IT Outsourcing Global Market Report 2024: Growing Complexity of IT Systems, Ongoing Trend of Digital Transformation, Prominence of Cloud Computing and Growing Emphasis on Cybersecurity [Ya...
International Business Machines Corporation (IBM)
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Source: Yahoo! Finance
The IT Outsourcing market size has grown from $122.93 billion in 2023 to $129.13 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth observed in the historical period can be ascribed to factors such as cost reduction and efficiency, trends in globalization and offshoring, emphasis on core competencies, scalability and flexibility, regulatory compliance, risk mitigation, and access to specialized skills. The IT Outsourcing market size is expected to see strong growth in the next few years, to reach $171.5 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The anticipated growth in the forecast period can be linked to factors such as the prevalence of remote work and virtualization, concerns related to data privacy and compliance, integration of AI and automation, adoption of agile development practices, and a heightened focus on customer experience. Key trends expected in the forecast period encompass an increasing demand for IT services, the
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