IT Consulting Global Market Report 2024

IT consulting provides advisory services to businesses for evaluating and coordinating technical initiatives within their business or process plans. It includes strategic, architectural, operational, and implementation planning to support IT initiatives.

The primary types of IT consulting include operations consulting, security consulting, and strategy consulting. Operations consulting involves services that improve a company's internal operations and performance across the value chain. These services cater to large enterprises and small and medium-sized enterprises (SMEs) and are used in various industries such as government, banking, financial services and insurance (BFSI), telecommunications, manufacturing, and others.

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 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 several factors, including globalization, which has expanded market opportunities and driven demand for various services. Cybersecurity concerns have also played a significant role, prompting organizations to invest in protective measures and technologies. Regulatory changes have influenced industry practices, requiring companies to adapt and comply with new standards. Legacy system upgrades have been necessary to keep up with technological advancements and maintain competitiveness. Additionally, strategic mergers and acquisitions have reshaped the industry landscape, driving growth through consolidation and synergies.

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 anticipated growth in the forecast period can be attributed to an increased focus on sustainability, the proliferation of remote work and collaboration, the integration of AI and automation, a focus on data governance and privacy, and the adoption of agile and adaptive strategies. Major trends expected in this period include rapid digitization, the emergence of new technologies, ongoing digital transformation efforts, continuous technological advancements, and an increased emphasis on cybersecurity.

The growing adoption of cloud computing is propelling the expansion of the IT consulting market. Cloud computing provides a platform for rapid application development and dynamic scaling of resources. According to the 2022 State of DevOps Report by Google, the use of multiple public clouds increased from 21% to 26% in 2022, while the adoption of hybrid clouds surged from 25% to 42.5%. Eurostat reported that 41% of EU enterprises adopted cloud computing in 2021. This widespread adoption of cloud technology is driving the need for IT consulting services to help organizations leverage cloud resources effectively.

The anticipated surge in the e-commerce industry is poised to drive the growth of the IT consulting market in the foreseeable future. E-commerce, facilitating online transactions, purchases, and interactions between businesses and consumers, relies on IT consulting to optimize digital infrastructure and streamline operations. This partnership enables the implementation of innovative solutions, enhancing operational efficiency and ensuring competitiveness in a rapidly evolving technological landscape. For example, data from the US Census Bureau in November 2023 indicated that U.S. retail e-commerce sales in the third quarter of 2023 reached an estimated $271.7 billion, marking a 0.9% (+-0.4%) increase from the preceding quarter. Comparatively, e-commerce sales saw a 7.8% (+-1.2%) rise from the third quarter of 2022, while total retail sales increased by 2.0% (+-0.4%) during the same period. E-commerce sales accounted for 14.9% of total sales in the third quarter of 2023. Consequently, the surging e-commerce industry stands as a significant driver behind the growth of the IT consulting market, as the demand for digital optimization and innovative solutions continues to increase within the e-commerce sector.

In the IT consulting market, the surge in technological innovations stands out as a prominent trend. Companies within this sector are actively embracing and integrating new technologies to fortify their standing in the market. A notable example of this trend is ServiceNow, a US-based software company that launched the Procurement Service Management (PSM) solution in May 2022. This technology aims to facilitate the digitization and self-service of sourcing tasks, ultimately expediting delivery times and reshaping the procurement landscape within organizations. The advent of PSM underscores the critical emphasis placed on modernizing procurement processes as a means to digitally transform operations, redirect human resources toward more strategic endeavors, and foster enhanced collaboration with suppliers through more interconnected and interactive interfaces.

Major companies in the IT consulting market are increasingly focusing on advanced solutions such as enterprise resource planning (ERP) to enhance operational efficiency, streamline processes, and gain a competitive advantage in their respective industries. ERP solutions are integrated software systems designed to manage and streamline core business processes, including accounting, inventory management, human resources, and more, within an organization. For example, in August 2023, FORVIS, a US-based public accounting and consulting firm, launched a NetSuite Technology Consulting practice, demonstrating a strategic commitment to helping clients navigate the complexities of digital transformation. NetSuite's advanced cloud-based ERP modules are designed to assist organizations in optimizing processes, unifying departmental data, and gaining immediate insights into both financial and operational performance. NetSuite is a widely used ERP solution, with over 36,000 customers globally utilizing its modules, which cover finance or ERP, inventory management, process automation, and omnichannel services.

In February 2023, Accenture PLC, an Ireland-based IT consulting services company, acquired SKS Group for an undisclosed amount. This strategic acquisition aims to expand Accenture's technology consulting and regulatory services capabilities, particularly in serving specialized banks such as national promotional banks that provide funding and development assistance to regional businesses and communities. SKS Group, based in Germany, is a consultancy company known for its expertise in using SAP S/4HANA solutions to help banks modernize their IT infrastructure.

Major companies operating in the it consulting market report are Mindtree Ltd., Deloitte Touche Tohmatsu Limited, HP Inc., Accenture PLC, The International Business Machines Corporation, PricewaterhouseCoopers Pvt. Ltd., Ernst & Young Global Limited, Fujitsu Limited, Tata Consultancy Services Limited, NEC Corporation, Capgemini SE, NTT Data Corporation, Cognizant, Infosys Limited, DXC Technology Company, Atos SE, Boston Consulting Group Inc., McKinsey & Company, CGI Inc., Tech Mahindra, Hexagon AB, EPAM Systems Inc., Bain & Company, Capita PLC, Virtusa Corporation, Rackspace Technology Inc., Wipro Limited, Pegasystems Inc., Nihilent Ltd., HCL Technologies Limited, Booz Allen Hamilton Holding Corporation, Gartner Inc., Hexaware Technologies Pvt. Ltd., NCC Group

Asia-Pacific was the largest region in the IT consulting market in 2023. The regions covered in the it consulting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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

The IT consulting market includes revenues earned by entities by providing information security, web development, computer network architecture and computer system analysis. 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.

IT Consulting 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 it consulting 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 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 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 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
• Companies Mentioned: Mindtree Ltd.; Deloitte Touche Tohmatsu Limited; HP Inc.; Accenture plc; The International Business Machines Corporation
• 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.