What industries use IT outsourcing services the most?
The IT outsourcing industry keeps growing. More and more companies are looking for IT experts in narrow tech areas. As a result, the market reached $318.5 billion in the previous year. Expected growth is $425.19 billion by 2026 with a CAGR of 4.5%. What are the industries that use outsourcing services the most?
Banking and finance
Fintech companies tend to be the most important consumers of IT outsourcing services. Also, they’re among the leading investors on the market. Banking institutions usually outsource core financial software development and secondary systems like HR/marketing applications.
With outsourcing, finance companies expect to scale back operating costs and tap new sources of skills. Tons of companies combine software QA outsourcing with outsourced infrastructure management. Generally, outsourcing key IT functions to offshore vendors is becoming more convenient for the financial industry.
Quick facts and trends:
AI
Today AI more than just detect fraud. Fintech now is using the technology to register abnormal behaviour and detect market abuse.
52%
Of financial corporations CEOs agree that cloud computing is going to be strategically important to their businesses.
50%
And more finance activities can be automated by advanced robotics and AI now or within the nearest future.
Healthcare and medical industry
Healthcare and Pharmaceutical industries keep facing technology changes. Usually, skilful IT resources aren’t available in-house. Or, they need extra training that’s require additional cost and time. Usage of IT outsourcing services has become a necessity for medical companies. The most common reasons are affordable prices and access to a pool of skilled specialists.
IT service vendors introduce best-practice solutions to the Healthcare industry. These tools allow medical and pharmaceutical organizations to enhance service levels and consider their business cores. Today, healthcare management software development is on top of outsourcing trends.
Quick facts and trends:
$61.2 billion
Will reach the worldwide healthcare IT outsourcing market by 2023.
84%
Of industry’s representatives say that IT outsourcing services increase inefficiencies and reduce operational costs.
1/3
Of hospitals’ CIOs and CFOs are getting to increase their spending on outsourcing.
Automotive and transportation
The automotive sector also actively utilizes IT outsourcing services. It’s to reply to the increased demand for embedded development projects for various in-vehicle options. Currently, there are several most dement transportation IT solutions. They’re geospatial and navigation systems, warehousing and distribution, traffic management, route optimization, and process management tools.
Top transportation IT outsourcing trends
Cloud-based management systems
Simplify control of cherries and orders, manage customer data, facilitate communication between carriers and managers.
Real-time locating systems
Provide better auditing of carriers and controlling their movements, improve delivery speed by managing routes.
Predictive analytics
Forecast shipments supported customer demand, ensure more on-time deliveries, improving the visibility of shipment status.
E-commerce and retail
E-commerce and retail are industries that benefited incredibly from the most recent technologies. And IT outsourcing services give them access not only to a much bigger employees pool but also to fresh ideas. ERP and CRM systems are putting company management on a replacement level. Predictive analytics software helps in data-based business planning. Augmented Reality (AR), Computer Vision (CV), Machine Learning (ML) offer ground-breaking solutions to the e-commerce industry.
Via these technologies, you’ll see if the furniture fits in your apartment without bringing it home. You’ll get your perfect body measurements using only a phone to settle on the proper cloth size. E-commerce AI-based website personalization, robotics delivery, cashier-less checkout — today of these things are possible.
Quick facts and trends:
85%
Of e-commerce’s clients are ready to order items or services with no human contact.
80%
Of customers prefer companies with personalized website experience.
21%
Expected annual growth of predictive analytics software market.
Education and e-learning
Educational institutions also require high-end and affordable IT outsourcing services. Technologies dement within the industry was boosted by COVID-19 that made many people look for knowledge online. The industry outsources the event of e-learning solutions for home use, educational institutions, and businesses for workers training. Today, video conferencing tools, online learning software, language apps are on top of recognition.
Quick facts and trends:
$370 billion
Of value will reach the web learning industry by 2026.
2,500
Colleges within the US offer online programs.
63%
Of high school students within the US using digital learning tools daily.
Conclusions
The newest technologies demand and tech talents shortage continue to grow the IT outsourcing industry. Software and app becoming more complex also as market requirements. to stay up with all changes, companies from different industries got to adopt new technologies. IT outsourcing allows them to extend business efficiency and adaptability, expand available expertise, and release employees’ time for other tasks.
Still, the main part of outsourcing success depends on the proper technology partner. Abto Software has extensive experience in providing IT outsourcing services to customers. Allow us to handle the engineering part! Contact us to urge more details on how we will be useful for your business.
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