How big is the IT staff augmentation market?
IT staff augmentation is a booming business. Companies of all sizes are turning to IT staff augmentation services to find the right talent to fill their IT needs. But just how big is the IT staff augmentation market? In this article, we’ll take a look at the size of the IT staff augmentation market and how it’s grown over the years.
The Size of the IT Staff Augmentation Market
The IT staff augmentation market is growing rapidly. According to a report from Grand View Research, the global IT staff augmentation market was valued at $50.2 billion in 2019 and is projected to reach $92.5 billion by 2027, exhibiting a compound annual growth rate (CAGR) of 8.1%. This growth is attributed to the increasing demand for IT staff augmentation services from businesses of all sizes.
In the U.S. alone, the IT staff augmentation market is estimated to be worth around $31 billion. This figure is expected to rise to $48 billion by 2023. The growth is being propelled by the rising demand for IT professionals and the expanding adoption of IT staff augmentation services by businesses.
Factors Driving the Expansion of the IT Staff Augmentation Market
The growth of the IT staff augmentation market is being driven by several factors. One of the main drivers is the need for businesses to access specialized IT talent. As companies become more reliant on IT to run their operations, they are increasingly turning to IT staff augmentation services to find the right personnel to fulfill their IT needs.
Another factor driving the growth of the IT staff augmentation market is the increasing demand for IT professionals. As businesses pursue new technologies such as cloud computing, artificial intelligence, and machine learning, they need IT professionals with specialized skills and knowledge to support these technologies. This is driving the demand for IT staff augmentation services.
Finally, the increasing cost of hiring IT professionals is also driving the growth of the IT staff augmentation market. Companies are increasingly turning to IT staff augmentation services to reduce their recruitment costs and find the right talent quickly and cost-effectively.
Conclusion
The IT staff augmentation market is growing rapidly and is projected to reach $92.5 billion by 2027. This growth is being driven by the increasing demand for IT professionals, the need for businesses to access specialized IT talent, and the increasing cost of hiring IT professionals. As companies become increasingly dependent on IT to run their operations, IT staff augmentation services are becoming an increasingly essential part of their operations.