IT Outsourcing Market Size to Grow by USD 97.51 billion with 37% of the contribution from APAC - 17,000+ Technavio Reports

NEW YORK, Aug. 22, 2022 /PRNewswire/ -- The "IT Outsourcing Market Forecast and Analysis 2020-2024" report has been added to Technavio's offering. With ISO 9001:2015 certification, Technavio is proudly partnering with more than 100 Fortune 500 companies for over 16 years.

Attractive Opportunities in IT Outsourcing Market by Service, End-user, and Geography - Forecast and Analysis 2020-2024
Attractive Opportunities in IT Outsourcing Market by Service, End-user, and Geography - Forecast and Analysis 2020-2024

The potential growth difference for the IT outsourcing market between 2019 and 2024 is USD 97.51 billion, as per the latest market analysis report by Technavio. The report predicts the market to witness an accelerating growth momentum at a CAGR of 5% during the projected period. Technavio categorizes the global IT outsourcing market as a part of the global IT consulting and other services market. Our report provides extensive information on the value chain analysis for the IT outsourcing market, which vendors can leverage to gain a competitive advantage during the forecast period. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

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Key Market Dynamics:

  • Market Driver: The rising need to optimize business processes is anticipated to influence the market's growth positively during the projected period. Capacity optimization, lead time, cost reduction, as well as profit incrementation can be achieved by IT outsourcing services. These services enhance the processes of an organization by improving resource control, which improves the productivity and efficiency of the firm. The need to improve processes, reduce waste, and maintain quality standards will drive the adoption of IT outsourcing services in the forecast period.

  • Market Challenge: One of the key challenges to the global IT outsourcing market growth is the data privacy and security risks in cloud-based services. Cyber attackers can easily gain access to cloud-based data storage systems as cloud-based infrastructure is based on open architecture and shared resources. Vendors should also follow the regulatory guidelines for cloud security management, which might limit the market growth in the forecast period.

To learn about additional key market dynamics and their impact analysis. View our FREE Sample Report right now!

Market Segmentation Highlights:

The IT outsourcing market report is segmented by End-user (Government, BFSI, Telecommunications, Energy and utilities, Manufacturing, Healthcare, Retail, Media and entertainment, and Others) and Geography (North America, Europe, APAC, South America, and MEA).

Regional Opportunities: 37% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for IT outsourcing in APAC. Market growth in this region will be faster than the growth of the market in other regions. North America is another potential market for  IT outsourcing. The ease of virtualization and dynamic scaling will drive the growth of cloud-based services, which will facilitate the IT outsourcing market growth in North America over the forecast period.

Revenue-generating Segment Insights:  The IT outsourcing market share growth by the government segment will be significant during the forecast period. The growing digitization plays a vital role in government sectors as it decreases the cost of using IT services and other aligned services. This will support the market growth through this segment in the coming years.

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IT Outsourcing Market Scope

Report Coverage


Page number


Base year


Forecast period


Growth momentum & CAGR

Accelerate at a CAGR of 5%

Market growth 2020-2024

$ 97.51 billion

Market structure


YoY growth (%)


Regional analysis

North America, Europe, APAC, South America, and MEA

Performing market contribution

APAC at 37%

Key consumer countries

US, UK, China, Germany, and Japan

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

Accenture Plc, Capgemini Service SAS, Fujitsu Ltd., HCL Technologies Ltd., Hewlett Packard Enterprise Co., International Business Machines Corp., Larsen & Toubro Ltd., Tata Consultancy Services Ltd., Tech Mahindra Ltd., and and Wipro Ltd.

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, and market condition analysis for the 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.

Key Topics Covered:

  • Executive Summary

  • Market Landscape

  • Market Sizing

  • Five Forces Analysis

  • Market Segmentation by End-user

  • Customer landscape

  • Geographic Landscape

  • Vendor Landscape

  • Vendor Analysis

  • Appendix

About Us

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 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.

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Technavio (PRNewsfoto/Technavio)
Technavio (PRNewsfoto/Technavio)

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