Los Angeles, CA -- (SBWire) -- 09/05/2019 --The role of software outsourcing companies is quickly transforming from 'software developers for hire' to strategic business partners. Offshore software development companies are observed to fill up critical positions in business models of modern enterprises. Aggressive demand for blockchain and IoT software developers due to increasing use of the technologies is expected to add to the growth of the global software outsourcing market. Advancement in healthcare technology could be a significant factor auguring well for the global market, considering high demand for healthcare software development. In August 2019, multinational IT service and consulting company, HCL collaborated with Oracle Health Sciences to accelerate mHealth in clinical trials.
Need for Better Product Quality more than Cost Reduction to Increase Demand
Skills gap in the software development industry and difficulty in hiring talented software developers are among top factors augmenting the demand for software outsourcing. IT enterprises looking for system integrators and capable partners to share project risks and responsibilities and freeing up their resources are forecast to create profitable business opportunities in the global software outsourcing market. Interestingly, today's enterprises are placing higher emphasis on product quality compared to cost reduction when it comes to software outsourcing. Other needs of enterprises such as business expansion, enhanced security, and superior customer experience are also foretold to push the demand in the global market.
Players to Offer New Contract Models Focusing on Value and Client Relationship
Some of the popular vendors offering software outsourcing services are Accenture, Kanda, HCL Technologies, ValueCoders, HPE, Inspur, DataArt, Neusoft, Oxagile, Bleum, ISS, Silicus, ACS, Reksoft, Sodexo, IBM, NTT Data, TCS, Capgemini, Oracle, Infosys, and Cognizant. Software outsourcing companies are expected to improve their products and services portfolio to better serve customers in lucrative industries such as healthcare. In August 2019, Irish provider of strategy, consulting, digital, technology, and other services, Accenture was awarded a US Navy Bureau of Medicine and Surgery contract to help advance healthcare delivery for marines, sailors, and their families.
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By Type
? Infrastructure Outsourcing
? Application Outsourcing
By End User
? Healthcare Industry
? Retail Industry
? Government and Non-profit Organizations
? Manufacturing Industry
? BFSI
? Professional/Technical Enterprises
Application Outsourcing to Increase with Rapidly Rising Demand for AI and 5G
The ever-expanding AI and 5G applications sectors are expected to boost the growth of the global software outsourcing market. There could be increases in the outsourcing of IoT applications because of their aggressive implementation and rising demand for connected technology and devices. Infrastructure outsourcing is also a lucrative element of the software outsourcing business as even enterprises with an IT department in place are opting for it to reduce IT operational costs, increase security, and gain more scalability, flexibility, and efficiency. High penetration of IoT and digital technologies in healthcare is foretold to significantly contribute to the global market growth.
By Region
Europe to Interrupt Long-standing Growth of Asia Pacific in Future
With a myriad of reputed vendors in India and China, Asia Pacific in particular has always been a choice destination for software outsourcing services. The region has been banking on its cheaper price rates and high number of software product development projects to collect a considerable share of the global software outsourcing market. However, software outsourcing companies in Europe are predicted to give a tough competition to market participants in Asia Pacific. Markets such as Ukraine, Romania, and Poland are foreseen to witness the rise of new companies offering offshore software development services.
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Software Outsourcing Market Sizes, Share, Demand and Growth and Key Players Are Accenture, Kanda, HCL Technologies, ValueCoders