IT consulting market is expected to reach $434 billion in 2017 with CAGR of 5.2 percent, said Research and Markets.
The report noted that the global IT consulting and integration services industry is fragmented and consists of IT consulting and advisory services that help companies analyze and improve the efficiency of business operations and technology strategies. North America dominates this industry.
Though the high volatility in currency exchange rates and lack of talent pool are major challenges for the IT consulting and integration services industry, new technology and services such as cloud computing and software-as-a-Services (SaaS) are driving the demand for IT consulting services. Sectors such as transportation, power, water plants, and property constructions are the opportunity drivers for the system integration vendors for projects such as ERP.
Software such as ERP, SCM, and CRM are in high demand in the manufacturing, banking, and the financial sectors, especially in China and India.
APAC emerged as the fastest-growing region during the last five years (2006-2011) and is projected to lead the industry and grow at the highest rate during the forecast period. A combination of factors such as IT spending and economic growth affects industry dynamics significantly.
This report does not include revenue from manufacturing of tangible IT Product and development of software.
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