Market Trends of Software Consulting Industry
This section covers the major market trends shaping the Software Consulting Market according to our research experts:
Increasing demad for digital solutions
- Artificial Intelligence (AI) and Machine Learning (ML) are anticipated to boost automation and data-driven decision-making across operations. These technological advancements are projected to increase demand for the software consulting market.
- The increasing use of digital payments, the incorporation of blockchain technology into banking, and the growing number of digital wallets are expected to fuel market growth over the next five years.
- Digitalization adoption is growing across end-user industries such as BFSI, healthcare, and retail. For Instance, Cognizant collaborated with Microsoft to deliver a new digital healthcare solution to enhance remote patient monitoring for improved medical care.
- The rapid adoption of new technology and the growing focus on security push the market forward. Large cloud service providers, such as Microsoft and Amazon, play a significant role in the software consulting market growth. For Instance, Cisco Systems Inc. announced that it had released the Cisco Cloud Controls Framework (CCF) to the public. Cisco CCF is a complete framework that combines national and international security compliance and certification standards.
- Implementation of IT security technologies adoption is growing. Software-defined wide area networks (SD-WAN) have 54.90%, the highest percentage of adoption across IT industries. Such initiatives will further boost the software consulting market.
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Norh America is Expected to Register Significant Market Growth During the Forecast Period
- The North America Software Consulting market is expected to grow significantly over the next five. The rising digital transformation trend is leading to an increased demand for software consulting in the region.
- The factors such as the rapid IT industry expansion, rising population, rapid cloud and virtualization technologies development, growing adoption of the internet of things, and increasing safety and security concerns are driving growth for the Software Consulting market.
- The growing adoption of cloud-based solutions and services for storing customers' critical information and the increasing number of cyberattacks are driving the demand for the software consulting market. For Instance, Tech Mahindra announced that it expanded its collaboration with Microsoft to strengthen hybrid cloud capabilities. The partnership aims to leverage Microsoft Azure Stack HCI, a new hyper-converged (HCI) solution, to accelerate hybrid cloud transformation, consolidate virtualized workloads and build enterprise resilience.
- Key players in the software consulting market are employing various growth and expansion strategies, such as strategic partnerships and collaborations, research and development initiatives, and investments, to gain a competitive advantage.
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