DUBLIN--(BUSINESS WIRE)--The "Global Software Consulting Market Size, Share & Industry Trends Analysis Report By Enterprise Size, By Vertical, By Application (Enterprise Solutions, Migration & Maintenance Services & Others), By Regional Outlook and Forecast, 2021-2027" report has been added to ResearchAndMarkets.com's offering.
The Global Software Consulting Market size is expected to reach $458.5 billion by 2027, rising at a market growth of 12.1% CAGR during the forecast period.
Software consulting is the practice of advising on the best software solutions for a company's business strategy. Different software solutions are being sought by businesses in order to align their technology investments. A software consultant is employed as a contractor for a certain amount of time in the software consulting process. Software consulting firms assist businesses in optimizing, designing, processing, architecting, and implementing software. Furthermore, these services assist businesses in making decisions about software technology and their software adoption investment plan. It also enables businesses to have a clear strategy for technology advancement and to come up with innovative ways to streamline corporate procedures.
COVID-19 Impact Analysis
The market is rising because to a growing demand for digitization of business processes throughout sectors and verticals, particularly for the smooth integration of software into an enterprise's IT system. However, as a result of the Covid-19 epidemic and the global economic slump, various sectors are experiencing substantial consequences and problems across crucial operations.
While the industry has grown significantly in recent years as a result of digitization and technological penetration, the pandemic has forced numerous nations to the brink of recession. As a result, a large number of consulting customers are deferring projects, lowering project scope to save money, or cancelling them entirely. Multiple client projects that were cancelled have had a negative impact on vendor revenues and have hampered market growth in the short term.
Market Growth Factors:
Lower infrastructure and storage costs result in a higher return on investment
Businesses are apprehensive about the expenses of data hosting on-premises, both in terms of deployment and maintenance. Furthermore, employee costs and challenges with downtime are two additional worries for businesses. The current competitive environment and global economic conditions have hastened the use of cost-effective business model restructuring strategies. Another reason driving the use of cloud computing services is the rising movement of businesses toward digital transformation and the acceleration of customer experience, both of which are lowering corporate expenses. Furthermore, the cloud provides the pay-as-you-go approach, which allows businesses to pay for cloud services based on how often they use them, resulting in lower prices.
Hybrid cloud services are becoming more popular
Enterprises with current infrastructure are migrating toward cloud computing services and are prepared to use a hybrid strategy in order to gain the benefits of both on-premises and cloud services. Furthermore, SMEs are significantly considering cloud computing services which is leading to significant benefits such as no upfront infrastructure expenses and compute resources that are available on demand. These variables are influencing the adoption of hybrid cloud services by businesses. Furthermore, the hybrid cloud provides improved workload management, higher security and compliance, and seamless interaction within DevOps teams.
Market Restraining Factors
A growing array of multi-sourcing strategies are being used
Rather than taking a one-size-fits-all strategy, an increasing number of companies are splitting down big consulting contracts into smaller parts and enlisting the help of many vendors to complete tasks. Because consulting companies do not always have competence in every practise area, healthcare organisations are gradually embracing the multi-sourcing approach.
Healthcare providers, payers, and government agencies are all pushing for numerous consulting companies to work together on projects. Multi-sourcing, on the other hand, may have its own set of challenges and issues since it necessitates effective and reliable service integration amongst vendors. This might have a detrimental influence on consultancy businesses' profitability.
Market Segments Covered in the Report:
By Enterprise Size
- Large Enterprises and
- Small & Medium Enterprises (SMEs)
By Vertical
- BFSI
- IT & Telecom
- Manufacturing
- Government
- Retail
- Healthcare
- Automotive,
- Others
By Application
- Enterprise Solutions
- Migration & Maintenance Services
- Software Security Services
- Design Services
- Application Development
- Application Testing Services,
- Others
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
- Ernst & Young Global Limited
- Accenture PLC
- Cognizant Technology Solutions Corporation
- Deloitte Touche Tohmatsu Limited
- IBM Corporation
- Atos Group
- Capgemini SE
- Oracle Corporation
- SAP SE
- CGI, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/pl2i1d
