Outsourcing has been a hot topic since the year 1989 and it is over the past three decades that it has now become an integral part of online business on a global scale. The IT outsourcing market offers many advantages to the companies that have accelerated the adoption of outsourcing in various industrial sectors.
Global IT outsourcing now refers to those services that are related to technical expertise and helps the organization to manage, optimize, create and access the information and other business processes. It results in higher productivity and reduced operational costs of the company. It is forecasted that the market will see an annual growth rate of about 6% until 2022.
The Growing Size of the IT Outsourcing Market:
More than 93% of the business organizations are now considering the cloud technology to improve their outsourcing. The move towards this technology has helped companies to become more capable and responsive, allowing them to expand their offerings in the existing and new markets. Some stats on the outsourcing market show that a third of all organizations are willing to increase their investment if they get access to cloud service for their outsourcing needs to be more competitive and innovative.
IT Outsourcing having High Storage Capacity to Drive Market Growth:
The IT outsourcing companies in India are now introducing products having a high storage capacity for applications that are in need of storing large amounts of data like video surveillance systems, action cameras, drones. It is the trend of capturing high definition images and videos that are driving the need for this functionality.
The Talent Factor:
Another part of shifting to outsourcing market by many organizations is the tremendous lack of available talent in the emerging technologies like the artificial intelligence, robotics, automation, data analytics and machine learning. The agile IT outsourcing providers that can offer a small team of experts for various projects or even a single dedicated expert help business to keep up with the projects and advancing. Today, IT leaders and organizations are also moving outside of their organization in search of skilled resources rather than wait to hire an internal resource.
Automation and Beyond:
As automation and bots become more popular, manually intensive technical work will slowly fade away. The evolution will need changes in focus for many outsourcing companies to claim a higher position in the value chain. IT outsourcing was once highly focused on non mission critical tasks and support roles, but outsourcing today and beyond should tie directly to business innovations, strategic growth and revenue generation.
IT Outsourcing should Solve Strategic Business Problems:
As outsourced resources work more with the research and development team on the latest and emerging technologies for the clients, they will be asked to go beyond completing the task work. In the coming years, outsourced providers are likely to become increasingly strategic technology partners whose technology insights are leveraged to help the clients improve the products and services and then gain a competitive advantage.
Analyze the Data and Guide Action:
More and more businesses are not turning to outsource providers to support their complex and growing needs. Instead of simply storing the data as in the years past, IT outsourcing providers will now analyze and visualize the data and help their clients get better business insights and better opportunities from their varied data source.