Categories: Market Research

Technology Advisory Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Technology Advisory 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 Technology Advisory Global Market Report 2024, The technology advisory market size has grown steadily in recent years. It will grow from $157.91 billion in 2023 to $164.48 billion in 2024 at a compound annual growth rate (CAGR) of 4.2%. The growth in the historic period can be attributed to digital transformation imperatives, cybersecurity concerns and threats, regulatory compliance and governance, legacy system modernization needs, data analytics and business intelligence.

The technology advisory market size is expected to see steady growth in the next few years. It will grow to $196.66 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%. The growth in the forecast period can be attributed to adoption of cloud computing, ai and machine learning integration, focus on sustainable and green it, e-commerce and digital marketing strategies, resilience planning and business continuity. Major trends in the forecast period include sustainable technology practices and green it consulting, digital transformation roadmaps and strategy formulation, 5g implementation guidance for connectivity and innovation, biometric and facial recognition technology advisory, collaboration tools and remote work technology advisory.

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. Technology consulting firms help companies integrate technology into their business operations and create better experiences, thereby improving business processes, reducing costs, and maximizing technology-based opportunities. Technology advisory firms also help companies address cybersecurity concerns and keep data safe. For instance, Louis Vuitton uses technology consulting to create small modules in business and IT strategy and IT governance to run its operations effectively. In addition to this, companies such as Canon and Samsung have been using technology advice to optimize their operations and reduce IT costs. Technology advisory services help companies focus more on core business, access the latest technology, and minimize hardware failure, virus and spyware attacks, and database corruption.

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The technology advisory market covered in this report is segmented –

1) By Service: Application development, Cloud Services, Cybersecurity and Privacy, Data and Analytics, Technology Strategy and Enterprise Architechture, Other Services

2) By Enterprise Size: Large Enterprise, Small and Medium Enterprise

3) By End Use: Banking, Financial Services, Healthcare, IT & telecom, Government, Other End Uses

Artificial Intelligence (AI) is a leading trend gaining traction in various business processes. AI is an amalgamation of different technologies that enables a machine to sense, understand, and act. AI helps businesses identify and solve 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. For instance, in 2022, Tech Mahindra launched YANTR.AI, a cognitive artificial intelligence (AI) solution that automates and simplifies field services. With YANTR.AI, operational efficiency, productivity, and workflow control are enhanced by combining advanced analytics, artificial intelligence (AI), machine learning (ML), and optimisation with people, allowing field operations to be hyper-automated, thus increasing efficiency and customer satisfaction. With the improvement in AI technology with every passing day, it is gaining huge importance in data expertise, business processes, and workflow management.

The technology advisory market report table of contents includes: