Technology Advisory Global Market Report 2024

Technology advisory services involve providing guidance on the development of technology strategies, ideation, and prototyping, designing digital consulting services, as well as enhancing cybersecurity. These services play a crucial role in formulating effective IT strategies, aligning operations with corporate objectives, investing in suitable technology, adapting to evolving IT landscapes, staying abreast of the latest technological developments, improving enterprise architecture, and managing IT expenses effectively.

The primary categories of technology advisory services encompass application development, cloud services, cybersecurity and privacy, data and analytics, technology strategy and enterprise architecture, among others. Application development is the process of creating computer programs or series of programs to fulfill diverse business functions. Industries served by these services include banking, financial services, healthcare, IT and telecom, government, and others, catering to enterprises of various sizes, including both large enterprises and small and medium-sized enterprises.

The technology advisory market research report is one of a series of new reports from The Business Research Company that provides technology advisory market statistics, including technology advisory industry global market size, regional shares, competitors with a technology advisory market share, detailed technology advisory market segments, market trends and opportunities, and any further data you may need to thrive in the technology advisory industry. This technology advisory market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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 historical period can be ascribed to the imperatives of digital transformation, concerns and threats related to cybersecurity, adherence to regulatory compliance and governance, requirements for modernizing legacy systems, and the increasing focus on 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 upcoming period can be ascribed to the adoption of cloud computing, integration of AI and machine learning, emphasis on sustainable and green IT practices, implementation of e-commerce and digital marketing strategies, and the focus on resilience planning and business continuity. Major trends in the forecast period encompass sustainable technology practices and green IT consulting, formulation of digital transformation roadmaps and strategies, guidance on 5G implementation for connectivity and innovation, technology advisory on biometric and facial recognition, and advisory on collaboration tools and remote work technologies.

The increasing need to simplify business operating models and monitor IT investments is a significant driver contributing to the growth of the technology advisory market. Technology consulting firms assist companies in integrating technology into their business operations, enhancing experiences, improving processes, reducing costs, and maximizing technology-based opportunities. These firms also play a crucial role in helping companies address cybersecurity concerns and ensure the safety of their data. For instance, Louis Vuitton utilizes technology consulting to develop small modules in business and IT strategy, as well as IT governance, to effectively run its operations. Similarly, companies such as Canon and Samsung leverage technology advice to optimize their operations and minimize IT costs. Technology advisory services enable companies to focus more on their core business, access the latest technology, and mitigate risks such as hardware failure, virus and spyware attacks, and database corruption.

The increasing demand for cloud services is expected to drive the growth of the technology advisory market. Cloud services encompass a wide range of on-demand computing resources and applications delivered over the internet. Technology advisory plays a crucial role in guiding organizations through the complexities of cloud computing, providing strategic guidance and expertise. For example, a global study in 2022 reported that 63% of respondents heavily used cloud services, marking an increase from 59% in 2021 and 53% in 2020. Hence, the growing demand for cloud services is anticipated to boost the technology advisory market.

Security and reliability concerns are expected to constrain the growth of the technology advisory market. Issues such as security hacks, illegal surveillance, lack of transparency, misuse of personal data, and algorithmic bias have emerged with increased technological advancement. According to Verizon's 2021 Data Breach Investigations Report, the info-tech sector is highly susceptible to external (66%) and internal (37%) threats, industrial espionage (9%), and financial motives (88%). For instance, Paytm Mall experienced a significant data breach affecting nearly 3.4 million customers in 2020. The reliance on applications and IT software exposes organizations to risks such as unauthorized access and malicious code, contributing to security and reliability concerns for third-party technology advisory services and restraining the market's growth.

Artificial Intelligence (AI) stands out as a prominent trend gaining momentum across various business processes. AI represents a convergence of diverse technologies that empower machines to sense, comprehend, and take action. Its application aids businesses in identifying and addressing challenges, ultimately delivering tangible business value. AI plays a pivotal role in designing hardware infrastructure, whether on-premise or cloud-based, facilitating the ingestion and analysis of vast datasets, and providing the flexibility of computing resources. For example, in 2022, Tech Mahindra introduced YANTR.AI, a cognitive AI solution dedicated to automating and simplifying field services. YANTR.AI leverages advanced analytics, AI, machine learning (ML), and optimization, enhancing operational efficiency, productivity, and workflow control in field operations. As AI technology advances, its significance continues to grow in data expertise, business processes, and workflow management.

Key players in the technology advisory market are actively developing innovative technology consulting portfolios aimed at assisting C-suite executives in crafting technology roadmaps. This type of consulting is tailored to support C-suite clients in formulating their technology roadmaps, aiding them in making informed decisions about technology investments aligned with their business goals. For instance, in July 2023, Atos SE, a France-based information technology company, unveiled its latest technology consulting portfolio, designed to guide C-suite customers in shaping their technology roadmaps and ensuring strategic alignment.

In December 2021, Wipro Ltd., an India-based information technology company, announced a significant acquisition by acquiring Capco, a UK-based management and technology consultancy firm, for $1.45 billion. This strategic move is anticipated to strengthen Wipro's capabilities in the financial services sector and bolster its position in the European market.

Major companies operating in the technology advisory market report are Deloitte Touche Tohmatsu Limited, International Business Machines Corporation, PricewaterhouseCoopers LLP, Accenture PLC, Ernst & Young Global Limited, Oracle Corporation, KPMG International Cooperative, Fujitsu Limited, Tata Consultancy Services Limited, Capgemini SE, Cognizant Technology Solutions Corporation, Infosys Limited, McKinsey & Company, BDO Global, The Boston Consulting Group Inc., Atos SE, Wipro Limited, Dell Technologies Inc., Booz Allen Hamilton Inc., Computer Sciences Corporation, Grant Thornton International Ltd, Gartner Inc., Bain & Company Incorporated, HCL Technologies Limited, FTI Consulting Inc., Oliver Wyman, Alvarez & Marsal Holdings LLC, PA Consulting Group, Navigant Consulting Inc., Catalyst Consulting Group Inc., West Monroe Partners LLC, Mindtree Limited, Slalom LLC

North America was the largest region in the technology advisory market in 2023. Western Europe was the second largest region in the global technology advisory market share. The regions covered in the technology advisory market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the technology advisory market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain

The technology advisory market consists of revenue earned by entities that provide advisory services to clients to identify, prioritize, design, and manage their investments in a various advanced technology. Technology advisory services provide consultancy on developing technology strategies, technology ideation and prototyping, design digital consulting services, and ways to enhance cybersecurity. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Technology Advisory Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on technology advisory market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for technology advisory ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The technology advisory market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Service: Application development; Cloud Services; Cybersecurity and Privacy; Data and Analytics; Technology Strategy and Enterprise Architecture; 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
• Companies Mentioned: Deloitte Touche Tohmatsu Limited; International Business Machines Corporation; PricewaterhouseCoopers LLP; Accenture plc; Ernst & Young Global Limited
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.