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IT Professional Services Market to Expand by USD 621.4 Billion (2024-2028), Digital Transformation Drives Growth, AI-Powered Report on Market Trends – Technavio

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NEW YORK, Dec. 13, 2024 /PRNewswire/ — Report with market evolution powered by AI – The global IT professional services market size is estimated to grow by USD 621.4 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 10.87% during the forecast period. Growing digital transformation is driving market growth, with a trend towards growing adoption of hybrid and multi-cloud environments. However, shortage of skilled workforce poses a challenge. Key market players include Accenture Plc, Amazon.com Inc., Atos SE, Capgemini Service SAS, CGI Inc., Cisco Systems Inc., Cognizant Technology Solutions Corp., Dell Technologies Inc., Deloitte Touche Tohmatsu Ltd., Fujitsu Ltd., HCL Technologies Ltd., Infosys Ltd., International Business Machines Corp., Mahindra and Mahindra Ltd., Microsoft Corp., Oracle Corp., Salesforce Inc., SAP SE, Tata Consultancy Services Ltd., and Wipro Ltd..

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Forecast period

2024-2028

Base Year

2023

Historic Data

2017 – 2021

Segment Covered

Type (Project-oriented services, Information technology outsourcing, IT supporting and training services, and Enterprise cloud computing services), End-user (Large enterprises and Small and medium enterprises), and Geography (North America, Europe, APAC, Middle East and Africa, and South America)

Region Covered

North America, Europe, APAC, Middle East and Africa, and South America

Key companies profiled

Accenture Plc, Amazon.com Inc., Atos SE, Capgemini Service SAS, CGI Inc., Cisco Systems Inc., Cognizant Technology Solutions Corp., Dell Technologies Inc., Deloitte Touche Tohmatsu Ltd., Fujitsu Ltd., HCL Technologies Ltd., Infosys Ltd., International Business Machines Corp., Mahindra and Mahindra Ltd., Microsoft Corp., Oracle Corp., Salesforce Inc., SAP SE, Tata Consultancy Services Ltd., and Wipro Ltd.

Key Market Trends Fueling Growth

IT Professional Services Market is experiencing significant trends with increasing customer demand for automation and operational efficiency. Professional service firms are adapting to business strategies such as remote working and expense management. Automated billing, consultation, audit and accounting, implementation support, and financial risk protection are in high demand. Advanced tools and analytic capabilities are essential for accurate insights in ecommerce businesses and large enterprises. Resource allocation and project management are key areas of focus, with automated tools and AI-driven solutions reducing resource wastage. Talent acquisition and resource management are crucial for firms to stay competitive, with a growing need for IT specialists in areas like cybersecurity, cloud services, and digital transformation. Economic expansion and advanced technologies like blockchain, AI, IoT, and 5G present growth opportunities for IT professional services. Firms are collaborating to offer project-oriented services, revenue management, and system integration. Business processes are being streamlined through Business Intelligence (BI) and advanced tools, while cybersecurity concerns continue to be a priority with the increasing threat of cyber breaches and cyberattacks. ITO services are essential for business operations, with a focus on scalability, automatic updates, and vertical-specific solutions. Networks, development, and deployment are critical areas of expertise, with a shift towards cloud-based services and edge cloud platforms. The NIST Cybersecurity Framework and data security concerns are driving demand for cybersecurity services. Professional services sector is evolving, with a growing emphasis on collaboration, training and education, and managed services. Telecommunication, healthcare, manufacturing, SaaS, PaaS, and LTE are some of the verticals where IT professional services are making a significant impact. Firms are offering customized solutions based on feasibility and client demands, with a focus on complex systems, machine learning, and IT infrastructure. 

The IT professional services market is witnessing a notable trend towards hybrid and multi-cloud environments. This shift is primarily driven by the demand for flexibility, scalability, and efficient resource allocation. Hybrid and multi-cloud solutions combine private, public, and on-premises infrastructure, enabling organizations to utilize multiple cloud platforms while retaining control over their data and applications. The flexibility offered by these environments allows businesses to choose the optimal cloud solution for each workload or application, ensuring optimal performance and cost savings. 

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Market Challenges

IT Professional Services market is experiencing significant challenges due to increasing customer demand for automation and operational efficiency. Professional service firms must adapt to remote working and implement business strategies for expense management and resource allocation. Project management, automated billing, consultation, audit and accounting, implementation support, and financial risk protection are essential services. Advanced tools and analytic capabilities are crucial for providing accurate insights to ecommerce businesses and large enterprises. The professional services sector faces challenges in talent acquisition, resource management, and cybersecurity. Firms must address cyber breaches and data security concerns with cloud-based services, data storing capacity, and the NIST Cybersecurity Framework. Edge cloud platforms offer scalability, automatic updates, and vertical integration for project-oriented services. Business operations and business analytics require collaboration between business strategists and IT specialists. Growth opportunities exist in advanced technologies like blockchain, AI, IoT, 5G, AR, and development. Firms must assess feasibility, address security breaches and cyberattacks, and provide system integration, training, and education. Managed services, deployment, and telecommunication are also critical areas for IT services. The healthcare, manufacturing, and SaaS industries have unique demands, requiring customized solutions.The IT professional services market faces a significant challenge due to a shortage of skilled workers. This issue impacts organizations across industries as new and evolving technologies increase the demand for professionals with current skills and knowledge. However, educational institutions find it difficult to keep up with the latest industry trends in their curricula. As a result, there is a gap between the abilities of graduates and the requirements of employers. The IT sector’s continuous evolution necessitates ongoing learning and upskilling to remain competitive. This pressure is particularly felt in areas like cybersecurity, data analytics, artificial intelligence, cloud computing, and software development, where the shortage of skilled professionals is most pronounced.

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Segment Overview 

This it professional services market report extensively covers market segmentation by

Type 1.1 Project-oriented services1.2 Information technology outsourcing1.3 IT supporting and training services1.4 Enterprise cloud computing servicesEnd-user 2.1 Large enterprises2.2 Small and medium enterprisesGeography 3.1 North America3.2 Europe3.3 APAC3.4 Middle East and Africa3.5 South America

1.1 Project-oriented services- In the global IT professional services market, project-oriented services refer to the delivery of IT projects based on a defined scope, timeline, and set of deliverables. These services cater to unique business needs and may include timely maintenance, modernization, project installation, and decommissioning. Organizations engage IT service providers for project-oriented services when they require specialized expertise, resources, and technical skills for a specific IT initiative. These services offer benefits such as effective scope management, improved revenue management, better quotes, efficient resource management, and successful project delivery. The demand for project-oriented services is driven by these factors and is expected to fuel market growth during the forecast period.

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Research Analysis

The IT professional services market is experiencing significant growth due to increasing customer demand for automation and operational efficiency. Professional service firms are responding by offering a range of services, including ITO (Information Technology Outsourcing) and business analytics, to help organizations streamline their business processes and gain a competitive edge. With the shift to remote working, expense management and resource allocation have become critical areas of focus. Project management, revenue management, and business strategies are also key areas of expertise for IT professional services. Large enterprises are turning to these services to adapt to technological developments and meet client demand. Talent recruiting and the use of tools and resources are essential for delivering high-quality services. Business plans are being reimagined to incorporate these offerings, making the professional services sector an indispensable partner for businesses seeking to thrive in today’s digital landscape.

Market Research Overview

The IT professional services market is experiencing significant growth due to increasing customer demand for automation and operational efficiency. Professional service firms are leveraging advanced tools and analytic capabilities to provide consultation, audit and accounting, implementation support, financial risk protection, and revenue management services to large enterprises and ecommerce businesses. With the shift to remote working, firms are focusing on expense management, resource allocation, project management, automated billing, and talent acquisition. Advanced technologies such as AI, IoT, 5G, AR, blockchain, and machine learning are transforming IT infrastructure, enabling scalability, automatic updates, and complex system integration. Business strategists are collaborating to develop growth opportunities and business plans, while IT specialists focus on cybersecurity concerns, data security, and the NIST Cybersecurity Framework. Cloud-based services, data storing capacity, and edge cloud platforms are essential for business operations and digital transformation. Client demands and variables are driving firms to provide project-oriented services, deployment, managed services, and training and education. Telecommunication, healthcare, manufacturing, SaaS, and PaaS are some verticals benefiting from IT professional services. Despite the opportunities, firms face challenges such as resource wastage, cyber breaches, and cyberattacks. Firms must prioritize security and ensure feasibility in their business processes to protect their clients’ data and maintain trust. Business Intelligence (BI) and resource management are crucial for accurate insights and effective decision-making. Overall, the professional services sector continues to evolve, driven by technological advancements and changing business strategies.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

TypeProject-oriented ServicesInformation Technology OutsourcingIT Supporting And Training ServicesEnterprise Cloud Computing ServicesEnd-userLarge EnterprisesSmall And Medium EnterprisesGeographyNorth AmericaEuropeAPACMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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FIRST LEGO League INNOFest Launches Setting New Benchmarks in Hong Kong’s STEAM Education

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HONG KONG, Dec. 20, 2024 /PRNewswire/ — World Class Tests (“WCT”) announced the launch of the 2024-25 FIRST® LEGO® League INNOFest (“FLL INNOFest”), a major STEAM education initiative in Hong Kong fully supported by Innovation and Technology Commission, officially launched today, injecting new momentum into Hong Kong’s STEAM education! This first-of-its-kind large-scale international STEAM initiative in Hong Kong aims to champion STEAM education principles, cultivate innovative technological talent, and reinforce Hong Kong’s standing as an international education hub through a thoughtfully curated programme of activities.

The launch is particularly timely as the Hong Kong SAR Government advances its robust educational reform and innovation agenda. The Government’s ongoing commitment to promoting STEAM (Science, Technology, Engineering, the Arts and Mathematics) education in primary and secondary schools includes renewing the junior secondary Science curriculum and implementing AI-assisted teaching pilot schemes. This commitment, along with the formation of the Steering Committee on Strategic Development of Digital Education, facilitates the enhancement of students’ scientific thinking and fosters innovation through the seamless integration of technology and education. Beyond the introduction of primary school science subjects in the 2025/26 academic year, the Education Bureau plans to modernise the junior secondary science curriculum whilst expanding partnerships with local, mainland and international technology institutions and tertiary establishments to deliver professional development for STEAM coordinators and teachers. FLL INNOFest’s comprehensive programme will equip Hong Kong’s education sector with more properly trained teachers whilst fostering international exchange and bolstering global competitiveness.

Scheduled to run from December 2024 through July 2025, FLL INNOFest encompasses competitions, training and hands-on activities, anticipated to draw more than 9,000 students, 700 teachers and industry professionals, alongside 350 competing teams from 20 countries and regions, creating an international STEAM education carnival. Moving beyond traditional competition formats, FLL adopts a carnival-style approach that emphasises both learning and enjoyment. FLL encourages students to apply scientific knowledge and technology to tackle real-world challenges, establishing itself as a vital platform for advancing Hong Kong’s STEAM education whilst kindling students’ enthusiasm for science, technology, engineering, arts and mathematics.

The FLL INNOFest training programme establishes a comprehensive STEAM teaching development ecosystem, enhancing current expertise through certification programmes designed to expand the talent pool. The initiative features nearly 100 training sessions and activities, including teacher seminars, STEAM experience activities, public workshops and team-building sessions. These are expected to attract thousands of participants from nursery, primary and secondary schools, including teachers, students and parents, thereby strengthening both the professional community and public engagement. The 2024-25 programme introduces the FLL Train the Trainer certification, with graduates receiving priority consideration for roles as FLL staff, judges, referees and course instructors at future FLL STEAM innovation activities. Through systematic and continuous training, FLL INNOFest aims to foster collective wisdom and innovative thinking, positioning Hong Kong as a centre of innovation and technology.

The FLL Hong Kong Championship will be held at AsiaWorld-Expo (AWE) in July 2025, with 350 local teams competing in three categories: FLL Discover (ages 4-6), FLL Explore (ages 6-10) and FLL Challenge (ages 9-16), fostering creativity, engineering design, programming, and problem-solving abilities through various challenges, providing them with ongoing STEAM learning and exchange opportunities. The FLL Asia Championship in August has already attracted 3,000 competitors from over 20 countries and regions, with 480 teams competing for the Asian championship title. Hong Kong teams that excel in the FLL Hong Kong Championship and FLL Asia Championship will be invited to participate in the FLL World Championship in the United States the following April, engaging in exchanges with teams from around the world.

About FIRST® LEGO® League
FIRST® LEGO® League (FLL) is a robotics-based learning programme formed by the US-based FIRST and the Danish LEGO Group in 1998. FIRST (For Inspiration and Recognition of Science & Technology) is a non-profit organization founded by inventor Dean Kamen. The purpose of the FLL alliance is to excite young people about careers in science, technology, engineering, art, and mathematics (STEAM) through LEGO bricks and educational products, in the form of various activities and competitions. The competition has held more than 3,700 competition events in over 110 countries and regions worldwide, attracting nearly 700,000 participants. To learn more at http://www.fll-innofest.com

About World Class Tests
World Class Tests is an international high-order thinking assessment that evaluates students’ high-order thinking skills against internationally recognized benchmarks. Students who achieve excellent results (double distinction) in both the Mathematics and Problem-Solving Analysis subjects of the World Class Tests will have the opportunity to attend the World Class Tests Elite Invitational, where they can compete with students from Hong Kong, Macau, Taiwan, and Mainland China. Students ranking in the top 10% of the Invitational will be invited to apply for the World Class Tests Scholarship. The World Class Tests Scholarship has funded students to participate in enrichment courses offered by renowned universities and colleges, including Johns Hopkins University Center for Talented Youth, Imperial College London, and St Anne’s College, University of Oxford.

For Media Enquiry,

Market Hubs Holdings Limited

Lierence Li

Debbie So

+852 3998-4900

+852 3998-4900

lierence@markethubsgroup.com

debbie@markethubsgroup.com

 

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GAC Unveils GOVY AirJet: Pioneering the Future of Low-Altitude Mobility

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GUANGZHOU, China, Dec. 20, 2024 /PRNewswire/ — On December 18, GAC Group announced its new flying car brand, GOVY, and debuted its first composite-wing flying car, GOVY AirJet, at the brand’s launch and product unveiling event. This milestone marks GAC’s significant entry into low-altitude mobility, solidifying its position as a leader in creating integrated aerial transportation systems.

GOVY’s mission encompasses the research, production, sales, and services of flying cars and related ecosystem products. The brand leverages GAC’s extensive automotive expertise alongside cutting-edge in-house technology and intelligent operation platforms to provide systematic solutions that redefine urban and intercity mobility.

Innovation at the Core

GOVY AirJet, a composite-wing flying car, combines the advantages of fixed-wing efficiency and the vertical takeoff flexibility of multi-rotor systems. Designed with over 90% carbon fiber composite materials, its lightweight structure ensures durability and high performance. Powered by GAC’s proprietary high-efficiency electric drive system, the AirJet achieves a top speed of 250 km/h and a range of over 200 km, with rapid recharging in just 30 minutes. Future models may extend ranges to 400 km with solid-state battery technology.

The AirJet boasts a luxury cabin with a “1+1+X” seating layout, seamless autonomous flight operations, and a “PIXEL GALAXY” starlight roof that immerses passengers in a cosmic travel experience. Cutting-edge safety features, such as redundant power and control systems, real-time monitoring, and obstacle detection, ensure a secure journey.

Robo-AirTaxi Ecosystem

GAC also revealed plans for its Robo-AirTaxi system, integrating ground and aerial transport to offer end-to-end smart mobility solutions. Short-distance urban commutes within 20 km will utilize multi-rotor GOVY AirCar, while mid-range travel up to 200 km will rely on the AirJet. The system aims to create a “40-minute Greater Bay Area life circle,” enabling seamless intercity connections and reducing transit times and costs.

By 2025, GAC aims to achieve airworthiness certification for its flying cars, establish production lines, and begin pre-orders, advancing the commercialization of low-altitude mobility. GOVY reflects GAC’s commitment to innovation, pushing the boundaries of urban aerial transportation, and redefining travel experiences with efficient and intelligent solutions. With plans for demonstration operations in 2-3 Greater Bay Area cities by 2027, GAC is poised to transform urban mobility through groundbreaking technologies, paving the way for a smarter, safer, and more sustainable transportation future.

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Nucleus Software Strengthens its Senior Leadership in Australia: Announces Bharadwaj Rao as Regional Sales Head – ANZ

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SYDNEY, Dec. 20, 2024 /PRNewswire/ — Nucleus Software, India’s leading provider of robust digital lending and transaction banking solutions to the global financial services industry, is pleased to announce the appointment of Bharadwaj Rao as Regional Sales Head – ANZ, effective November 25, 2024.

Bharadwaj brings over two decades of extensive experience in sales, with a strong focus on the financial services industry. His career is distinguished by a proven ability to streamline processes, drive organizational change, and align sales objectives with broader business goals. With a track record of driving growth and delivering exceptional customer service in the technology sector, Bharadwaj Rao brings unparalleled knowledge and expertise to his new role.

Throughout his career, Bharadwaj has partnered with leading IT companies, honing his expertise in Go-To-Market (GTM) strategies, collaborating with delivery teams, and leveraging partner ecosystems to deliver end-to-end, innovative solutions that empower clients and drive sustainable growth. He also brings extensive experience in Strategic Account Management, specializing in serving banking and financial institutions and cultivating long-term, trust-based relationships with key stakeholders.

Bharadwaj’s appointment reaffirms Nucleus Software’s commitment to customer-centricity and delivering exceptional value, while strengthening its position as a global leader in the financial services industry. In his new role at Nucleus Software, Bharadwaj will focus on driving business expansion, and aligning the product portfolio to meet evolving customer needs. He will also play a pivotal role in strengthening relationships with existing customers and developing strategies to deliver greater value, accelerate innovation, and drive brand growth in the region.

In welcoming Bharadwaj to Nucleus Software, Vishnu R. Dusad, Managing Director and Co-founder, Nucleus Software Exports Ltd., said, “We are thrilled to welcome Bharadwaj Rao to Nucleus Software. His extensive experience and proven track record in the financial services industry, coupled with his expertise in Go-To-Market strategies and strategic account management, will help us deepen our focus on delivering customer-centric, digital-first solutions. As we continue to empower financial institutions with cutting-edge digital lending and transaction banking solutions, Bharadwaj’s leadership will be instrumental in driving growth and strengthening our presence in the Australia and New Zealand region. His passion for understanding customer needs and delivering impactful outcomes aligns perfectly with our mission to transform financial services through innovation and excellence.”

“I am excited to join Nucleus Software, leading technology provider to Financial Institutions. It’s an honor to be part of an organization with a global presence spanning over 50 countries and a reputation for delivering groundbreaking, end-to-end technology solutions that empower the global financial services industry. I look forward to leveraging my expertise to strengthen our client relationships, deliver tangible business outcomes through our intellectual property products, and contribute to Nucleus Software’s continued success in Australia and New Zealand. Nucleus Software’s core principles of integrity, innovation, and customer-centricity resonate deeply with me, and I am committed to upholding these principles in every aspect of our work. Together with the talented team at Nucleus, I am dedicated to delivering exceptional value to our customers and driving Nucleus Software’s legacy of innovation in the financial services landscape,” said Bharadwaj Rao, Regional Sales Head – ANZ, Nucleus Software.

Bharadwaj holds an engineering degree and is recognized for his well-rounded and dynamic personality. His diverse interests include a passion for reading, playing badminton, and enjoying music, all of which reflect his balanced approach to both intellectual and physical pursuits.

His appointment marks an exciting new chapter for Nucleus Software as the company continues to expand its presence in the ANZ region, catering to its unique market demands and strengthening its leadership in delivering cutting-edge digital solutions in lending and transaction banking.

For more information, please visit: www.nucleussoftware.com

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