London, 23 November 2015: Technavio, the independent tech-focused global research firm, has published a report on the global IT outsourcing market 2015-2019, which is predicted to grow at a CAGR of 5.84% during the forecast period of 2014-2019.
Companies prefer to outsource their IT activities to a location where the combination of people, processes, and technology are available together with 24/7 support services. The outsourcing of business processes has enabled multinational institutions to reduce their turnaround time through the implementation of the lean principle in their outsourced processes or activities. Outsourcing companies help their clients achieve reduced turnaround time by adjusting time zones and shift patterns in such a way that a client’s problems are resolved before the start of its customer’s day. The largest end-user segments in the global IT outsourcing market are the government and BFSI sectors.
“IT outsourcing service providers are offering solutions to manage their IT infrastructure that are managed by software instead of hardware. Applications workload for analytics, big data, simulation, and design are serviced through automated process that are stored in the cloud,” says Faisal Ghaus, Vice President of Technavio.
“Software-defined infrastructure provide a fully integrated software-defined environment that optimizes the networking and storage infrastructure, which can be changed as per business requirements at any point in time.”
Key Market Drivers
- Need to focus on core competencies and improve efficiency
- Changing business dynamics
- Access to new technology, domain expertise, and round the clock service
- Need to improve quality and mitigate business risk
Key Market Trends
- Increased adoption of application outsourcing
- Increasing digital transformation in organizations
- Increased adoption of software-defined infrastructure
- Increased adoption of third-platform technology
Key Market Vendors
To define the market circumstances in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
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