The Global IT Outsourcing Market was valued at USD 340.5 billion in 2020, and it is expected to reach USD 400.9 billion by 2026, registering a CAGR of 4.8%, during the forecast period (2021 - 2026).
Major Competitors in the market includes Accenture, HCL Technologies, HPE, IBM, TCS, Oracle, Cognizant, Infosys, CapGemini, NTT Data, Sodexo, ACS and ISS.
Accenture has acquired Arca in Nov 2020, a Spanish engineering services company with a focus on network operations and business services. Its 640 employees will join Accenture in Spain.
Arca provides multidisciplinary services for network operations including activities to engineer, design, deploy, and manage telecom infrastructure supported by an integrated platform that automates network monitoring, optimizes processes and predicts system anomalies. The combination of these capabilities with Accenture’s SynOps platform will advance Accenture’s ability to help organizations pivot operating models to new sources of growth.
September 16, 2020 — HCL Technologies (HCL), a leading global technology company, and Google Cloud announced the expansion of their strategic partnership to bring HCL’s Actian portfolio, starting with Actian Avalanche, to Google Cloud. Actian Avalanche is a high-performance hybrid cloud data warehouse designed to power an enterprise’s most demanding operational analytics workloads. Actian Avalanche enables a seamless path to migrate legacy data warehouses, including IBM Netezza and Oracle Exadata, to Google Cloud, through a hybrid-cloud offering leveraging Google Cloud’s Anthos application platform.
Cost-saving will remain the primary reason why companies will be moving towards outsourcing but the technical skill of a diverse pool will also be equally important. IT outsourcing companies and businesses will be focusing more on outcomes. This will eventually result in the growth of strategic partnerships.
Future Of Outsourcing-
- Strategic Partnership- Entrepreneurs will now be aiming at building partner relationships. Also, they will be taking into account how offshore companies will help to provide innovation in future projects. The relationship between businesses and IT outsourcing agencies will become more trustworthy.
- Changes in the Contract- Clients and outsourcing companies agree to the fact that it is easier to measure the outsourcing relationship’s success with the help of a desirable outcome. The focus will be on quality results as per the contract requirements and expected performance levels. Both parties agree on mutual understanding of risk-sharing as they bear the brunt of mishaps or myriad of benefits at the same time.
- Adoption of agile Development- 71% of companies has already adopted Agile for their business management and everyday operations. Businesses have understood the value of flexible project management and now striving to utilize the practices in software development also. Therefore companies look for experienced offshoring firms that follow well-established Agile practices and are willing to share their expertise with customers.
Market Segmented by Services, by end users and by region. By services it includes Application/Software Development, Web Development, Application Support and Management, Technical Support/Help Desk, Database Development and Management and Telecommunication. By End Users it will be Government, BFSI, Telecom and Others. Geographically it has North America, Europe, ASPAC, and Row. North America has highest market in a forecast period due to presence of advance expert in this region. Asia-Pacific is anticipated to expand significantly during the forecast period. Demand for IT outsourcing in the region is primarily generated from countries such as India, China, and Japan. India has been considered as one of the most mature global IT outsourcing destinations with a wide range of options. The country has been working in this direction for more than 25 years and has maintained its dominance among the top IT outsourcing destinations since then.
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