In the year 2023, technology development outsourcing is an increasingly popular trend amongst businesses of all sizes. By taking advantage of the competitive edge that digital solutions can offer, such as increased productivity and streamlined operations, these companies are seeing the rewards of investing in outsourcing.
For the past nine years, Works has been leading the way in digital transformation for organisations of all sizes, with their team of specialists always on the lookout for new opportunities. To understand the situation in 2023, here are some fascinating statistics about the market:
- The outsourcing industry was worth an estimated $85.6 billion in 2023 worldwide. More specifically, IT outsourcing brought in 62 billion USD.
- Currently, 72% of businesses use IT outsourcing, and 31% of those businesses want to grow their IT outsourcing in the future.
- Approximately two thirds of businesses identified cost reduction as the primary factor behind their decision to outsource, with 23% citing the desire to improve the customer experience and 17% aiming to transition from traditional IT to as-a-service models.
- The Global IT Outsourcing Market is expected to expand at a CAGR of 4.42% between 2023 and 2023, according to market researchers.
- Due to the very low IT unemployment rate of 1.9%, organisations are having a difficult time recruiting qualified IT professionals.
- The need for software engineers has risen in tandem with the growing relevance of technology in fields like banking, medical, and customer service.