Categories: IT & Communication Technology

IT Consulting Global Market Size, Share, Trends Analysis, By Type, By Enterprise Size, By Application, Regional Outlook and Forecast 2024-2033 | Mindtree Ltd., Tech Mahindra, Hexagon AB, EPAM Systems Inc., Capita PLC

IT Consulting Market

The IT Consulting Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s IT Consulting Global Market Report 2024, The IT consulting market size has grown strongly in recent years. It will grow from $104.88 billion in 2023 to $114.01 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to globalization, cybersecurity concerns, regulatory changes, legacy system upgrades, strategic mergers and acquisitions.

The IT consulting market size is expected to see rapid growth in the next few years. It will grow to $183.99 billion in 2028 at a compound annual growth rate (CAGR) of 12.7%. The growth in the forecast period can be attributed to increased focus on sustainability, remote work and collaboration, AI and automation integration, data governance and privacy, agile and adaptive strategies. Major trends in the forecast period include rapid digitization, emerging technologies, digital transformation, technological advancements, cybersecurity emphasis.

The growing adoption of cloud computing is expected to propel the growth of the IT consulting market going forward. Cloud computing is a platform that combines computation, storage, and network infrastructure to enable rapid application creation and dynamic scaling. Users of cloud computing technology can access storage, data, apps, and servers via internet-connected PCs, smartphones, tablets, and wearables. Cloud computing services process and store data away from end users. For instance, in January 2023, according to the 2022 State of DevOps Report published by Google, a US-based technology company, in 2022, 26% of users reported using numerous public clouds, up from 21% in 2021. The utilization of hybrid clouds increased from 25% to 42.5%. Additionally, in December 2021, according to statistics published by Eurostat, in 2021, 41% of EU enterprises adopted cloud computing. Therefore, the growing adoption of cloud computing is driving the growth of the IT consulting market.

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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

Major companies operating in the IT consulting market are focusing on advanced solutions such as enterprise resource planning (ERP) solutions to achieve operational efficiency, streamline processes, and gain a competitive edge in their respective industries. Enterprise Resource Planning (ERP) solutions are integrated software systems designed to manage and streamline core business processes, including accounting, inventory, human resources, and more, within an organization. For instance, in August 2023, FORVIS, a US-based public accounting and consulting firm, launched a NetSuite Technology Consulting practice, marking a strategic move to reinforce the company’s dedication to aiding clients in navigating through digital transformation complexities. NetSuite’s advanced cloud-based ERP modules aim to assist organizations in optimizing processes, unifying departmental data, and obtaining immediate insights into both financial and operational performance. Globally, over 36,000 customers utilize NetSuite modules encompassing finance or ERP, inventory management, process automation, and omnichannel services.

The it consulting market report table of contents includes:
1. Executive Summary