iCrowdNewswire Jan 11, 2021 1:56 PM ET
Technology Advisory Market:
WiseGuyReports.com adds “Global Technology Advisory Market Research Report 2021 Analysis and Forecast 2030” reports to its database.
Major players in the technology advisory market are Booz & Co, Deloitte, Bain & Company, The Boston Consulting Group, Accenture PLC, Dell Technologies Inc, Fujitsu Ltd, HCL Technologies Limited, Infosys Limited and KPMG.
The global technology advisory market is expected to decline from $146.44 billion in 2019 to $145.23 billion in 2020 at a compound annual growth rate (CAGR) of -0.82%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The market is then expected to recover and reach $168.42 billion in 2023 at a CAGR of 5.06%.
The technology advisory market consists of the sales of technology advisory services by entities (organizations, sole traders and partnerships) that provide advisory services to clients to identify, prioritize, design, and manage their investments in a range of advanced technologies. Technology advisory services provide consultancy on developing technology strategies, technology ideation and prototyping, design digital consulting services, and ways to enhance cybersecurity. Only goods and services traded between entities or sold to end consumers are included.
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North America was the largest region in the technology advisory market in 2019. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
In October 2020, Accenture plc, an Ireland-based global professional services company providing services in strategy, consulting, technology, and operations, has acquired SALT Solutions AG, a German technology consultancy for an undisclosed amount. The acquisition is expected to help Accenture plc in building a cloud-based industrial internet-of-things (IoT) platform that will enable the client to reduce quality and wastes issues in the whole supply chain. SALT has deep expertise in manufacturing and supply chain systems complementing Accenture’s expertise in cloud solutions and planning systems. The acquisition will help Accenture to expand its digital manufacturing and operations business in Germany. SALT Solutions AG is a German technology consultancy company implementing and maintaining IT systems for a variety of companies across different sectors.
The technology advisory market covered in this report is segmented by services into application development; cloud services; cybersecurity and privacy; data and analytics; technology strategy and enterprise architecture; others and by end-use into banking; financial services; healthcare; IT and telecom; government; others.
Security and reliability concerns are expected to limit the growth of the technology advisory market. Security hacks, illegal surveillance, lack of transparency, misuse of personal data, and algorithmic bias are some key factors that have come along with increased technological advancement. According to Verizon’s 2019 Data Breach Investigations Report, the info-tech sector is highly susceptible to external (44%) and internal (56%) threats, industrial espionage (29%), and financial motives (67%). For instance, State Bank of India (SBI), an Indian public sector bank, suffered a loss of confidential information of its 422 million customers. Organizations today rely very much on applications and IT software to conduct business. Software defects resulting in unauthorized access, and the use of malicious intruders and malicious code to breach the security of the system are adding more to the security and reliability of third-party technology advisory services and hence restraining the market growth.
Artificial Intelligence (AI) is a leading trend gaining traction in various business processes. AI is an amalgamation of different technologies that enable the machine to sense, understand, and act. AI helps businesses in identifying and solving business problems and drive measurable business value. AI helps in designing hardware infrastructure – on-premise or cloud-based, ingestion, and analysis of big data, and to enable flexibility of computing resources. For instance, in 2019, Tech Mahindra deployed the first HR humanoid K2 at its Noida campus in India. K2 functions on AI and will take over routine HR processes providing continuous assistance to the HR department to enrich the employee experience. K2 will handle general HR related queries and handle actions for providing tax forms and payslips, enabling the HR team to focus on other important areas in the business. With the improvement in AI technology with every passing day, it is gaining huge importance in data expertise, business processes, and workflow management.
The increasing requirement for simplifying business operating models and IT investment monitoring is a major driver contributing to the growth of the technology advisory market. Technology consulting firms help companies in integrating technology in their business operations and creating better experiences, thereby improving business processes, reducing costs, and maximizing technology-based opportunities. Technology advisory firms also help companies in addressing cybersecurity concerns and keeping data safe. For instance, Louis Vuitton uses technology consulting to create small modules in business and IT strategy, and IT governance to run its operations effectively. In addition to this, companies such as Canon and Samsung have been using technology advice to optimize their operations and reduce IT costs. Technology advisory services help companies in focusing more on core business, accessing the latest technology, and minimizing hardware failure, virus and spyware attack, and database corruption.
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