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

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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