The global outsourcing market witnessed a gigantic statistic of $92.5 billion in terms of revenue, in 2019.
There is an increased tendency or trend of businesses turning towards outsourcing providers, over the past few years.
Rather than in-housing the technologies and the corresponding experts, the companies sought to collaborate with the IT outsourcing providers, save time and resources, and get access to technologies that are well-updated with the latest market trends.
This article enlists the hottest trends in the burning IT outsourcing market.
Increased surge for the latest IT skills
latest advancements in technology is the driving force of the current neck-to-neck competition among the companies to stay ahead in the race.
Optimizing the technology utilization and upscaling the business works with the implementation of cutting-edge technologies, is a humongous challenge.
Housing the technologies, training the employees, or hiring specialists is a costly procedure and demands precious time and resources to be invested.
Also, the problem of talent-shortage is burning up the industries, these days. The skilled workforce specialized in AI, automation and other technicalities, are on the verge of becoming rare gems to find.
Omitting all these complexities, the companies are more into hiring the IT outsourcing providers, that hand over well-researched and trend-wise scaled-up services, in reduced time, that are maintained by skilled professionals.
Eastern European countries to emerge out as the top IT outsourcing seekers
To date, India and China are the largest contributors to the global IT outsourcing market revenue.
Leaving behind the EMEA (Europe, the Middle East, and Africa), Europe will be emerging out as the largest seekers of IT outsourcing in the days to come.
The years of 2014-18 were the tough ones for the ITO industry in Europe. Despite the lower figures of ITO services in the past years, studies, statistics, and trends are suggesting that the European diversity is attracting a huge ITO market.
Also, the developing European countries are the key players in hiking up the skill-shortage problem.
All of these factors are laying down a strong foundation for the upcoming grand ITO market in the future.
With the increased adaptation of cloud services into more and more companies, the cloud services outsourcing providers are witnessing massive growth in the sector, so much such that the expected cloud sourcing market became $200 billion in the year 2018.
So much inclination and dependency of the companies to manage their data using cloud services require experts in the field for operational purposes. Hence, the outsourcing market will be asked more and more for cloud specialists in the future years.
The increase in cloud sourcing services will, in turn, increase data security threats.
The outsourcing providers would have to look after the data of their clients and provide better security services to prevent data breaches.
A big billion future is waiting out there for Augmented and Virtual Reality markets.
The tremendous growth of the AR/VR applications and demand propelled the prediction of its market size to grow into a huge $18.8 billion by 2020.
Despite the market size, AR/VR technology is being more explored since many new possibilities are yet to be unveiled.
But, keeping aside all these, the AR/VR market is going to flourish in the years to come, with increased hiking in the demand for outsourcing providers that housemasters in the field of AR/VR.
Artificial intelligence-driven automation of manual processes is overtaking the industry at a very fast pace.
The automation market is forecasted to touch the milestone market size of $296.70 billion in 2026. Many more statistical milestones are expected to be established by the ‘intelligent automation industry with time.
And so, the demand for professionals and experts in the automation using AI industry will increase
manifolds, hiking the outsourcing industry demand even more.