According to the global IT outsourcing market report by IMARC Group, the market reached a value of US$ 522.3 Billion in 2021, and it is projected to reach a value of US$ 689.2 Billion by 2027, exhibiting a CAGR of 4.60% during 2022-2027.
IT outsourcing are singular devices designed to perform the function of two different devices in a specific configuration. Some common types of IT outsourcing include rectifiers, insulated-gate bipolar transistors (IGBTs), bipolar transistors, metal–oxide–semiconductor field-effect transistors (MOSFETs), and thyristors. They are used in computers, smartphones, hybrid cars, LED lights, tablets, and portable medical electronics to perform modest electronic functions, including power conversion and voltage regulation. They are portable, easily replaceable, reliable, and offer increased operating speed and lower power consumption. As a result, IT outsourcing find extensive applications in automotive, consumer electronics, and telecommunications industries across the globe.
The inflating need for improving the quality and safety of healthcare products is primarily driving the IT outsourcing market. Additionally, the growing demand for sterilized pharmaceutical formulations, the rising prevalence of chronic diseases, including cancer, and continuous advancements in medical equipment are further catalyzing the market growth. Besides this, the implementation of numerous favorable policies by government bodies across countries for the utilization of IT outsourcing across the healthcare sector is acting as another significant growth-inducing factor.
Moreover, the widespread adoption of IT outsourcing, such as goggles, gloves, gowns, etc., and the sudden outbreak of the COVID-19 pandemic, are positively influencing the global market. Apart from this, key market players are engaged in training and development, regulatory approvals, collaborative agreements, etc., with other companies. Furthermore, they are also extensively investing in R&D activities to introduce new products, which is anticipated to fuel the IT outsourcing market over the forecasted period.
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The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Accenture plc, Capgemini SE, Dell Technologies Inc., DXC Technology Company, Fujitsu Limited, International Business Machines Corporation, Nippon Telegraph and Telephone Corporation, Specialist Computer Centres (SCC) and Wipro Limited.
The report has segmented the market on the basis of Service Model, Organization size, End User and Geography.
Breakup by Service Model:
- Software as a Service (SaaS)
- Platform as a Service (PaaS)
- Infrastructure as a Service (IaaS)
Breakup by Organization Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Breakup by End User:
- Media and Telecommunications
- Retail and E-commerce
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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