The IT consulting services market is expected to grow steadily at a CAGR of more than 3% during the forecast period of 2016-2020.
Category market intelligence analysts have announced the latest market research report on IT consulting services for the period 2016-2020. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the global IT consulting services market during the forecast period. Some of the key vendors in this market include Accenture, Deloitte, IBM, HP, and CGI Group.
In terms of geographical segmentation, APAC is anticipated to be the fastest growing region in the IT consulting services market over the predicted period. India and China will be the primary revenue generators for this market in APAC.
Click here to request a free sample of this report
According to Angad Singh, a category specialist at Technavio for research on category spend intelligence, “Several firms are adopting advanced online interaction mediums, such as virtual agents and mobile chats, to minimize operating expenses and increase cross-border collaborations. Organizations are increasingly shifting toward cloud-based platforms, which require the services of specialized IT consultants to implement and support the infrastructure. Moreover, the surge in mergers and acquisitions across industries has resulted in the rise in demand for the integration of services for accounting, resource planning, budgeting, and data warehousing. Such developments have propelled the use of IT consulting services, further contributing to the growth of the overall market.”
For report customization, click here.
The global demand for IT consulting services is increasing because of the emergence of new businesses, rapid technological developments, and growing requirements to cut costs and improve competitiveness. IT consulting service providers are offering services at low-profit margins to attract new client accounts due to the lack of adequate service demarcation and increasing competition in the supply market. Various organizations are extending their operations to emerging markets such as India, China, Vietnam, and the Philippines. This is driving the demand for IT consultants that can effectively integrate the IT systems located in these countries with the organizational facilities in other regions.
The IT consulting industry is extremely fragmented and characterized by the presence of a few big players, and a large number of niche and smaller players. The major end-user industries of these IT consulting services are large BFSI, pharmaceuticals, healthcare, telecom, manufacturing, automotive, and retail companies. To sustain themselves in such a competitive market landscape, vendors are providing clients with customized end-to-end solutions for specific IT requirements. The key players in the market are offering Big Data and several analytical solutions to gain a competitive edge over other market vendors.
A more detailed analysis is available in the category market intelligence report titled, ‘IT Consulting Services – Category Market Intelligence Report 2016’.
