How big is the IT Outsourcing Market?

The IT Outsourcing Market size is expected to reach USD 617.69 billion in 2024 and grow at a CAGR of 5.48% to reach USD 806.53 billion by 2029. Read More

What is the current IT Outsourcing Market size?

In 2024, the IT Outsourcing Market size is expected to reach USD 617.69 billion. Read More

Who are the key players in IT Outsourcing Market?

IBM Corporation, DXC Technologies, Accenture PLC, NTT Corporation and Infosys Limited are the major companies operating in the IT Outsourcing Market. Read More

Which is the fastest growing region in IT Outsourcing Market?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in IT Outsourcing Market?

In 2024, the Asia Pacific accounts for the largest market share in IT Outsourcing Market. Read More

What years does this IT Outsourcing Market cover, and what was the market size in 2023?

In 2023, the IT Outsourcing Market size was estimated at USD 583.84 billion. The report covers the IT Outsourcing Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the IT Outsourcing Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

What are the key factors driving IT Outsourcing Market growth?

Key factors driving the IT Outsourcing Market are: a) Cost reduction b) Access to specialized skills c) Improved efficiency and scalability d) Focus on core business functions, and e) Technological advancements Read More

What are the key factors driving IT Outsourcing Market growth?

Key factors driving the IT Outsourcing Market are: a) Cost reduction b) Access to specialized skills c) Improved efficiency and scalability d) Focus on core business functions, and e) Technological advancements Read More

IT Outsourcing Market - Trends, Industry Size & Share

IT Outsourcing Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

It Outsourcing is Witnessing Significant Growth Due To Digital Transformation, Driving Businesses To Rely More On IT Services Outsourcing for A Competitive Edge. IT Support Outsourcing Has Evolved Beyond Cost-Cutting, With Cloud Services Migrations Fueling This Shift. IT Managed Services, Particularly Application Development and Maintenance, are in High Demand, With Companies Like Slack and Alibaba Capitalizing On IT Offshoring. The Market is Highly Competitive and Fragmented, With IT Contracting, It Service Management, It Business Process Outsourcing, and IT Infrastructure Outsourcing Playing Crucial Roles.

IT Outsourcing Industry Overview

The IT outsourcing market exhibits significant fragmentation, featuring key industry players such as IBM Corporation, DXC Technologies, Accenture PLC, NTT Corporation, and Infosys Limited. These market participants employ various strategies, such as forming partnerships and pursuing acquisitions, to bolster their product portfolios and establish sustainable competitive advantages.

In November 2023, DXC Technology, a global technology service company, and ServiceNow, a digital workflow company, announced a strategic partnership to transform customer service and workflow management globally. They aim to integrate ServiceNow's advanced analytics and AI from its ITSM Pro and process mining solutions into DXC platform X to drive innovation for joint customers.
In July 2023, NTT DATA (global digital business and IT service leader) announced the launch of an outsourcing service for security management to prevent cyber attack incidents and minimize damage when incidents occur. The service was launched in Japan in July 2023 and expanded worldwide within the fiscal year (March 2024).
In June 2023, Infosys acquired Danske Bank's IT operation in India, part of an IT outsourcing contract worth USD 454 million over five years, to focus on its digital transformation. Through this contract, the company introduced generative artificial intelligence into the services.