The global IT services market, including IT consulting, is undergoing a period of turmoil and uncertainty that will see the sector decline this year, analysts have predicted.
According to the latest figures from market researcher IDC, the worldwide IT consulting market is expected to finish 2003 with a one per cent decline in spending and only return to positive growth by the end of 2004.
But the outlook for the next four years is brighter, with the market forecast to grow at a five-year compound annual growth rate of 3.5 per cent.
"During times of industry transformation, it is imperative for consulting services firms to continuously monitor, analyse, and proactively address changes in end-user needs in order to be ready for the tremendous opportunities of the near future," said Anna Danilenko, programme manager for consulting services market research at IDC.
"The keys to success for consulting vendors this year are expected to be value generation, business transformation, and shared risk."
The analyst firm also predicted that escalating pricing pressures, further market consolidation, overseas outsourcing, and the blending of business and IT consulting service offerings will play important roles in shaping the IT consulting market in 2003.
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