IT Professional Services Market to grow by USD 461.56 billion between 2022 - 2027|The increase in digital transformation drives market growth - Technavio
NEW YORK, Sept. 15, 2023 /PRNewswire/ -- The IT Professional Services Market is expected to increase at a CAGR of 9.09% during the forecast period. The IT professional services market is driven by the widespread adoption of digital transformation. This involves integrating technology into various aspects of business, adapting to new customer expectations, and utilizing the cloud for data management. IT professional services play a significant role in facilitating this transformation, helping companies to optimize operations and leverage data-driven insights for competitive advantage. Download the free sample report now for detailed market insight.
Challenges to be faced by the IT Professional Services Market
A significant challenge of the IT Professional Services market is the shortage of skilled IT professionals. It is particularly acute in areas such as cybersecurity, data analytics, artificial intelligence, cloud computing, and software development. The rapidly evolving nature of technology necessitates continuous learning and upskilling for professionals to remain relevant. Furthermore, educational institutions often struggle to keep their curricula aligned with the latest industry trends, resulting in a gap between graduates' skills and employers' needs. Additionally, many companies require IT professionals with industry-specific experience, further increasing the skills gap. This shortage of skilled IT professionals set a significant obstacle to the market's growth between the forecast period.
Segmentation of IT Professional Services Market
The IT professional services market is segmented by type (Project-oriented services, Information technology outsourcing, IT supporting and training services, and Enterprise cloud computing services), end-user (Large enterprises, Small, and medium enterprises), and geography (North America, Europe, APAC, Middle East and Africa, and South America).
The project-oriented services segment is expected to contribute to the market share during the forecast period. Within the global IT professional services market, project-oriented services refer to the provision of IT services on a project-by-project basis, usually with well-defined objectives, timelines, and deliverables. These services are tailored to address unique business requirements and are sought after by organizations when they need specialized expertise, resources, and technical skills for specific IT projects.
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Key Companies in the IT Professional Services Market
Cloud Professional Services Market: The Cloud Professional Services Market size is estimated to grow at a CAGR of 15.88% between 2022 and 2027. The market size is forecast to increase by USD 23.15 billion.
Professional Service Automation (PSA) Software Market: The professional service automation (PSA) software market share is expected to increase by USD 6.79 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 12.08%.
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