With remote jobs and gig economy on the rise, it only makes sense for businesses to go for Offshore Development Centre now more than ever.
A report by Statista shows the outsourcing market in the US in 2020 stands at $132.9 billion and is only going to grow by 1.6 percent this year alone.
Outsourcing is a practice that a lot of companies have adopted in the past few years. The primary objective of outsourcing is cost reduction. Companies are constantly on the lookout for reliable technology partners to add value to their projects. Nowadays companies have various additional motives for implementing the practice.
The global Coronavirus outbreak has forced mankind to alter our way of living in high magnitude. People have shut themselves in their houses in order to combat the life-threatening disease COVID-19. This has led to many organizations small or large struggling to find a way forwards as an economic crisis is also collateral damage that the pandemic has brought with it. Large enterprises are rethinking their plans and strategies while trying to tailor them according to the situation that the world is dealing with today. Every enterprise needs to make business decisions related to its infrastructure and resources faster while helping its customers maintain their mission-critical systems and processes in the midst of the crisis.
Businesses swear by the benefits of outsourcing. While the idea of hiring talent, borrowing skills, and improving efficiency has been there for long, businesses can now utilize the concept for maximum productivity and ROI. Thanks to the innovative ODC models that exist!
In 2018, the global market size of outsourcing information technology accounted for $85.6 billion. It is generally engaged in offering software development and IT solutions. However, the services may vary depending upon the dynamic business requirements. - according to Statista
Businesses worldwide are embracing the idea of IT Outsourcing. Cost optimization, skill crunch management, improved efficiency in product delivery are some of the initial-level benefits tagged with outsourcing.
According to Statista, software application development and maintenance are two of the most outsourced IT functions, globally. Businesses want to ramp up their development cycle, launch application faster-to-market, reduce overhead cost, manage technical skill-crunch and more by outsourcing software development.
Software applications are managing almost every critical aspect of a business. They are transforming the business models, streamlining significant processes, and improving the way value is delivered to the customers. Hence, custom software- one that compliments the business and adheres to its requirements is a must have.
Businesses nowadays are taking advantage of new technologies and models that originate and develop in consumer space, rather than the enterprise IT sector. In effect to this impact, called consumerization, businesses are leveraging mobile apps to reach out to their potential customers and engage with them.
Despite the notion that Waterfall is a risk-free approach to software outsourcing, there is a continuous rise in adoption of Agile methodology for developing consumer-centric solutions. However, the collaboration of an 'iterative' development approach and offshore outsourcing has been a subject of debate for decades.
The IT ecosystem constantly proliferating with new tools and technologies. Accommodating the broad spectrum of programming languages, libraries, and frameworks in a software engineering team is certainly out-of-scope.