Qualified Consulting
Every year, about 300,000 jobs in the USA are outsourced. Around 70% of businesses find outsourcing very cost-effective and believe it helps cut down on in-house staff costs.
Outsourcing mainly covers two areas: Information Technology (IT) and Business Process Outsourcing (BPO). About 75% of business executives say they prefer outsourcing IT services. So, how much of your budget should you consider outsourcing? Let's break it down!
Key Facts on IT Outsourcing
- Top Categories for IT Outsourcing:
1. Administration
2. Software Development
3. Web Hosting
These three categories alone make up about 63.5% of the total revenue in the IT outsourcing market.
Growth of IT Outsourcing Market:
- In 2023, companies spent $132.20 billion on IT outsourcing.
- This spending is projected to soar to $777.70 billion by 2028.
- The market is expected to grow at a compound annual growth rate (CAGR) of 11.07%.
Current Trends in Outsourcing Budgets:
- About 49.6% of businesses are planning to increase their outsourcing budgets.
- Only 10.4% expect to cut back on outsourcing spending.
As trust in outsourcing grows worldwide, companies are increasingly relying on these services to manage costs and stay competitive. If you're looking to explore outsourcing options or need to hire external experts, consider contacting Qualified Consulting.