IT Professional Services Market size projected to experience a healthy growth during 2023 to 2032, on account of the rising emphasis on a flexible working environment following the COVID-19 outbreak. Business decision-makers are starting to redesign and evolve physical office spaces to create an effective hybrid working environment.
As per 2021 survey data from Google Workspace and Economist Impact, over 75% of respondents plan to adopt flexible or hybrid work as a standard practice within their firms over the next three years. Furthermore, rapid digitalization will encourage enterprises to reimagine their IT infrastructure to support hybrid work and consequently add impetus to the growth of IT cloud professional service providers.
IT professional services refer to on-demand solutions that provide direct access to the latest technology, enabling users to leverage and custom-built for business transformation. Key aspects of professional services include design, planning, installation, and training, while some provide maintenance, troubleshooting, and other ongoing support to enhance cybersecurity.
The rise in enterprise cyber breaches is one of the prominent factors fostering the global IT professional services market trends. Over recent years, cyber-attacks from ransomware and cybersecurity have been growing as cybercriminals become more sophisticated. The resultant increase in efforts to combat security threats will accelerate IT professional services procurement. Likewise, the escalating deployment of cloud computing technology will also stimulate the use of these services to ensure accurate forecasting, business intelligence, and other business optimizations.
IT professional services market size from the project-oriented segment is slated to gain momentum through 2032, given the increasing need for project management across small and medium-sized organizations. The implementation of project management methodologies, crafting processes, creating project plans, and resource allocation and planning are among the responsibilities of project managers. Tailored to meet organizations’ needs, IT professional services can also be customized, optimizing operational efficiency and project delivery under the allocated budget.
Based on end-use, the technology companies segment will account for a commendable share of the IT professional services market during the forecast timeline. This can be credited to the strong focus of these companies on the development of TaaS (Technology-as-a-service) to bundle hardware, software, and services.
With technology transforming at a considerable pace, the implementation of flexible and strategic digital and IT professional frameworks has become critical for expanding businesses. Technology is also considered essential for scaling up the circular economy through efficient data generation and processing.
From a regional standpoint, the Asia Pacific IT professional service market value is anticipated to increase exponentially between 2023 and 2032, driven by the extensive rise in demand for knowledge-based services in the expanding consulting and accounting service sectors. The region is also experiencing technological transformation, ranging from digital payments and 5G adoption to smartphone penetration. Such factors will result in the expansion of IT infrastructure and subsequently boost the implementation of IT professional services across the region.
The competitive landscape of the IT professional services market include Oracle Corp., Fujitsu, Hewlett Packard Development Company, Microsoft, Capgemini SE, IBM Corporation, and Accenture. These companies are incorporating strategies such as mergers and acquisitions, service launches, and collaborations to gain a competitive edge over rivals across the industry.
Technology costs continue to rise as global inflation hits the services and hardware sectors. Inflation has also affected IT budgets, thereby bringing cost surges across areas including storage, servers, and professional services. Over the years, government data also witnessed a sharp rise in the cost of servers These price challenges may create a hindrance to the delivery of IT services and in turn, limit industry development to some extent in the upcoming years.