IT Professional Services Market Size, COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI4062
IT Professional Services Market size is poised to generate massive proceeds over 2021 to 2027 given the rising demand for flexible and personalized professional services across myriad end user industries.
These services offer enterprises an economical route to focus on the prevention of data theft and enhancing cybersecurity within the network. This apart, services’ umpteen benefits like accurate forecasting, Business Intelligence, support in optimizing business operations, improving organization revenues, and minimizing the wastage, is also touted to drive the market growth by 2027. The slating trend of cloud computing is also likely to spur the demand for IT professional services in consulting, marketing, technology, and communication companies.
Based on the deployment structure, IT professional services market share is expected to gain major prominence from cloud-based services as these provide better options in terms of operational efficacy and storage management. In fact, it has been claimed that cloud-based services like SaaS and laaS are likely to augment in the foreseeable time, adding to the growth prospects of the billion-dollar market. In 2020, Twenty5 announced availability of its Integrated Project Pricing and Estimating cloud-based solution for the professional services industry.
With regards to type, project-oriented services are predicted to gain massive momentum in the global IT professional services market subject to the rising adoption of project management services amongst small and medium-scale organizations. These services can also be customized according to organization needs to meet the customer demands, helping them to optimize the operational efficiency and deliver projects on time under the allocated budget.
On the other hand, IT outsourcing services have been touted to record phenomenal gains from 2021 to 2027 as these provide a much-needed respite from everyday management of complex systems and applications. These services, by providing access to qualified and expert IT resources as and when needed, can get the required IT management and support services, in line with guaranteed performance levels.
IT professional services are being extensively used across the IT and telecom sector. The segment is anticipated to garner huge returns in the overall market space. This can be ascribed to the technology companies’ rising focus on development of Technology as a Service (TaaS). Meanwhile, they are also adopting IT professional services as a part of the efforts to support the business operations as the technology is constantly evolving. Importantly, the World Economic Forum speculates TaaS to be a key driver for a circular economy.
Geographically, APAC would emerge as one of the fastest-evolving regions across IT professional services industry due to the rising technology adoption and expanding consulting industry. Additionally, the impact of coronavirus pandemic has also potentially influenced the demand for these services in the region.
Considering the competitive scenario, companies like Accenture, IBM Corporation, Capgemini SE, Microsoft, Hewlett Packard Development Company, Fujitsu, Oracle Corp, and others, are focusing on bringing in novel innovations in business space while also being engaged in other market tactics including mergers and acquisition, collaboration, and DXC Technology, amongst others to gain a competitive edge in the IT professional services market revenue.
Recently, Accenture announced taking over Imaginea, a cloud native product and platform engineering company in a bid to transform its businesses digitally and capture newer opportunities available in the global market. This acquisition is also likely to expand Accenture’s Cloud First capabilities.
Similarly, in February 2021, DXC Technology publicized its decision of inking a strategic agreement with a banking software firm, Temenos to accelerate the digital transformation strategy for former’s large bank customers.
Impact of COVID-19 on IT professional services market expansion
Massive outbreak of coronavirus pandemic has opened lucrative growth opportunities for the IT professional services market as businesses have witnessed huge inclination towards remote working due to movement restrictions and stringent lockdown policies.
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