth of the Global IT Professional Services Market
In the current scenario, firms are preparing for possible challenges ahead, they are redesigning their business models to make sure they have the required skillsets, funds, and tools to gain an advantage in the long run. IT professional services help organizations in identifying the areas for cost-saving and offer multiple other benefits, such as Business Intelligence (BI), accurate forecasting, improved business operations, and reduced wastage of resources. Several firms are expected to utilize IT professional services to streamline their business post-pandemic further boosting the business growth.
Professional service firms can offer a combination of services such as consultation, audit & accounting, implementation support, and immunity from financial risk. They offer analytic capabilities and a basis for managing business information. In today’s competitive market it is hard to survive with silos of data & legacy tools, so organizations depend on IT professional services to use advanced tools. These tools facilitate sharing of resources, automate the delivery process and provide accurate insights, which will further drive the industry growth.
Implementation of IT professional services can be found in various private and public sectors; some businesses may use professional services as the primary line of business, whereas for some businesses, it works as a value driver to the core offering. As businesses grow, firms need more robust tools to work efficiently, in such cases it is extremely helpful to deploy professional services as it oversees projects, track time and bill, manage resources and automate mundane back-end tasks. IT professional services utilize several advanced technologies such as Robotic Process Automation (RPA), Artificial Intelligence (AI), Machine Learning (ML), Internet of Things (IoT), chatbots, blockchain, and big data analytics to create new business models and consequently map their business strategies to enhance their returns.
Increased competition and digitalization is pushing organizations to engage with professional service providers. These service providers primarily focus on helping organizations to improve their operational efficiency by addressing issues related to poor service infrastructure and improper staffing. The IT professional service providers offer a streamlined and standardized approach to the organization’s administrative processes which help in the digital transformation of the organization’s operations. Based on the strategy, firms can categorize the usage of professional services into two sections. First, business-centric which offers value-driven revenue models, and second, employee-centric that can be utilized for the recruitment of hybrid talent and fill the skill gap.
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IT Professional Services Market Segmentation
Grand View Research has segmented the global IT professional services market based on type, deployment, end use, and region:
IT Professional Services Type Outlook (Revenue, USD Billion, 2017 – 2030)
- Project-oriented Services
- ITO Services
- IT Support & Training Services
- Enterprise Cloud Computing Services
IT Professional Services Deployment Outlook (Revenue, USD Billion, 2017 – 2030)
IT Professional Services End-Use Outlook (Revenue, USD Billion, 2017 – 2030)
- Technology Companies
- Consulting Companies
- Marketing & Communication Companies
- Others (Architectural Companies, Scientific & Market Research Organizations, Educational Institutions, and Hospitality Industry)
IT Professional Services Regional Outlook (Revenue, USD Billion, 2017 – 2030)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Market Share Insights
- June 2020: Netmagic, an NTT company collaborated with VMware to launch cloud health services in India. The collaboration helped Netmagic in cost optimization, resource management, and data security.
Key Companies profiled:
Some prominent players in the global IT professional services market include
- Datto, Inc.
- International Business Machines Corporation
- DXC Technology Company
- Hewlett Packard Enterprise Development LP
- Microsoft Corporation
- Oracle Corporation
- VMware, Inc.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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