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It is a field that focuses on advising businesses on how best to use information technology to meet their business objectives.
IT consultancies implement, deploy, and administer IT systems on businesses' behalf.
IT consulting industry can be viewed as a three-tier system:
Professional services firms
(Source: IMF, NASSCOM) With an increase in adoption of technology by businesses and individuals, spending on IT services (excluding BPO, hardware and software) has outpaced the growth in World’s GDP in past. (In USD Bn) 2004 2005 2006 2007 CAGR(2004-07) World GDP 58,051.1 61,300.0 64,242.4 67,711.5 4.3% Worldwide IT services 418 441 467 467 5.8% As % of World GDP 0.72% 0.72% 0.73% 0.73%
Size of Indian IT services industry (Source: NASSCOM, CRIS INFAC) Ф The domestic IT market is at a nascent stage (compared with the global IT industry), as most users in India are in the initial stages of IT development. Hence, Indian IT service industry is dependent on export for more than 3/4th of its total revenue. (USD in Bn) Exports Domestic Total CAGR % FY03 5.5 2.4 7.9 FY07 18.1 5.6 23.7 31.6% FY11E 40 10 50 20.5%
Ф India is the most favored offshore location for IT Services (Source: - AT Kearny Global Services Location Index 2007). The same is evident from the increase in dominance of India in total offshorable IT services market. Ф Dominance of India in offshore market is because of financial attractiveness (i.e. cost competitiveness) as well as availability of abundant suitable talent pool. (Source: NASSCOM)
The IT consulting and other services market is valued as the revenues accrued from provision of information technology and systems integration services, information technology consulting, and information management services. The 7 P’s which is covered under the marketing mix of IT consulting services are: