With a CAGR of 4.4% between 2022 and 2023, the global market for technology advisory services is expected to increase from $154.47 billion in 2022 to $161.32 billion in 2023. Chances of a global economic recovery from the COVID-19 pandemic were hampered, at least in the short term, by the conflict between Russia and Ukraine. Due to the conflict between these two countries, many countries have been hit with economic sanctions, commodity prices have risen, and supply chain disruptions have caused price increases across the board in many markets around the world. At a compound annual growth rate (CAGR) of 3.4%, the technology advisory market is forecast to reach $184.7 billion in 2027.
Businesses that help their customers select, plan for, and oversee the implementation of various forms of cutting-edge technology are a part of the technology advisory market.
Advisory services in the field of technology offer advice on a variety of technological topics, including the creation of technological strategies, the generation of technological ideas and prototypes, the provision of digital consulting services in the areas of design and cybersecurity.
The value in the marketplace also accounts for the cost of any complementary products offered by the service provider. What is counted are only those products and services that are bought and sold between businesses or directly to consumers.
Advisory services in the field of technology include those that provide counsel on matters such as the creation of technological strategies, the generation of technological ideas, the design of digital consulting services, and the improvement of cybersecurity. Advisory services in the field of information technology can be used to develop a sound IT strategy, realign business operations to achieve organisational goals, select and implement the most suitable technologies, adapt to a constantly evolving IT environment, stay abreast of the most recent technological advances, strengthen enterprise architecture, and reduce IT spending.
In 2022, the market for technology advisory services was largest in North America.
The market for technology advisors in Western Europe was the second largest worldwide.
The report on the global technology advisory market includes data from Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Application development, cloud services, cybersecurity/privacy, data/analytics, technology strategy/enterprise architecture, and so on are the most common forms of technology advisory services.
To develop an application is to create a computer programme or set of programmes to perform the many tasks that a company needs.
Organizational sizes range from small businesses to multinational conglomerates across a wide range of sectors, including the likes of banking, finance, healthcare, IT and telecom, government, and more.
A key factor in the expansion of the technology advisory market is the rising need to streamline business operating models and IT investment monitoring.
Consulting firms specialising in information technology advise businesses on how to optimise their use of technology to enhance customer relationships, cut costs, and take full advantage of emerging trends in the industry.
Similarly, technology advisors aid businesses in securing their networks and protecting sensitive information.
When it comes to business and IT strategy and IT governance, for instance, Louis Vuitton employs the help of technology consultants to develop bite-sized modules.
The likes of Canon and Samsung have also been known to utilise technology counsel in order to better optimise their operations and cut down on IT expenditures. Businesses can benefit from technology advisory services in a number of ways, including having more time to devote to core operations, having easier access to cutting-edge tools, and experiencing fewer instances of hardware failure, malware infections, and lost data.
The expansion of the technology advisory market is predicted to be hampered by worries about security and dependability.
Some of the most important factors that have come along with increased technological advancement include security hacks, illegal surveillance, a lack of transparency, the misuse of personal data, and algorithmic bias.
The information technology industry is highly vulnerable to external (66%), internal (37%), industrial espionage (9%), and financial motives (88%), as stated in the Verizon 2021 Data Breach Investigations Report. For instance, in 2020, nearly 3.4 million customers of the popular shopping app Paytm Mall had their personal information compromised, as reported by the security monitor Firefox Monitor. Applications and information technology software are crucial to the daily operations of businesses today. Lack of trust in the security and dependability of third-party technology advisory services due to flaws in the software that allow for unauthorised access, as well as the use of malicious intruders and malicious code to breach the security of the system, is a major factor stifling market expansion.
There is a growing interest in the use of AI in many areas of business.
Artificial intelligence (AI) is a collection of technologies that give machines the ability to sense, understand, and act.
Artificial intelligence (AI) aids businesses in spotting issues, finding solutions, and generating quantifiable ROI.
Artificial intelligence is useful for designing hardware infrastructure, whether on-premise or in the cloud, for ingesting and analysing large amounts of data, and for allowing for greater computing resource flexibility.
One such example is YANTR.AI, a cognitive AI solution introduced by Tech Mahindra in 2022 for automating and simplifying field services. Combining advanced analytics, AI, ML, and optimisation with people, YANTR.AI allows field operations to be hyper-automated, which boosts efficiency and customer satisfaction. As AI continues to evolve, it is becoming increasingly vital to fields such as data science, enterprise operations, and workflow administration.
Accenture plc, a global provider of strategy, consulting, technology, and operations headquartered in Ireland, acquired the German technology consultancy SALT Solutions AG in October 2020 for an undisclosed sum.
In theory, the purchase will allow Accenture plc to construct a cloud-based industrial IoT platform that will help the client cut down on quality and waste throughout the supply chain.
Accenture’s proficiency with cloud-based solutions and strategic planning systems is complemented by SALT’s knowledge of manufacturing and supply chain systems.
Thanks to this purchase, Accenture will be able to grow its digital manufacturing and operations in Germany.
German firm SALT Solutions AG provides advice on and assistance with the development, deployment, and management of information technology systems for businesses of all sizes and in a wide range of industries.
Australian, Brazilian, Chinese, French, German, Indian, Indonesian, Japanese, Russian, South Korean, UK, and American markets for technology advisory services are all accounted for.
To put it simply, the market value is the monetary (in USD $ unless otherwise specified) revenue an enterprise earns from selling goods and/or providing services within the specified market and geographic area.
Revenues for a region are “consumption values,” meaning they are earned by businesses operating in that region within that market, regardless of where the goods or services themselves are produced. No consideration is given to earnings from resale down the line or in conjunction with other products.
The Technology Advisory Market Research Report is Part of a New Series of Reports That Gives You All the Information You Need to Succeed in the Technology Advisory Industry, Including: Market Size (Global and Regional), Regional Breakout (Companies), Market Share (Competitors), Market Segmentation (In-Depth), Market Trends and Opportunities, and More. The future and present of the technology advisory market are thoroughly analysed in this comprehensive research report.