The latest research study “IT outsourcing market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecasts 2022-2027” by IMARC Group notes that the size of the global IT outsourcing market reached US$522.3 billion in 2021. IMARC Group expects the market to be worth $689.2 billion by 2027, at a CAGR of 4.60% over 2022-2027.

Effects of Covid-19:

We regularly track the direct impact of COVID-19 on the market as well as the indirect impact of related industries. These observations are integrated into the report.

Industry definition and application:

IT outsourcing refers to the use of external service providers to provide IT-enabled business processes, application services and infrastructure solutions for business outcomes. This also includes software as a service, utility services and cloud-enabled outsourcing. It helps clients develop the right sourcing vision and strategies, structure the best contracts, select the right IT service providers and steer deals for sustainable relationships with external providers. In recent years, IT outsourcing has gained traction as it allows staffing flexibility for an organization to add additional resources as needed and release them when they are ready to meet cyclical or seasonal demand.

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IT Outsourcing Market Trends and Drivers:

One of the main drivers of the market is the increasing number of start-up companies. In addition, a company’s extensive adoption of advanced technologies to test, manage, develop, troubleshoot, install, and configure computer hardware and software creates positive market prospects.

Apart from that, there is increasing emphasis on creating an IT-efficient infrastructure and the demand for IT services such as organizational consulting services and system integration is growing…