According to the research report titled, ‘Global IT Services Outsourcing Market Size study, by By Service (Professional Services, Managed Services, and Telecom Services ), By Location (On-shore, Off-shore) and Regional Forecasts 2021-2027’, available with Market Study Report, global IT services outsourcing market was assessed at USD 556.67 billion in 2020 and is speculated to reach USD 937.67 billion by 2027, expanding at an annual rate of 7.7% between 2021-2027.
 

Reduced lead time and lesser overhead expenses, coupled with increasing establishment of global inhouse centers (GIC) of organizations are key factors stimulating global IT services outsourcing market outlook. According to National Association of Software and Service Companies (NASSCOm), 1250 MNCs and 1750 Global Capability Centers were set up in India in 2019.
 

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For the unversed, outsourcing is an arrangement, wherein, an organization holds an assistance agency responsible for existing or arranged actions that are possible in the company such as moving resources and representatives starting with one firm at a time.
 

Increasing vigilance with respect to client centricity and information security in projects, particularly in BFSI and aviation sectors, is boosting interest for data innovation administrations reevaluation, thus aiding market expansion. Additionally, enhancement of the Industrial Internet of Things (IIoT) with emergence of Industry 4.0 will stimulate IT services domain, adding to industry share.
 

While incorporation of internet of things (IoT) and cloud computing among several organizations will aid industry proliferation, rising concerns about intellectual property confidentiality are poised to hinder market growth over the forecast period.
 

Based on services, worldwide IT services outsourcing industry is bifurcated into managed services, telecom services, and professional services. Speaking of location, the market space is divided into on-shore, and off-shore.
 

Regionally speaking, North America held majority of global IT services outsourcing market share in the past years, owing to outsourcing of services like incorporation & execution testing, esteem examination, coding, and planning. Meanwhile, Asia Pacific market is anticipated to record rapid growth through 2027, due to development of limits expansion, and reduction in general activity cost.
 

Key players profiled in global IT services outsourcing market report are Accenture plc, Oracle Corporation, SAP SE, International Business Machines Corporation, NTT Data Corporation, Fujitsu Limited, Cognizant, Hewlett Packard Development Company L.P., and Capgemini SE.