Global Software Consulting Market to 2027 – Industry Size, Share and Trends Analysis Report – World Wides Biz

DUBLIN, April 12, 2022–(BUSINESS WIRE)–The “Global Software Consulting Market Size, Share and Trend Analysis Report by Company Size, by Vertical, by Application (Enterprise Solutions, Services Migration and Maintenance and Others), by Regional Outlook and Forecast, 2021 -2027″ Report has been added to from ResearchAndMarkets.com offer.

The global software consulting market size is expected to reach USD 458.5 billion by 2027, with the market growing at 12.1% CAGR during the forecast period.

Software consulting involves advising on the best software solutions for a company’s business strategy. Different software solutions are sought by companies to align their technology investments. A software consultant is employed as a contractor for some time in the software consulting process. Software consulting firms assist companies in the optimization, design, processing, architecture, and implementation of software. Additionally, these services help companies make decisions about software technology and their investment plan for software adoption. It also enables businesses to have a clear strategy for technological advancement and find innovative ways to streamline business procedures.

COVID-19 Impact Analysis

The market is on the rise owing to an increasing demand for digitization of business processes across all industries and verticals, especially for the smooth integration of software into a company’s IT system. However, due to the Covid-19 epidemic and the global economic crisis, various sectors are experiencing significant consequences and problems in crucial operations.

While the industry has grown tremendously in recent years due to digitalization and technological penetration, the pandemic has pushed many countries to the brink of recession. As a result, a large number of consulting clients are postponing projects, reducing the scope of projects to save money, or canceling them entirely. Several customer projects that were canceled negatively impacted vendor revenue and hampered market growth in the short term.

The story continues

Market Growth Factors:

Lower infrastructure and storage costs mean better ROI

Companies fear the expense of on-premises data hosting, both in terms of deployment and maintenance. Additionally, labor costs and downtime challenges are two additional worries for businesses. The current competitive environment and global economic conditions have accelerated the use of cost effective business model restructuring strategies. Another reason driving the use of cloud computing services is the growing movement of businesses towards digital transformation and accelerating customer experience, two factors that are reducing business expenses. Additionally, the cloud offers 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 gaining popularity

Businesses with current infrastructure are migrating to cloud services and are ready to use a hybrid strategy to realize the benefits of on-premises and cloud services. Additionally, SMBs are significantly considering cloud computing services, leading to significant benefits such as no upfront infrastructure expenses and on-demand compute resources. These variables influence enterprise adoption of hybrid cloud services. Additionally, the hybrid cloud offers better workload management, increased security and compliance, and seamless interaction within DevOps teams.

Market restraining factors

A growing range of multi-sourcing strategies are used

Rather than adopting a one-size-fits-all strategy, a growing number of companies are dividing large consulting contracts into smaller parts and using multiple vendors to complete the tasks. Because consulting firms do not always have skills in all areas of practice, healthcare organizations are gradually adopting the multi-sourcing approach.

Healthcare providers, payers, and government agencies all drive many consulting firms to work together on projects. Multi-sourcing, on the other hand, can have its own set of challenges and issues as it requires efficient and reliable service integration between vendors. This could have a detrimental influence on the profitability of consultancy firms.

Market Segments Covered in the Report:

By business size

By vertical

• BFSI

• IT & Telecom

• Manufacturing

• Government

• Retail

• Health care

• Automotive,

• Others

By app

• Enterprise Solutions

• Migration and maintenance services

• Software Security Services

• Design services

• Application development

• Application Testing Services,

• Others

By geography

• North America

• WE

• Canada

• Mexico

• Rest of North America

• Europe

• Germany

• UK

• France

• Russia

• Spain

• Italy

• The rest of Europe

• Asia Pacific

• China

• Japan

• India

• South Korea

• Singapore

• Malaysia

• Rest of Asia-Pacific

• LAMEA

• Brazil

• Argentina

• United Arab Emirates

• Saudi Arabia

• South Africa

• Nigeria

• Rest of LAMEA

Main 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

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220412005770/en/

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