Street Skateboards Accessory Market Worth $275.2 Million By 2027

The global street skateboards accessory market size is anticipated to reach USD 275.2 million by 2027, expanding at a CAGR of 3.3%, according to a new report by Grand View Research, Inc. Growing adoption of outdoor sports activities as a fit and healthy lifestyle has raised the scope of the skateboard as a sport, which is supporting the growth of the market. In addition, owing to the sleek design and wide variety of products available, an increasing number of college students are picking up the sport, thereby boosting the application of skateboard footwear as well as apparel.

Increasing inclination of consumers, particularly teenagers, toward funky and attractive graphics displayed on the decks, has increased their interest in skateboarding. As a result, companies are taking constant efforts and strategize in order to gain popularity among consumers and increase their share in the market through innovation. For instance, in 2016, at the Paris Fashion Week, Dior launched its winter collection on a neon-colored skateboard catwalk ramp. In addition, several fashion designers and retailers use skateboard iconography. For instance, Santa Cruz Skateboards designer Jim Phillips earned a renowned status in the California market.

Among the various skateboards available, longboards witness maximum modifications and developments. For instance, Edgetrak, a military-grade tracking technologies designer and manufacturer, in collaboration with performance board producer Wefunk, offered the first telemetry-enabled racing prototype longboard called Mach 1, which is the world’s first deck with built-in telemetrics. The longboard has been designed with seven layers of Formula One grade carbon fiber with an Airex and Ash core. The product offers unmatched rigidity owing to the center channel with carbon fiber inlay. Thus, significant technical developments in the product category have resulted in the rising adoption of the product, thereby incurring strong growth prospects.

In terms of product, decks held a dominant position in the market in 2019. An increasing number of major international competitions such as Street League Skateboarding, World Cup Skateboarding, and World Skate Oceania Street Championship, which include a street skateboarding event, is foreseen to create an optimistic outlook for the demand for street skateboard decks over the forecast period.

The direct selling segment dominated the market and accounted for a revenue-based share of 82.3% in 2019. An increasing number of street skateboard accessories companies have also started selling skateboard decks, apparel, and shoes through their own websites or listing products on third-party e-commerce sites. This not only helps companies establish a good relationship with customers by offering them doorstep deliveries but also improves the sellers’ profitability margin.

The offline channel segment dominated the market and accounted for a revenue-based share of 76.2% in 2019. Skate shops and sporting goods stores have become a symbol of genuine products, which is foreseen to drive the sales of various street skateboard accessories. In addition, on-demand customization provided by skate shops for decks, wheels, and trucks is foreseen to drive segment growth in the coming years.

North America dominated the market with a revenue-based share of 46.4% in 2019. The proliferation of streetwear across high streets in North America has been pronounced, with many brands enjoying almost cult-like followings. The percentage of skateboarders who prefer the streets the most has been rising significantly, which is likely to present strong growth opportunities for skateboard decks over the forecast period.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/street-skateboards-accessories-market

Further key findings from the report suggest:

  • The deck product segment is expected to reach USD 155.0 million by 2027, growing at a CAGR of 3.8% from 2020 to 2027
  • The fundraising sales segment was valued at USD 37.7 million in 2019 and is expected to reach USD 51.7 million by 2027
  • Asia Pacific is expected to witness substantial growth over the forecast period with a revenue-based CAGR of 5.1% from 2020 to 2027
  • Top players operating in the market are Element Skateboards, Nike, Inc., Adidas AG, Skate One, Santa Cruz Skateboards, Sector 9, Zero Skateboards, Almost Skateboards, Absolute Board Co. and Plan B Skateboards.

Cake Market Size Worth $55.78 Billion By 2027

The global cake market size is expected to reach USD 55.78 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 3.3% from 2020 to 2027. Rising consumers’ preference for celebrating all special occasions and festivals by cutting cakes is the key factor for the market growth. Moreover, increasing the adoption of cakes as a snack among the working-class population and the young generation is anticipated to offer new scope for the market over the forecast period.

Over the past few years, people around the globe have started celebrating every single moment of success, happiness, and occasion. This has introduced a trend of cake cutting and a small get-together party. These occasions may include birthdays, weddings, marriage anniversary, Christmas, Valentine’s Day, work anniversary, and various other special calendar days. The young generation, millennials, and working-class population have started celebrating their promotions, college scholarships, and even their pet’s birthday. In short, cake has become a way to celebrate very special moments of life. These consumer trends are propelling the demand for the cake at the global level.

Various confectionary companies are launching their products in cake flavor in order to cater to the rising customer demand for the cakes. For instance, in December 2019, Dunkin’ Brands in Japan launched delicious and icy cake featuring some of the most familiar characters from the iconic series, the ‘Galaxy Palette’ under the brand name ‘Baskin Robbins’. These new product launches are propelling the demand in the market.

Europe emerged as the largest regional market with a share of more than 30.0% in 2019. European countries such as Switzerland, Belgium, France, Italy, and Austria are famous for their delicious bakery products, especially cakes. Furthermore, new product launches in terms of gluten-free cakes and pastries targeted for health-conscious consumers are expected to have a positive impact on industry growth.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/cakes-market

Further key findings from the study suggest:

  • The dessert product segment accounted for the largest share of 50.5% in 2019 and is expected to maintain its lead over the forecast period owing to predominant consumption of these products during celebration occasions and parties
  • Sponge products are expected to expand at the fastest CAGR of 3.7% from 2020 to 2027 on account of the rising popularity of these products among young consumers across the globe as they have a high shelf life as compared to dessert cakes
  • By distribution channel, specialist retailers accounted for the largest share of more than 50.0% in 2019 and are anticipated to maintain its lead over the forecast period. Various domestic players have their own specialty stores with a wide range of artesian, dessert, and sponge product variants
  • Asia Pacific is anticipated to be the fastest-growing regional market with a CAGR of 3.8% from 2020 to 2027. The rising popularity of bakery products in middle-income groups in key economies, such as China and Japan, is expected to have a positive impact on the industry growth.

Pet Sitting Market Size Worth $5.0 Billion By 2027

The global pet sitting market size is anticipated to reach USD 5.0 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 8.7% from 2020 to 2027. A growing number of pet adoption across countries is helping boost the prominence of relative pet care services, such as pet sitting business. In addition, increasing spending of pet owners on various pet services owing to the high indulgence of millennial pet owners and high spending power has fueled the demand for pet sitting services.

Over the years, the pet market worldwide has been growing at a significant rate as many countries have witnessed a high rate of pet adoption and animal care spending. People are spending more on the welfare of pets as they view them as their family members and are willing to invest their money to maintain the health of the pets. This has led to an increase in the health expenditure for pet care. According to the American Pet Products Association (APPA), in the U.S., pet owners spent USD 16 million in 2016. A survey from the Consumer Expenditure (CE) estimates that from 1996 to 2012, the spending on pets has been increased by 60%.

Increased penetration of millennials in the pet parent category has fueled the demand for advanced pet care services at convenient and reliable factors. According to the American Pet Products Association, millennials represent the largest segment of pet owners for all pet types, particularly birds, small exotic animals, and saltwater fish. In addition, in June 2019, over 80% of pet owners among millennials and Generation Z own dogs, while 50% or less own cats. Moreover, the overall spending in the U.S. pet industry increased by 4.4% in 2018 from 2017. Thus, rising spending on pets and their welfare has expanded the scope of innovative and time-saving pet services for pet owners, such as pet sitting.

In terms of application, daycare visits held a dominant position in the market in 2019. Increasing the working population among both men and women across regions provides a substantial boost to market growth. For instance, according to American Pet Products Association’s National Pet Owners Survey 2019-2020, there were 42.7 million households owning a pet cat and 63.4 million households owning pet dog in the U.S. Thus, owing to the busy schedule and speedy life of individuals, daycare visits for pets and animals are gaining huge traction.

Dogs emerged as the largest pet type segment with a revenue-based share of 37.9% in 2019. There are over 470 million dogs kept as pets across the globe, thus dogs emerged as the leading type of pet in 2018. For instance, according to the Insurance Information Institute, Inc., there were 63.4 million households in the U.S. owning pet dogs in 2019.

North America dominated the market with a revenue-based share of 43.1% in 2019. Increasing the prevalence of tech-savvy millennial pet owners is resulting in technological innovation in the pet sitting business. According to Packaged Facts, millennials accounted for 35% of all U.S. pet owners in 2018.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/pet-sitting-market

Further key findings from the study suggest:

  • The pet transportation application segment is expected to expand at the fastest CAGR of 9.1% from 2020 to 2027
  • By pet type, the dog category held the largest share of 37.9%
  • Asia Pacific is expected to expand at the fastest CAGR of 9.2% from 2020 to 2027.

Car Wash Ancillary Products Market Size Worth $772.1 Million By 2027

The global car wash ancillary products market size is anticipated to reach USD 772.1 million by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 2.1% from 2020 to 2027. There has been increasing movement in the car wash industry owing to advances in technology and consumer preference for convenient and reliable cash wash options.

According to the International Car Wash Association (ICA), consumers opting for a professional car wash increased from 79% in 2014 to 80% in 2016. Among consumers who got their cars washed exclusively at a professional (PRO) wash, medium PRO users witnessed an increase of 9% since 2014 to account for 56% in 2016. The association also found that car washes rank 5th among the 10 best consumer experiences.

The car wash industry heavily relies upon discretionary spending and driving habits of consumers. Increasing improvement in consumer’s disposable income is likely to help the industry rebound over the forecast period. According to studies, consumer disposable income was expected to boost the car wash industry revenue mark by 2.3% in 2016. Lifestyle creep, also referred to as lifestyle inflation, is a common trend among generation X, Y, and Z. A gradual increase in expenses with growing salaries has become the norm. According to research conducted by the Federal Reserve Bank of New York in September 2019, lifestyle inflation is prevalent among low-, middle-, and high-income individuals. It further says that an average American head of household aged 35 to 44 years carries a non-housing debt of over USD 100,000.

Eco-friendly car wash services have been gaining traction in the industry, and thus manufacturers are moving towards the production of eco-friendly and effectively regulated car wash ancillary products. Traditional car washes use 15 to 80 gallons of water per vehicle without water conservation equipment. However, the environment-friendly version uses only 8 to 70 gallons per vehicle when equipped with water reclamation or filtration technology.

Though water reclamation technology has been used by professional car washes for the past 30 years, it has gained much traction over the last few years as manufacturers and lawmakers aim for quality control and conservation. Professional car washes are also incorporating various other technologies that make customer experience easy and quick. Companies like WashCard have been designing payment portals, specifically for professional car washes that allow customers to make mobile payments and set up automated billing and cleaning schedules.

Furthermore, strategic mergers and acquisitions among companies are generating lucrative market opportunities for manufacturers in the industry. For instance, in 2019, Mister Car Wash acquired seven Waterdrops Express Car Wash locations as a part of its expansion strategy in California. The acquisition gives Mister a total of 37 locations in the California area.

In 2019, Zip Car Wash acquired five sites of American Pride Xpress Car Wash in North Carolina to expand its service offerings from Asheville and Winston Salem to include Raleigh. The company now operates 11 stores in North Carolina. In 2017, the company acquired Cypress Station Car Wash, making it its fourth location in Northwest Houston. The outlet offered free exterior-only car washes for 10 days to celebrate the grand opening.

In automatic or tunnel bay applications, bay doors have proven to be efficient in maintaining vehicle traffic flow and eliminating confusion for customers. Bay doors are also known to keep the water inside the bay and into the car wash facility’s drainage system. This is particularly important in countries that have strict regulations pertaining to water from car wash facilities flowing into city waters and sewer systems. Besides this, bay doors with attractive designs add an aesthetic appeal to the overall car wash station and can be helpful in catching consumers’ attention. These factors are foreseen to boost segment growth over the forecast period.

U.S. accounted for a share of 87.1% in the North America market in 2019. As per International Carwash Association, Inc., U.S. alone had 62,668 car wash centers in 2019. This factor is increasing the demand for car wash ancillary products in the country. Moreover, consumers in the market are inclined towards washing their cars at a car wash center, rather than at home. As per International Carwash Association, Inc., the percentage of drivers that report most frequently washing their vehicles at a professional car wash has increased from approximately 48% in 1994 to more than 77% in 2019. This factor is boosting product demand in the country.

Companies in the market are focusing on collaborations to introduce new car wash industry products to address the evolving needs of customers and to gain a competitive edge over other manufacturers. For instance, in April 2020, Vacutech LLC collaborated with NCS and other valued brand partners, such as MacNeil and CleanTouch, to bring the latest valuable and relevant content in the car wash industry with its new Virtual Car Wash Show Webinar series. Each webinar series features a critical industry topic and is presented by a major car wash industry expert or thought leader. It aims to cover topics ranging from financing the car wash industry during COVID-19 to tools for recapturing unlimited club memberships lost during the pandemic. The webinar series will also debut new innovative car wash industry products to access invaluable information about the newest cutting-edge technology in the car wash industry.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/car-wash-ancillary-products-market

Further key findings from the study suggest:

  • By product, the car wash vacuum system segment is expected to expand at the fastest CAGR of 2.8% from 2020 to 2027
  • The online distribution channel segment is expected to register the fastest CAGR of 2.9% over the forecast period
  • Asia Pacific is expected to expand at the fastest CAGR of 2.7% from 2020 to 2027
  • The market is characterized by the presence of several well-established players.

Copper Foil Market Size Worth $10.3 Billion By 2027

The global copper foil market size is expected to reach USD 10.3 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 9.7% from 2020 to 2027. Increasing demand for higher transmission speeds is likely to contribute to the demand for copper foil products.

The need for a higher frequency of telecommunication and higher speed in mobile telecommunication and optical communication system applications is likely to increase over the coming years. In order to cater to such applications, producers are developing electronic components, such as high performance printed circuit boards (PCBs). Producers are focused on developing PCBs with low die-electric loss tangent and constant and high multi-layers, wherein the copper foil is a key raw material. This is projected to open new avenues for market vendors.

With the reduction in sizes and thickness of mobile devices, demand for thinner and smaller semiconductor packages and PCBs is projected to increase over the coming years. This is anticipated to fuel the demand for thin copper foil products over the coming years. Demand for mobile phones in India and China is projected to assist in market growth. For instance, as per statistics provided by the Indian Council for Research on International Economic Relations, India is the second-largest market for mobile phones after China. Out of 2.53 billion global users of smartphones, 337 million users were from India at the end of 2018. India’s compounded annual growth rate was 6.66% from 2007 to 2018, in terms of volume.

New investments to increase the production capacity to cater to the demand for emerging applications are projected to create new opportunities for market players. For instance, in February 2020, Circuit Foil, a copper foil producer based in Europe, announced an investment of around 40 USD million for the Wiltz copper foil production plant. This is projected to increase production by 30% and support its demand for base stations, antenna, and 5G technology captures.

Numerous countries have started conducting 5G trials, focusing on various applications through the use of different frequencies. Thus, the development of next-generation wireless systems, such as 5G and LTE-advanced, is likely to boost the demand for copper foil products in the long run. It has been estimated that China’s 5G bus base station investment will reach over USD 100 billion by 2024. With an increase in 5G user penetration rate and connection requirements for the bandwidth for 5G services, the market is likely to witness lucrative growth.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/copper-foil-market

Further key findings from the study suggest:

  • Circuit boards emerged the largest application segment in 2019 and accounted for a volume share of 61.0 in 2019. Increasing demand for consumer electronics and automotive electronics is projected to fuel the growth of this application segment
  • The batteries segment is projected to register the fastest growth rate in the forecast period. Increasing demand for lithium-ion batteries for electric vehicles and energy storage is anticipated to remain a key contributing factor for the market growth
  • Asia Pacific was the largest regional market in 2019 with a volume share of over 72.0%. Increasing the production of PCBs, electronic components, and lithium-ion batteries in China, South Korea, and Japan is a primary driver for the market.

Natural Stone Slab Market Worth $59.9 Billion By 2027

The global natural stone slab market size is expected to reach USD 59.9 billion by 2027 registering a CAGR of 3.5%, according to a new report by Grand View Research, Inc. The rapid expansion of the construction industry is projected to boost the demand for natural stone slabs, thereby driving the market growth. Natural stone slabs add aesthetic beauty to the architectural constructions and help enhance the strength and durability of the structure, which boosts the overall demand. Moreover, the product offers resistance to slip, which is projected to further fuel the market growth. The architectural buildings and the construction processes are undergoing drastic changes.

Natural stone slabs help in achieving several textures and designs providing an aesthetic appeal to the floors and walls. The growing use of the product to beautify the architectural structures is likely to benefit the industry growth. Expansion of the residential construction across the developing economies, such as China, India, and South Korea, on account of the rising population, is projected to augment the product demand. In addition, rising investments in infrastructure development in the developed economies are projected to fuel market growth.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/natural-stone-slab-market

Further key findings from the study suggest:

  • Granite is estimated to be the fastest-growing product segment at a CAGR of 4.2% from 2020 to 2027 on account of rising demand in kitchen applications
  • The limestone product segment is estimated to expand at a steady CAGR over the forecast period due to high product demand in the flooring applications
  • The residential application segment accounted for the largest share of over 56% in 2019 and is projected to record the fastest CAGR from 2020 to 2027 owing to the increased product penetration in the construction industry
  • Asia Pacific is projected to be the largest as well as the fastest-growing regional market from 2020 to 2027 owing to the rapid expansion of the residential and commercial construction sectors in the emerging economies
  • China held the highest share of the APAC regional market on account of the expansion of the residential and non-residential sector in the country

Healthcare Staffing Market Size Worth $48.6 Billion By 2027

The global healthcare staffing market size is likely to reach USD 48.6 billion by 2027 at a CAGR of 5.4% over the forecast period, based on a new report by Grand View Research, Inc. The rising demand for temporary nursing staff especially due to growing geriatric population is boosting the scope for these services across the world.

In 2010, the Association of American Medical Colleges estimated that U.S. might face a shortfall of 150,000 doctors during the next 10-15 years. In August 2019, the National Association of Locum Tenens Organizations (NALTO) stated that 90% of the U.S. healthcare facilities use locum tenens providers and over 50,000 physicians work on locum tenens projects every year. The increasing number of physicians choosing to work as locum tenens is expected to propel the market growth over the forecast period.

Furthermore, the hospitals are forced to reduce the staff and implement policies for ensuring the availability of nurses upon an increase in the workload, in response to the pressure of costs. Due to high penetration of the market, there is the availability of healthcare staff during emergencies, thereby driving the market growth.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/healthcare-staffing-market

Further key findings from the study suggest:

  • By service, the market has been segmented into travel nurse, per diem nurse, locum tenens, and allied healthcare, out of which, the travel nurse segment dominated the market in terms of revenue share in 2019
  • Locum tenens are anticipated to witness a significant growth rate over the forecast period owing to rising number of physicians opting to work as locum tenens and due to the cost-effectiveness to the providers
  • North America held a majority of the market share in 2019 due to shortage of skilled professionals in the region, local presence of several market players, and overall growth in geriatric population
  • Asia Pacific is expected to register the highest growth rate over the forecast period due to increasing awareness regarding contract staffing, promising economic outlook, and increasing investments by various market players
  • Some of the key players operating in the healthcare staffing market are AMN Healthcare; Envision Healthcare Corporation; Maxim Healthcare Services, Inc.; CHG Management, Inc.; inVentiv Health; Cross Country Healthcare, Inc.; TeamHealth; Adecco Group; and Almost Family.

Protein Purification And Isolation Market Worth $11.2 Billion By 2027

The global protein purification and isolation market size is expected to reach USD 11.2 billion by 2027, according to a new report by Grand View Research, Inc., registering a CAGR of 8.3% over the forecast period. An increase in technological advancements and investments for the development of structure-based drugs by both private and public research organizations are driving the demand for protein purification and isolation products.

Rising demand for the development of single-use products for purification due to the increasing need to classify novel protein-based ligands with high specificity and improved proteomics research is further driving the market growth. Another factor driving the adoption rate of protein purification techniques is the availability of an extensive range of innovative resins for various applications.

The key players operating in the market are Merck KGaA; Thermo Fisher Scientific; Qiagen; Sigma-Aldrich Co.; GE Healthcare; Agilent Technologies; Bio-Rad Laboratories, Inc.; Norgen Biotek Corporation; Abcam plc, and Promega Corporation. Market players are adopting strategies such as the expansion of product portfolio through R&D initiatives, mergers, acquisitions, and strategic collaborations to further strengthen their position in the market.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/protein-purification-isolation-market

Further key findings from the report suggest:

  • The reagents segment is estimated to register a significant growth rate over the forecast period. This is attributed to its high usage in cell lysis and increased commercialization of advanced resins
  • On the basis of technology, chromatography emerged as the leading segment in 2019 owing to the availability of a varied range of products, enhanced results for complex protein purification, and high reliability
  • Drug screening is estimated to be the fastest-growing application segment over the forecast period owing to factors such as high efficacy and increasing R&D investments by manufacturers for the screening of novel drugs
  • Contract research organizations (CROs) are projected to witness a significant growth rate over the forecast period. This is attributed to increasing R&D investments and the growing number of preclinical trials outsourced by drug development firms
  • North America dominated the global protein purification and isolation market in 2019 owing to factors such as established research infrastructure, presence of major players, and technological advancements in the region
  • Asia Pacific is estimated to register the highest CAGR over the forecast period due to increasing economic stability, a growing number of CROs, and R&D activities in academic and research institutes.

HR Analytics Market Size Worth $6.29 Billion By 2027

The global HR analytics market size is anticipated to reach USD 6.29billion by 2027, registering a CAGR of 14.2% from 2020 to 2027, according to a new report by Grand View Research, Inc. HR analytics involves business analytics and data mining solutions, which examines data created from various HR activities such as employee acquisition, attendance, performance management, engagement, training, and compensation. The HR analytics helps in increasing the productivity of HR functions by predicting important parameters such as performance, retention, and recruitment with the help of data generated. All these factors are contributing to the market growth.

Technological proliferation in the field of Machine Learning (ML), big data analytics, Artificial Intelligence (AI), and Internet of Things (IoT) is expected to positively impact the market growth. Analytics solutions test the efficacy of HR policies and enable simplification of various HR policies. It includes data cleansing, data collection, data management, visualization, and forecasting tools. It correlates and integrates data to provide appropriate, actionable, and timely insights to improve performance leading to more relevant decisions and correct actions.

HR analytics solutions and services enables complex compensation planning and allow enterprises to enhance budget allocations and support compensation decisions within the organizational guidelines. Furthermore, organizations around the globe are forming a digital workplace that allows flexibility and mobility, high productivity, and uses modern communication tools. This business shift from traditional systems to digital HR is playing a major role in the centralization of HR data, thus allowing for easy access of data to deploy analytics solutions. Hence, companies are providing comprehensive HR analytics solutions for all HR functions alongside with analytics capabilities.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/hr-analytics-market

Further key findings from the report suggest:

  • The talent analytics solution is anticipated to grow at a faster pace, owing to the need for companies to attract the right talent in their organization with the help of technologies such as artificial intelligence, machine learning, and deep learning
  • The support and maintenance segment is expected to expand at the highest CAGR from 2020 to 2027. The demand for is expected to grow on account of increasing need for timely maintenance for system patching and security updates
  • The demand for hosted deployment segment is expected to increase over the forecast period as these solutions are cost-effective, which allows convenient and easy download and storage of data over cloud
  • The Small and Medium Enterprises (SMEs) segment is expected to register the highest growth during the forecast period. These days, the SMEs are focusing on utilizing the HR analytics solution to work globally and multi-regional workforce
  • The retail segment is expected to emerge as the fastest growing end-use segment from 2020 to 2027. The retail industry employs a unique blend of full-time employees, part-time staff, contractual workers, and multi-regional stakeholders across distribution networks
  • Asia Pacific is anticipated to grow at a significant rate during the forecast period, owing to the rapid digitization initiatives taken by the governments in the region
  • The key players in the HR analytics market include IBM Corporation; Kronos Incorporated; MicroStrategy Incorporated; Oracle; SAP SE; Sage Software Solutions Pvt Ltd; Talentsoft, TABLEAU SOFTWARE; Workday, Inc.; and Zoho Corporation Pvt. Ltd.

IT Services Outsourcing Market Size Worth $937.6 Billion By 2027

The global IT services outsourcing market size is anticipated to reach USD 937.6 billion by 2027 registering a CAGR of 7.7%, according to a new report by Grand View Research, Inc. Rising need to reduce operational costs and the lack of in-house information technology engineering talent are anticipated to drive the industry over the forecast period. The IT operations subcontracting industry is witnessing an upsurge in core information technology activities, not just to save capital, but to benefit from skilled and experienced professionals to deliver superior quality solutions.

A significant number of small-to-medium businesses are likely to fully outsource their IT operations owing to their constrained infrastructure capacities and agile methodologies. Rapid transformation of business models to keep pace with the emerging technologies, such as Artificial Intelligence (AI), Internet-of-Things (IoT), Robotic Process Automation (RPA), blockchain, and deep learning, are expected to drive the market. Onshoring of IT services as against offshoring is likely to grow at a considerable rate over the forecast period.

This may be attributed to better reliability, control, responsiveness, market knowledge, and ease of communication. Companies have started subcontracting application development and maintenance services to onshore service providers to reduce hidden costs of offshoring. The industry is beholding new markets for subcontracting IT operations such that companies ensure focus on their core business and leverage advanced technologies with full capacity to manage the corporate environment. However, captive centers and data-security related concerns are a constant roadblock to the otherwise growing industry.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/it-services-outsourcing-market

Further key findings from the study suggest:

  • Service providers are shifting towards standardization of IT outsourcing solutions as against customized ones. They are also relying profoundly on mass automation devices, which will create further opportunities and decrease the workforce necessary to back critical corporate applications
  • The retail & e-commerce end-use segment is projected to grow at the highest CAGR over the forecast period owing to the ever-increasing demand for modernized solutions
  • Asia Pacific is estimated to be the fastest-growing regional market during the forecast period owing to easy availability of skilled staff, a better quality of IT solutions, and low costs of projects
  • Evolving markets of APAC, such as Philippines, Thailand, and Vietnam, are the new outsourcing destinations, which boost the region’s growth
  • Some of the key companies in the market are Accenture PLC; IBM Corp.; Fujitsu Ltd.; Hewlett Packard Enterprise Development LP; and SAP SE