Outsourcing development is an industry on the rise. In 2019, companies from all backgrounds are benefitting from the competitive advantage that digital solutions services can provide, boosting productivity and improving process efficiency.
BairesDev has been leading digital transformations for businesses of all sizes for more than 10 years, and is constantly exploring the latest trends in the market. For a better insight into the state of the industry during 2019, here are some interesting facts to consider:
- In 2018, the global outsourcing market amounted to 85.6 billion U.S. dollars. IT outsourcing, in particular, generated 62 billion U.S. dollars.
- 72% of companies currently outsource IT and 31% are planning to increase their IT outsourcing.
- Organizations said they outsourced primarily for: Improving the customer experience (23%), transitioning from legacy IT to as-a-service models (17%) and cost savings (35% cited this as the prime driver.
- Analysts forecast the Global IT Outsourcing Market to grow at a CAGR of 4.42% during the period 2018-2022.
- Ultra-low unemployment rate of 1.9% for the IT industry means that companies are finding it increasingly hard to secure the tech talent they need.
- Rising importance of tech in industries like finance, medicine, and customer service has increased the demand for software engineers.