Software outsourcing sector’s revenue to reach peak levels in 2013
Norman, OK -- (SBWIRE) -- 09/27/2012 -- Due to the increasing market demand, the local software outsourcing sector is said to hike its revenues within the coming year. The president of Philippine Software Industry Association (PSIA), Nora K. Terrado, noted that they are set to maintain their projected growth outlook of 27% for this year. As for next year, they predict that that number could jump up to 30%. As for the current ongoing demand for such services, Ms. Terrado hopes to continue to build a certain momentum and sustain the 27% growth. She also added that it is predicted that by 2013, the PSIA will aim to achieve 30% year-to-year revenue, which comes to $1.5 billion. That will also increase employment by 25%, which turns out to be around 80,000 employees.
As of now, the software outsourcing sector is known as a top growth driver within the local outsourcing industry. The Philippine software industry is also said to be competitively positioned within the global market. The software industry grew by 27% to $993 million in revenues and 50,000 employees in the last year. With these kinds of numbers, it is turning into the fastest growing sector of the local outsourcing industry.
The Philippine software industry is demonstrating potential by these gains in an environment where the demand is high for these types of value-added services, and expects to continue increasing exponentially. It has also been said that the industry revenues are expected to peak by as much as $25 billion by 2016. This increase up from the annual growth of 24% to $11 billion last year.
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