The IT Consulting industry is composed of companies that help businesses design and implement information technology (IT) systems and infrastructure. Due to the low capital requirements of the industry, a modest number of operators are small nonemployers or independent contractors. Over the five years to 2017, shifting technological trends toward cloud computing and data analytics have caused larger operators to acquire smaller companies and develop new products to stay relevant. Shifting technology trends boosted demand for new services and encouraged companies to replace older, more traditional technology. Additionally, strong corporate profit for most of the five-year period and constantly rising investment in computers and software has helped drive industry revenue growth. As the economy strengthens, corporate profit will continue to rise and support investment in computers and software. Growth in demand from finance and insurance, which are two of the largest markets for industry operators, is anticipated to accelerate and further benefit the IT Consulting industry. Additionally, the continued shift to cloud computing and the use of data analytics will intensify security concerns. Consequently, IBISWorld expects industry revenue to rise over the five years to 2022.
The IT Consulting industry includes firms that provide the following services to client companies: writing, testing and supporting custom software; planning and designing integrated hardware, software and communication infrastructure; and on-site management of computer systems and data processing facilities. This industry excludes packaged software publishers and off-site data processing and hosting services.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.