What industries use IT consulting services the most

What are IT consulting services for?

Regardless of the industry or a company’s size, technology affects its evolution as well as business processes to a great extent. It’s impossible to deny that Information Technology has already become an integral part of business processes. In fact, it happened quite quickly. 

With the rapid development of the IT area, its expansion keeps growing promptly. Technology has gotten to a turning point where it is capable of impacting a variety of business aspects such as digital marketing, social networking, communication, cloud computing, and many more. Let’s just face this – today IT is the ultimate driving force of business development.

Talking about IT consulting services, what associations come to your mind? Innovation is one of them. After all, no matter what industry you specialize in, business and innovation are the two notions that always go hand in hand. It’s simple – IT consulting services bring innovation into business and business requires IT for innovation. Can we say these two areas are mutually dependent on each other? Yes, we can. 

IT consulting is the field of activity that focuses on advising organizations on the best way to utilize information technology in order to achieve their business objectives efficiently. Often it’s impossible to cover all the tasks and manage literally everything. There are always things outside of your scope of expertise. That is why external help is needed. When it comes to digital transformation and business operations optimization, IT consultants are the people you need to help you boost the execution of your strategy. 

How IT consulting will benefit your organization

If you still have doubts about turning to IT consulting, provide a critical analysis of your business performance first. Are the business operations slow, inefficient, and lack optimization? This means partnering with an IT consulting company would be a good solution for you. So if you make up your mind to ask for IT consultants’ help, check out the key benefits you’ll be rewarded with:

• Specialized knowledge in your domain.
• Leaving IT-related tasks for the experts will free your time for managing core business functions.
• Expenses reduction. When hiring an IT consultant from a third-party firm on demand, you pay less for their services than you would pay full-time employees for this work.
• Sufficient experience. IT consultants deal with multiple companies having similar issues and therefore can offer more efficient solutions than an in-house IT department. 
• Higher productivity. Technology is developed to improve productivity and performance. And seasoned IT consultants know best what alterations need to be made to achieve the ultimate goal – enhance the efficiency of the business. 
• Remaining competitive with top-notch technology.

In case your company doesn’t have funds enough to pay for IT consultants’ services or you have an in-house IT department with high-skilled and experienced specialists, then you can cover all the tasks without external help. But once again, a thorough initial analysis is a must-have. This will lead you to the best for your company solution. 

The IT consulting market overview

According to a recent estimation, the technology and IT consulting services market is worth $48 billion, representing approximately 20% of the total global consulting market. In a few years, the IT consulting market is expected to rise in demand significantly. The growth will be on the back of some of the biggest technological trends:

• Internet of things (IoT)
• Big data and analytics
• 5G technology
• Blockchain technology
• AI
• AR
• Robotics
• Digitization
• Cloud computing

The rate at which IT consulting is evolving is crazily high. According to the IT Consulting Services Market research report, the global market for IT consulting services is expected to reach US$ 100 billion by 2028, exhibiting a CAGR of 6.6% during 2022-2028.

Referring to Software Consulting Market Size Report, 2021-2028 by end-user prepared by Grand View Research, the Europe Software Consulting Market shares are divided in the following way: 

1. BFSI (Banking, financial services and insurance) 
2. IT & Telecom
3. Manufacturing
4. Government
5. Healthcare
6. Automotive
7. Retail
8. Education
9. Others

As we have already pointed out, regardless of the industry, your business needs technology – it needs innovation! However, while some areas are already leveraging IT consulting services actively, others just try their hands at it. Still, it seems quite possible that in the near future, the situation will change and more industries will be making use of IT consulting services. 

Here we offer you to take a quick look at the list of industries that need IT consulting services the most as of now. 

Financial Services

A large portion of IT consulting companies’ clients come from the financial industry. From Banking & Capital Markets, Insurance to Wealth Management sector – numerous organizations face unprecedented challenges and therefore require external help. Innovations should be implemented as they enable new business models. Additionally, today most companies choose to shift from a product- to a customer-centric model. What does it mean for a business to be customer-centric? It’s not just about interaction with customers but about having a clear understanding of what values beyond your products and services they have. 

What benefits IT consulting brings to the financial industry:

• Driving customer and value-oriented behaviors
• Business models modernization
• IT performance benchmarking 
• Boosting agility 

Consumer Industry

Rapid technological advancements provide new offerings and new models for product manufacturing and delivery worldwide. As the national economies go through globalization, regional customization and personalization of products and services take place. This results in an acceleration of innovation cycles and a growing management complexity. They say modern problems require modern solutions. IT consulting helps companies – either large or small – to easily adapt to the current changes and deploy innovations successfully with tested strategic, financial, operational, human capital, and IT solutions. Staying ahead of the game is essential in the new reality.

Legal Industry

Advancements in technology and software are being made at an extremely rapid pace so law firms do not want to suffer from technology complications that keep them from handling their cases and serving their clients properly. Lawyers need access to legal IT solutions they can rely on. IT consultants for law firms cover the following areas:

• Case management automation
• Legal records management 
• Legal document drafting
• Full-cycle law firm management solutions

Energy & Resources Industry

Globalization pushes the demand for energy supply creating a market that not only requires traditional sources of energy but also provides a variety of opportunities for alternative fuels and innovative solutions. Turning to an IT consultant company helps to overcome the latest industry challenges. Technologically advanced, yet cost-effective solutions for Energy and Resources companies allow for driving operational efficiency, improved customer service, increased profitability, and many more. IT consultants provide effective solutions by employing cloud, IoT, big data, advanced analysis, VR, and AR.

Healthcare Industry

This is the industry that must be updated regularly. Improvements and advancements through innovation must take place in the healthcare sector. What’s the role of healthcare IT consulting services? They help build a fail-proof IT strategy and plan the secure launch or evolution of medical software. Check out some of the most popular IT consulting services for medical institutions:

• Healthcare software optimization and modernization
• Migration to cloud providers
• Healthcare software development
• Healthcare IT support
• Software integration
• Cyber security, etc.

Telecommunications

The telecommunications industry is evolving at a frantic pace. Keeping the world connected becomes quite a challenge due to technological advancements. And that is why the telecommunications sector requires IT specialists’ solid expertise and experience. IT consultants help to overcome all obstacles, create new business models, and optimize networks’ work by delivering strategy and implementation to telecommunications companies. 

Transportation and Logistics

Logistics service providers, carrier companies, courier express parcel companies, logistics marketplaces, enterprises involved in T&L activities, and many other organizations are actively making use of IT consulting services now. 

How the T&L sector can benefit from IT consulting? It deals with consulting, implementation, support, and evolution of T&L solutions to help companies streamline and cut expenses for logistics operations, enhance asset efficiency, and improve customer experience. Besides, IT consultants provide consulting on the use of top-notch techs (cloud, IoT, AI and ML, blockchain, etc.) for T&L operations, IT infrastructure support, QA, cybersecurity services, and so on. 

Conclusion

IT consulting services have already become an integral part of any modern business workflow. IT consultants provide expert advice on the most appropriate technology solutions for companies from various industries and of various sizes. They can help to optimize working processes as well as implement new systems and technologies.

In the new realities, the importance of IT consulting services cannot be understated. By having access to the latest technology, businesses remain competitive in an ever-evolving market. Additionally, the right IT solutions lead to increased efficiency, reduced costs, and better productivity.

IT consulting services allow for developing strategic objectives and ensuring that IT infrastructure is in line with long-term goals. Experienced and skillful consultants can also provide training and support, as well as assess the technical performance of a business’ systems.

Overall, IT consulting services are essential for businesses that want to withstand competition and grow. The properly selected IT solutions make businesses more efficient, productive, and profitable.