Two of the most rapidly developing industries across the globe, e-commerce and IT outsourcing, have benefited from advancements in technology, digital innovation, and globalization. They have become integral components of most businesses today by providing solutions that go a long way in enhancing business performance, reducing costs, and creating room for growth.
Experts estimate the world's e-commerce market to be worth approximately US$ 6.3 trillion in 2024, with a compound annual growth rate of 11.8%. At the same time, the I.T. outsourcing market which includes factors like business process outsourcing, infrastructure management, development of software, etc. has an estimate of $587.3 billion in the year 2027. We expect its growth rate to be 8.3% during that period.
Two of the most rapidly developing industries across the globe, e-commerce and IT outsourcing, have benefited from advancements in technology, digital innovation, and globalization. They have become integral components of most businesses today by providing solutions that go a long way in enhancing business performance, reducing costs, and creating room for growth.
Experts estimate the world's e-commerce market to be worth approximately US$ 6.3 trillion in 2024, with a compound annual growth rate of 11.8%. At the same time, the I.T. outsourcing market which includes factors like business process outsourcing, infrastructure management, development of software, etc. has an estimate of $587.3 billion in the year 2027. We expect its growth rate to be 8.3% during that period.
E-commerce involves transacting goods and services over the Internet. It encompasses B2B (business to business), B2C (business to consumer), C2C (consumer to consumer), and D2C (direct to consumers) techniques.
The following are types of e-commerce:
1. Business-to-business (B2B).
2. Business to consumer (B2C)
3. Consumer-to-consumer (C2C).
4. Direct-to-consumer (D2C).
Below, we briefly discuss various types of IT outsourcing.
1. Offshoring
2. Nearshoring
3. On-shoring
4. Cloud computing
5. IT outsourcing
6. BPO, otherwise known as business process outsourcing
1. Engagement of Emerging Economies: Asia Pacific, all and above India and China, are excessively growing in the e-commerce and IT outsourcing spheres.
2. WFH Disruption: It's clear that people around the world are ready for technologies and ways of working that let you work from anywhere. These technologies and ways of working directly extend services into the cloud, make communication easier, and improve security through IT outsourcing.
3. Decentralized cryptocurrency: Blockchain technology development is also seeking to enhance the progress of transactions and logistics as it offers better transparency.
4. The Development of 5G Networks: High-speed mobile broadband has brought more evolved forms of eCommerce and sophisticated IT outsourcing solutions.
5. Tailor-made Shopping Interactions: The analytics and artificial intelligence-based customized shopping industry is growing across the world in the ecommerce industry.
1. Use of Artificial Intelligence in Management: Both sectors are using Artificial Intelligence for forecasting, tailoring services to clients, and automating tasks.
2. Use of Cloud Technology: At present, more than 90% of e-commerce and IT functions deploy cloud solutions, ensuring all the more scalability and business continuity.
3. Green Policies: Firms are adopting more and more eco-conscious measures, such as reducing carbon emissions in logistics or designing green data centers.
4. The Need for Cybersecurity is Growing: As security breaches become more frequent, spending on security solutions has increased, leading to an expansion in the assistance provided by IT outsourcing companies.
5. Cross-Channel Approach: While cross-channel strategies in e-commerce are expanding, most of the investment made by these companies is in omnichannel strategies—merging offline and online experiences.
Types of e-commerce:
1. Covering consumer goods: digital gadgets, clothing, food categories, health care, and shabby cycles.
2. Based on mode of payment: e-wallets, credit/debit, or bank transfers.
3. Based on geographical area: North American, European, Asia-Pacific, Latin American, and Middle Eastern and African markets.
IT outsourcing segments:
i. Based on the type of service: development, management applications, and BPO technologies.
ii. Based on sectors and industry: Healthcare, Banking, Financial Services, and Insurance (BFSI), Retail, and Telecom.
iii. Geographic sector: North America, Europe, Asia Pacific, Latin America, Africa & Middle East
Balcony leaders in sector e-commerce:
1. Amazon
2. Alibaba
3. eBay
4. Walmart
5. Shopify
Leaders in the IT Outsourcing Segment:
1. Tata Consultancy Services (TCS)
2. Infosys
3. Accenture
4. Cognizant
5. IBM