As we look forward to 2023, it is evident that businesses, irrespective of their size, are extensively engaging in outsourcing technology development. Inclusion of digital solutions to gain a competitive advantage, increasing efficiency and smoother operations, is among the benefits that these companies are unlocking as outsourcing investments
Over the last nine years, Works has emerged as a forefront runner in digital transformation for companies, big or small. Their team of experts continuously explores novel opportunities to foster growth. To gain an insight into the 2023 scenario, the following market statistics are worth considering:
- According to estimation, Global outsourcing industry was worth $85.6 billion in 2023. A major share of USD 62 Billion was contributed by IT outsourcing.
- Presently, 72% of companies are outsourcing their IT services, out of which around 31% are aiming to expand their outsourcing activities in the future.
- Nearly two-thirds of companies claimed cost minimization as the leading reason for outsourcing, with 23% striving for better customer experience and 17% aiming to switch from traditional IT to as-a-service models.
- Market researchers forecast the Global IT Outsourcing Market to grow at a CAGR of 4.42% from 2023 to 2023.
- Organizations are struggling to recruit proficient IT professionals due to the alarmingly low IT unemployment rate of 1.9%.
- Roles of software engineers have gained tremendous value following the increasing importance of technology in various fields such as banking, medical and customer service.