The IT consulting market has experienced strong growth, expected to rise from $104.88 billion in 2023 to $114.01 billion in 2024, with a CAGR of 8.7%. This growth is attributed to globalization, cybersecurity concerns, and strategic mergers. By 2028, the market is projected to reach $183.99 billion, achieving a CAGR of 12.7%. Growth factors include an increased focus on sustainability and data governance. Key trends involve rapid digitization, emerging technologies, and the continued emphasis on cybersecurity.
Major Driver In The IT Consulting Market
The growth of the IT consulting market is set to surge due to the increasing adoption of cloud computing. Cloud computing, a platform integrating computation, storage, and network infrastructure, facilitates rapid application development and dynamic scaling. Users can access storage, data, apps, and servers through various internet-connected devices. According to the 2022 State of DevOps Report by Google in January 2023, 26% of users reported utilizing multiple public clouds in 2022, up from 21% in 2021. Hybrid cloud utilization also increased from 25% to 42.5%. Eurostat's statistics from December 2021 revealed that 41% of EU enterprises adopted cloud computing in 2021. This surge in cloud computing adoption is a key driver behind the growth of the IT consulting market.
Request A Free Sample Of The Global IT Consulting Market Report
IT Consulting Market Competitive Landscape
Mindtree Ltd., Deloitte Touche Tohmatsu Limited, HP Inc., Accenture plc, The International Business Machines Corporation, PricewaterhouseCoopers Pvt Ltd., Ernst & Young Global Limited, Fujitsu Limited, Tata Consultancy Services Limited, NEC Corporation, Capgemini SE, NTT Data Corporation, Cognizant, Infosys Limited, DXC Technology Company, Atos SE, Boston Consulting Group Inc., McKinsey & Company, CGI Inc., Tech Mahindra, Hexagon AB, EPAM Systems Inc., Bain & Company, Capita plc, Virtusa Corporation, Rackspace Technology Inc., Wipro Limited, Pegasystems Inc., Nihilent Ltd., HCL Technologies Limited, Booz Allen Hamilton Holding Corporation, Gartner Inc., Hexaware Technologies Pvt Ltd., NCC Group
Key IT Consulting Market Trend
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.
Get The Full Global IT Consulting Market Report
IT Consulting Market Segmentation
The IT consulting market covered in this report is segmented –
1) By Type: Operations Consulting, Security Consulting, Strategy Consulting
2) By Enterprise Size: Large Enterprise, Small and Medium Enterprise
3) By Application: Government, BFSI, Telecommunications, Manufacturing, Other Applications
By Geography:The regions covered in the it consulting market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the IT consulting market in 2023.
The IT Consulting Global Market Report 2024 furnishes information about the global it consulting market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
