Consulting Services Revenue in Asia-Pacific to Surpass US$106 Billion in 2024, Forecasts GlobalData
Enterprises in the Asia-Pacific (APAC) region continue to leverage IT consulting for better understanding, analysis, management, implementation and deployment of technologies for agile business strategy. Against this backdrop, consulting services market in the region is set to grow at a compound annual growth rate (CAGR) of 2.8% between 2019 and 2024 to reach US$106.4bn in 2024, says GlobalData, a leading data and analytics company.
According to GlobalData’s Market Opportunity Forecasts Model estimates, amongst the consulting services offerings, system design and integration will have the largest revenue market share (60.7%) by 2024. In contrast, security consulting services will register the fastest growth rate (CAGR) of 3.9% during the forecast period.
Recommended AI News: Agora Brands Group Announces Dale Seavey as Chief Technology Officer
Nagaveni Tantepudi, a Technology Analyst at GlobalData, says: “The presence of key delivery centers and innovation hubs of leading technology companies in countries such as China, India, Japan and Singapore positions the region as a favorable market for consulting services.”
China and Japan will together account for 61.1% of the overall consulting services revenue in 2024. Japan, with a market share of 28.8%, will be the second-largest country, followed by India with 8.5% market share in 2024.
Consulting services have emerged as a prominent offering category, as enterprises focus on the implementation of their digital transportation roadmap. This has led to an increase in investment in cloud, analytics, AI and other emerging technologies, subsequently resulting in the increased demand for system design and integration and security consulting services.
Growing demand for e-commerce has led to an increased requirement of hardware and software solutions in the IT and telecom industry, which in turn led to the expansion of the system design and integration market. In addition to this, the emergence of local specialist vendors, coupled with the increasing presence of global technology vendors, will further propel the growth of system design and integration market.
Ms Tantepudi concludes: “Consulting services segment in the APAC region is forecast to witness healthy growth compared to other regions, majorly driven by economies such as China, Japan, India and Australia, with China remaining as the dominant market driving the growth. Despite the negative impact of the COVID-19 outbreak, APAC might be quicker to bounce back compared to other regions owing to agile delivery and support capabilities to the global enterprises.”
Recommended AI News: Future FinTech Appointed Yang Liu as Chief Operation Officer