Technology Advisory Global Market To Reach Value Of About $168 Billion In 2023
27 Nov, 2020
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The global technology advisory market is expected to decline from $146.44 billion in 2019 to $145.23 billion in 2020 at a compound annual growth rate (CAGR) of -0.82%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The market is then expected to recover and reach $168.42 billion in 2023 at a CAGR of 5.06%. The increasing requirement for simplifying business operating models and IT investment monitoring is a major driver contributing to the growth of the technology advisory market.
The technology advisory market consists of the sales of technology advisory services by entities (organizations, sole traders and partnerships) that provide advisory services to clients to identify, prioritize, design, and manage their investments in a range of advanced technologies. Technology advisory services provide consultancy on developing technology strategies, technology ideation and prototyping, design digital consulting services, and ways to enhance cybersecurity. Only goods and services traded between entities or sold to end consumers are included.
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The Global Technology Advisory Market is further segmented based on service, end-use and geography.
By Services: Application development, Cloud Services, Cybersecurity and Privacy, Data and Analytics, Technology Strategy and Enterprise Architecture, Others.
By End Use: Banking, Financial Services, Healthcare, IT & telecom, Government, Others.
By Geography: The global technology advisory market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North American technology advisory was the largest region in the global technology advisory market 2019.
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Trends In The Technology Advisory Market
Artificial Intelligence (AI) is a leading trend gaining traction in various business processes. AI is an amalgamation of different technologies that enable the machine to sense, understand, and act. AI helps businesses in identifying and solving business problems and drive measurable business value. AI helps in designing hardware infrastructure - on-premise or cloud-based, ingestion, and analysis of big data, and to enable flexibility of computing resources.
Technology Advisory Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides technology advisory market overviews, analyzes and forecasts market size and growth for the global technology advisory market, technology advisory market share, technology advisory market players, technology advisory market segments and geographies, technology advisory market’s leading competitors’ revenues, profiles and market shares. The technology advisory market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.