Many companies around the globe choose to outsource their development in order to achieve a competitive edge. This trend has been ongoing for the last decade and we have noticed a strong incline in the last 5 years, the outcome of new technologies and growth of industries around the world.
As reported by Statista, the global outsourcing market was worth $92.5 million in 2019. Statistics show that, in fact, the market size of the outsourcing industry in the US in 2020 is $132.9 billion and it is going to grow by 1.6% the same year.
To better understand the industry, we analyzed several major trends shaping outsourcing today.
- Artificial Intelligence
The goal of artificial intelligence is to reduce dependency on humans for routine tasks, allowing them to focus on business goals. How does it connect with the outsourcing industry? Resources will be allocated in developments of AI, machine learning and chatbots. In the next period there will be heavy development of those technologies and need for skilled developers. Moreover, it means a dramatic increase in productivity along with outstanding employment opportunities. - Focus on Cybersecurity
Cybersecurity is a growing industry and will require adjustment of outsourcing companies equipping their developers with technical knowledge in the specific field.
At the moment there is a cybersecurity skills shortage and more than 70% of companies aren’t prepared for cyberattacks. Value-Based Work Instead of Hourly Work
The focus on results became popular with the understating that hourly measurement is not effective. Employees might be at the office for 8 or 9 hours and still be less productive. Nowadays there is a switch to quality measurements and goal orientation.- Multicultural Outsourcing Teams
The combination of different cultures in an outsourced team is a major benefit for end clients. The cultural contribution shown in different aspects such work discipline, values and even knowledge. By combining different approaches you will create knowledge exchange between IT partners.
The Importance of Strategic Partnerships
Successful outsourcing is built on strong partnerships.
The real value of outsourcing lies in people. By collaborating with skilled development teams, companies gain access to global talent and fresh perspectives.
When businesses invest in long-term partnerships and innovation, outsourcing can become a powerful driver of growth and technological advancement.
