Per a recent study, entitled "Technology Advisory Global Market Report 2022”, The Business Research Company predicts the solution provider market is expected to grow from $159.62 billion in 2021 to $170.48 billion in 2022. That’s a compound annual growth rate (CAGR) of 6.8%.
One of the key drivers behind this trend is that enterprises are now looking to rearrange their operations due to the impact of COVID-19 over the last few years. Previous operational challenges included restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges.
The report identified the following major market players that are expected to support the growth of the solution providers market in the coming years:
· Dell Technologies
· IBM Corporation
· Infosys Limited
· Fujitsu Ltd
· HCL Technologies Limited
· Booz & Co
· KPMG
· Tata Consultancy Services Limited
· Ernst & Young (EY) and McKinsey & Company
Looking ahead, the solution provider market is predicted to reach $211.14 billion in 2026; that’s a CAGR of 5.5%. This will largely be influenced by the desire of the modern enterprise to further simplify their operating models; specifically, IT investment monitoring will serve as a major driver that will contribute to the growth of the solution provider industry.
Security and Reliability Concerns Could Limit the Growth of the Solution Provider Market
Security and reliability concerns could possibly limit the growth of the technology advisory market. Per Verizon’s 2019 Data Breach Investigations Report, the IT sector is highly susceptible to external (44%) and internal (56%) threats, industrial espionage (29%), and financial motives (67%).
Specifically, security hacks, illegal surveillance, lack of transparency, misuse of personal data, and algorithmic bias have been identified as key worrisome factors identified in the repot. Additionally, increased technological advancement was noted.
Modern enterprises rely on applications and IT software to conduct business. However, software defects that result in unauthorized access, and the use of malicious intruders and malicious code to breach the security of the system, are adding more responsibility to the security and reliability of solution provider services, thereby restraining the market growth.
Interest in Artificial Intelligence Solutions Could Help Grow the Solution Provider Market
According to the “Technology Advisory Global Market Report 2022”, artificial Intelligence (AI) will serve as the leading trend to gain the most traction in various enterprise processes. That’s because it is expected that AI will help businesses identify and solve operational problems to drive improved business value. AI will also serve to help design hardware infrastructure — on-premise or cloud-based, ingestion, and analysis of big data. It will also be used to enable flexibility of computing resources.
The continuous improvements being made to AI technology should be fully understood by the modern solution provider, as it is quickly gaining greater acceptance in the areas of data expertise, business processes, and workflow management. Enterprises will continue to learn of its value in the coming years, and the solution providers who can service their customers with this modern solution should see excellent return.
Read the Technology Advisory Global Market Report 2022 in full.
