NEW YORK, Sept. 15, 2023 /PRNewswire/ — The IT Professional Services Market is expected to increase at a CAGR of 9.09% during the forecast period. The IT professional services market is driven by the widespread adoption of digital transformation. This involves integrating technology into various aspects of business, adapting to new customer expectations, and utilizing the cloud for data management. IT professional services play a significant role in facilitating this transformation, helping companies to optimize operations and leverage data-driven insights for competitive advantage. Download the free sample report now for detailed market insight.
Challenges to be faced by the IT Professional Services Market
A significant challenge of the IT Professional Services market is the shortage of skilled IT professionals. It is particularly acute in areas such as cybersecurity, data analytics, artificial intelligence, cloud computing, and software development. The rapidly evolving nature of technology necessitates continuous learning and upskilling for professionals to remain relevant. Furthermore, educational institutions often struggle to keep their curricula aligned with the latest industry trends, resulting in a gap between graduates’ skills and employers’ needs. Additionally, many companies require IT professionals with industry-specific experience, further increasing the skills gap. This shortage of skilled IT professionals set a significant obstacle to the market’s growth between the forecast period.
Segmentation of IT Professional Services Market
The IT professional services market is segmented by type (Project-oriented services, Information technology outsourcing, IT supporting and training services, and Enterprise cloud computing services), end-user (Large enterprises, Small, and medium enterprises), and geography (North America, Europe, APAC, Middle East and Africa, and South America).
The project-oriented services segment is expected to contribute to the market share during the forecast period. Within the global IT professional services market, project-oriented services refer to the provision of IT services on a project-by-project basis, usually with well-defined objectives, timelines, and deliverables. These services are tailored to address unique business requirements and are sought after by organizations when they need specialized expertise, resources, and technical skills for specific IT projects.
Get more information on the market segmentation, download the sample report here
Key Companies in the IT Professional Services Market
Accenture PlcAmazon.com Inc.Atos SECapgemini Service SASCGI Inc.Cisco Systems Inc.Cognizant Technology Solutions Corp.Dell Technologies Inc.Deloitte Touche Tohmatsu Ltd.Fujitsu Ltd.HCL Technologies Ltd.Infosys Ltd.International Business Machines Corp.Mahindra and Mahindra Ltd.Microsoft Corp.Oracle Corp.Salesforce Inc.SAP SETata Consultancy Services Ltd.Wipro Ltd.Buy the full report for complete insight of IT Professional Services Market
Related Reports:
Cloud Professional Services Market: The Cloud Professional Services Market size is estimated to grow at a CAGR of 15.88% between 2022 and 2027. The market size is forecast to increase by USD 23.15 billion.
Professional Service Automation (PSA) Software Market: The professional service automation (PSA) software market share is expected to increase by USD 6.79 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 12.08%.
IT Professional Services Market Scope
Report Coverage
Details
Base year
2022
Historic period
2017-2021
Forecast period
2023-2027
Growth momentum & CAGR
Accelerate at a CAGR of 9.09%
Market growth 2023-2027
USD 461.56 billion
Market structure
Fragmented
YoY growth 2022-2023 (%)
8.67
Regional analysis
North America, Europe, APAC, Middle East and Africa, and South America
Performing market contribution
North America at 37%
Key countries
US, Canada, China, UK, and Germany
Competitive landscape
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled
Accenture Plc, Amazon.com Inc., Atos SE, Capgemini Service SAS, CGI Inc., Cisco Systems Inc., Cognizant Technology Solutions Corp., Dell Technologies Inc., Deloitte Touche Tohmatsu Ltd., Fujitsu Ltd., HCL Technologies Ltd., Infosys Ltd., International Business Machines Corp., Mahindra and Mahindra Ltd., Microsoft Corp., Oracle Corp., Salesforce Inc., SAP SE, Tata Consultancy Services Ltd., and Wipro Ltd.
Market dynamics
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Table of Contents:
Executive SummaryMarket LandscapeMarket SizingHistoric Market SizesFive Forces AnalysisMarket Segmentation by TypeMarket Segmentation by End-UserCustomer LandscapeGeographic LandscapeDrivers, Challenges, & TrendsCompany LandscapeCompany AnalysisAppendixAbout Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: media@technavio.comWebsite: www.technavio.com/
View original content to download multimedia:https://www.prnewswire.com/news-releases/it-professional-services-market-to-grow-by-usd-461-56-billion-between-2022—2027the-increase-in-digital-transformation-drives-market-growth—technavio-301928648.html
SOURCE Technavio
NEW YORK, Sept. 15, 2023 /PRNewswire/ — The IT Professional Services Market is expected to increase at a CAGR of 9.09% during the forecast period. The IT professional services market is driven by the widespread adoption of digital transformation. This involves integrating technology into various aspects of business, adapting to new customer expectations, and utilizing the cloud for data management. IT professional services play a significant role in facilitating this transformation, helping companies to optimize operations and leverage data-driven insights for competitive advantage. Download the free sample report now for detailed market insight.
Challenges to be faced by the IT Professional Services Market
A significant challenge of the IT Professional Services market is the shortage of skilled IT professionals. It is particularly acute in areas such as cybersecurity, data analytics, artificial intelligence, cloud computing, and software development. The rapidly evolving nature of technology necessitates continuous learning and upskilling for professionals to remain relevant. Furthermore, educational institutions often struggle to keep their curricula aligned with the latest industry trends, resulting in a gap between graduates’ skills and employers’ needs. Additionally, many companies require IT professionals with industry-specific experience, further increasing the skills gap. This shortage of skilled IT professionals set a significant obstacle to the market’s growth between the forecast period.
Segmentation of IT Professional Services Market
The IT professional services market is segmented by type (Project-oriented services, Information technology outsourcing, IT supporting and training services, and Enterprise cloud computing services), end-user (Large enterprises, Small, and medium enterprises), and geography (North America, Europe, APAC, Middle East and Africa, and South America).
The project-oriented services segment is expected to contribute to the market share during the forecast period. Within the global IT professional services market, project-oriented services refer to the provision of IT services on a project-by-project basis, usually with well-defined objectives, timelines, and deliverables. These services are tailored to address unique business requirements and are sought after by organizations when they need specialized expertise, resources, and technical skills for specific IT projects.
Get more information on the market segmentation, download the sample report here
Key Companies in the IT Professional Services Market
Accenture PlcAmazon.com Inc.Atos SECapgemini Service SASCGI Inc.Cisco Systems Inc.Cognizant Technology Solutions Corp.Dell Technologies Inc.Deloitte Touche Tohmatsu Ltd.Fujitsu Ltd.HCL Technologies Ltd.Infosys Ltd.International Business Machines Corp.Mahindra and Mahindra Ltd.Microsoft Corp.Oracle Corp.Salesforce Inc.SAP SETata Consultancy Services Ltd.Wipro Ltd.
Buy the full report for complete insight of IT Professional Services Market
Related Reports:
Cloud Professional Services Market: The Cloud Professional Services Market size is estimated to grow at a CAGR of 15.88% between 2022 and 2027. The market size is forecast to increase by USD 23.15 billion.
Professional Service Automation (PSA) Software Market: The professional service automation (PSA) software market share is expected to increase by USD 6.79 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 12.08%.
IT Professional Services Market Scope
Report Coverage
Details
Base year
2022
Historic period
2017-2021
Forecast period
2023-2027
Growth momentum & CAGR
Accelerate at a CAGR of 9.09%
Market growth 2023-2027
USD 461.56 billion
Market structure
Fragmented
YoY growth 2022-2023 (%)
8.67
Regional analysis
North America, Europe, APAC, Middle East and Africa, and South America
Performing market contribution
North America at 37%
Key countries
US, Canada, China, UK, and Germany
Competitive landscape
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled
Accenture Plc, Amazon.com Inc., Atos SE, Capgemini Service SAS, CGI Inc., Cisco Systems Inc., Cognizant Technology Solutions Corp., Dell Technologies Inc., Deloitte Touche Tohmatsu Ltd., Fujitsu Ltd., HCL Technologies Ltd., Infosys Ltd., International Business Machines Corp., Mahindra and Mahindra Ltd., Microsoft Corp., Oracle Corp., Salesforce Inc., SAP SE, Tata Consultancy Services Ltd., and Wipro Ltd.
Market dynamics
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Table of Contents:
Executive SummaryMarket LandscapeMarket SizingHistoric Market SizesFive Forces AnalysisMarket Segmentation by TypeMarket Segmentation by End-UserCustomer LandscapeGeographic LandscapeDrivers, Challenges, & TrendsCompany LandscapeCompany AnalysisAppendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
View original content to download multimedia:https://www.prnewswire.com/news-releases/it-professional-services-market-to-grow-by-usd-461-56-billion-between-2022—2027the-increase-in-digital-transformation-drives-market-growth—technavio-301928648.html
SOURCE Technavio