Major players in the it consulting market are Accenture plc, PricewaterhouseCoopers, Deloitte Touche Tohmatsu Limited, Ernst & Young Global Limited, Infosys Limited, Capgemini SE, The International Business Machines Corporation, CGI Inc., Mcknsey & Company, Boston Consulting Group Inc., Bain & Company, Tata Consultancy Services, Fujitsu, HCL Technologies, and HP Inc.
The global IT consulting market is expected to grow from $97.48 billion in 2022 to $107.35 billion in 2023 at a compound annual growth rate (CAGR) of 10.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The IT consulting market is expected to reach $165.58 billion in 2027 at a CAGR of 11.4%.
The IT consulting market includes revenues earned by entities by providing information security, web development, computer network architecture and computer system analysis.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
IT consulting refers to advise services that help businesses to evaluate diverse technical initiatives and coordinate such approaches within their business or process plans. These services provide strategic, architectural, operational, and implementation planning to assist customers’ IT initiatives.
Asia-Pacific was the largest region in the IT consulting market in 2022. The regions covered in IT consulting report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of IT consulting are operations consulting, security consulting and strategy consulting.Operations management refers to implementation and/or advisory services that enhance a company’s internal operations and performance along the value chain.
The enterprise sizes involved are large enterprise and small and medium enterprise which are used for government, BFSI, telecommunications, manufacturing and other applications.
The growing adoption of cloud computing is expected to propel the growth of the IT consulting market going forward.Cloud computing is a platform that combines computation, storage, and network infrastructure to enable rapid application creation and dynamic scaling.
Users of cloud computing technology can access storage, data, apps, and servers via internet-connected PCs, smartphones, tablets, and wearables.Cloud computing services process and store data away from end users.
For instance, in January 2023, according to the 2022 State of DevOps Report published by Google, a US-based technology company, in 2022, 26% of users reported using numerous public clouds, up from 21% in 2021. The utilization of hybrid clouds increased from 25% to 42.5%. Additionally, in December 2021, according to statistics published by Eurostat, in 2021, 41% of EU enterprises adopted cloud computing. Therefore, the growing adoption of cloud computing is driving the growth of the IT consulting market.
Technology innovations are a key trend gaining popularity in the IT consulting market.Companies operating in the IT consulting market are adopting new technologies to sustain their position in the market.
For instance, in May 2022, ServiceNow, a US-based software company, introduced the Procurement Service Management (PSM) solution, a technology to aid in the digitization and self-service of sourcing tasks to speed up delivery times and revolutionize procurement across the company. Procurement modernization is a critical priority for firms looking to digitally transform processes, reallocate workers to more strategic duties, and improve supplier collaboration with more connected, interactive experiences.
In February 2023, Accenture Plc, an Ireland-based IT consulting services company acquired SKS Group for an undisclosed amount.With this acquisition, Accenture’s technology will expand its consulting, and regulatory services capabilities and will serve specialized banks like national promotional banks that offer funding and development assistance to regional businesses and communities.
SKS Group is a Germany-based consultancy company that uses SAP S/4HANA solutions to assist banks to modernise their IT infrastructure.
The countries covered in the IT Consulting market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The IT consulting market research report is one of a series of new reports that provides IT consulting market statistics, including the IT consulting industry global market size, regional shares, competitors with IT consulting market share, detailed IT consulting market segments, market trends, and opportunities, and any further data you may need to thrive in the IT consulting industry. This IT consulting market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.