PUBLISHER: The Business Research Company | PRODUCT CODE: 1486809
PUBLISHER: The Business Research Company | PRODUCT CODE: 1486809
IT consulting, or Information Technology consulting, refers to the practice of providing expert advice, guidance and support to organizations seeking to optimize their use of technology to achieve business objectives. IT consultants are professionals with specialized knowledge and skills in various areas of information technology, such as network infrastructure, cybersecurity, software development, data management, cloud computing and more.
The IT consulting market consists of sales, by entities (organizations, sole traders or partnerships), of IT consulting services that include advisory and implementation services related to information technology by entities that provide expert guidance and support to organizations aiming to optimize their technology usage for business objectives.
The global IT consulting market was valued at $75,908.7 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 6.0%.
Increasing Adoption Of Machine Learning And Artificial Intelligence
During the historic period, the increasing adoption of machine learning and artificial intelligence drove the growth of the IT consulting market. Machine learning (ML) and artificial intelligence (AI) are closely related fields within computer science, that involve the development of algorithms and systems capable of learning from data, making decisions and performing tasks typically requiring human intelligence. IT consulting plays a crucial role in helping organizations leverage machine learning and artificial intelligence technologies effectively to drive innovation, improve efficiency, enhance decision-making and achieve business success in today's digital economy. For instance, according to a report published by Cloudmantra, an India-based technology services company, the usage of machine learning in the Indian manufacturing industry has increased manufacturing capacity by up to 20%, while reducing material usage by 4% in 2021. It also gives manufacturers the ability to control overall equipment effectiveness (OEE) at the plant level, increasing overall equipment effectiveness (OEE) performance from 65% to 85%. Furthermore, according to the MIT Technology Review Insights report in 2022, approximately 60% of manufacturers were using artificial intelligence to improve their daily operations, design products and plan their future operations. Therefore, the increasing adoption of machine learning and artificial intelligence drove the growth of the IT consulting market.
Strategic Collaborations And Partnerships Among Market Players
Companies in the IT consulting market are focusing on strategic collaborations and partnerships to strengthen their market position, enhance product offerings and expand their geographic reach. Through these partnerships, companies can take advantage of emerging technologies, integrate complementary skills and reach emerging markets. For instance, in December 2023, International Business Machines Corporation, a US-based technology company, entered into a strategic partnership with Palo Alto Networks Inc., a US-based cybersecurity company. This partnership benefits clients by providing them with robust security programs that can adapt and scale with future threats, ensuring a proactive approach to cybersecurity and enabling organizations to navigate the complex and evolving cybersecurity landscape effectively. Further, in April 2023, Aptitude Software, a UK-based software company, entered into a strategic partnership with FIIT Consulting, an Italy-based management advisory firm. This collaboration combines Aptitude Software's financial management solutions with FIIT Consulting's expertise, enabling the delivery of innovative end-to-end solutions to clients.
The global IT consulting market is fairly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up to 11.3% of the total market in 2022
IT Consulting Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global IT consulting market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for IT consulting? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The IT consulting 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 history and forecasts market growth by geography. It places the market within the context of the wider IT consulting market; and compares it with other markets.