6 Factors Driving Outsourcing Growth in 2022

Outsourcing statistics suggest that outsourcing cybersecurity is becoming an attractive solution for IT leaders. In fact, job loss is the main reason some people strongly object to outsourcing jobs outside the country. This article could benefit business owners, especially those who already outsource tasks or just consider outsourcing them at the moment. We’ve compiled the most useful and interesting information so that you can see how common and vital outsourcing truly is. In addition, you will see how this industry behaves and what we can expect in the future. Aligning CTEM assessment and remediation scopes with threat vectors or business projects, rather than an infrastructure component, surfaces not only the vulnerabilities, but also unpatchable threats.

But, what is a virtual receptionist and how do they function within a business? With this outsourced model, virtual receptionists manage a company’s calls, texts, chats, and appointment schedules. A virtual receptionist can serve as an extension of the business, handling anything from inbound and outbound calling to lead generation and ongoing client retention. In addition to controlling capital costs, increasing efficiencies, and reducing labor costs, one of the most important reasons why small businesses benefit from outsourcing is the ability to mitigate risk.

Outsourcing Software Development Trends & Statistics for 2023

It probably isn’t your specialism, or the specialism of your team, so it makes sense to outsource your social media efforts and other parts of digital marketing including pay-per-click ad campaigns and SEO. If you outsource your analytics, it could be that things are constantly being analyzed behind the scenes and that data is available and on-call thanks to software solutions whenever you need it. Rather than having to devote a team to working on processing data, it can be automated, and fed into software at the click of a button. It looks different now to how it looked just a few years ago as the industry has changed, the pandemic has altered people’s attitudes, and outsourcing has become more mainstream. Let’s dive into some of those outsourcing trends that we are seeing in 2022 and beyond. Our latest Global outsourcing survey report offers a glimpse at how the latest outsourcing strategies are reshaping the industry and affecting both providers and clients.

KPMG has market-leading alliances with many of the world’s leading software and services vendors. Without efforts to increase the quality and pay for care-work jobs and an investment in more middle-class positions, “non-college women will face further hurdles” to gaining economic security, the organization found. Factors such as automation and outsourcing are reducing companies’ desire to hire someone and have the employee work in-house, Third Way found. This report focuses on the Software Outsourcing in global market, especially in North America, Europe and Asia-Pacific, South America, Middle East and Africa. This report categorizes the market based on manufacturers, regions, type and application. The Global Software Outsourcing market is anticipated to rise at a considerable rate during the forecast period, between 2023 and 2031.

#1 A Surge In Outsourcing Spend For Small Businesses

We’ve talked to industry experts and analyzed trends in hopes of understanding what to expect over the coming year. When working with an outsourced partner, it’s important to understand everyone’s responsibilities and the role they play in the relationship. This helps ensure that the relationship goes smoothly and that the outsourcing partnership is successful. For example, it’s essential that you understand how the system works, have a clear plan for communication and understand what your business needs to do to ensure outsourcing success.

Various data on outsourcing show that this number hasn’t changed since the fourth quarter of 2019. Platform Engineering 
Platform engineering is the discipline of building and operating self-service internal development platforms. Each platform is a layer, created and maintained by a dedicated product team, designed to support the needs of its users by interfacing with tools and processes.

Outsourcing Customer Support: Enhancing Customer Experience

With a red hot job market, remote work boom, and technological advancements, the outsourcing industry is due for expansion in 2022. The difference in this year’s prediction is that the growth in the outsourcing industry is most likely to happen away from the typical outsourcing hubs like India and the Philippines. Stephen King serves as President & CEO of GrowthForce, a leading outsourced accounting and bookkeeping service provider for businesses. Outsource Accelerator is the leading Business Process Outsourcing (BPO) marketplace globally.

For example, you could start a company knowing full well that you were planning to outsource a lot of the services you offer to clients, or aspects of your business such as customer support. Outsourcing your whole customer experience relies on a company having a good track record of managing customers, but if it is done correctly, it can take a lot of hassle away from your business. This is why it is one of the growing trends in outsourcing in 2022, it allows people to focus more on what they are good at. Additionally, businesses often don’t dedicate the time required to recruit a new employee to leverage potential growth opportunities.

Prediction #3: Clients open up to working with remote outsourcers

One of the most significant impacts of AI and PA on global outsourcing is in the area of labor outsourcing. AI and PA are expected to drastically reduce the cost and complexity of labor-intensive operations, such as data entry, customer service, and other low-skill tasks. This reduction in complexity will make labor outsourcing more attractive and cost-effective, leading to an increase in the use of labor outsourcing in a variety of industries. SuperStaff is a forward-thinking company that has been instrumental in ensuring the growth of numerous clients across the U.S. and other parts of the world. From seamless omnichannel support to cloud computing solutions, we keep ourselves abreast of the current and future trends in outsourcing.

In the process of outsourcing, business owners partially delegate the responsibility for the product’s success to remote teams and don’t have a necessity to control the process round-the-clock. However, if the communication process is set right, this risk is easily mitigated. It’s hard to tell whether sending jobs overseas has more pros or cons, but companies undoubtedly gain more profit because of it. It puts effort into giving some of its manufacturing jobs back to the US employees. However, Walmart still collaborates with around ten thousand manufacturing plants in China.

Outsourcing Statistics and Trends for 2023

KPMG’s multi-disciplinary approach and deep, practical industry knowledge it outsourcing trends help clients meet challenges and respond to opportunities.

• Before, labor arbitrage and rule-based transactions did not really have much value, but things are now changing.
• The Global Contract Research Outsourcing Market is segmented according to product type, product application, and region, with varying segmentations across different industries.
• Gartner, Inc. today announced its list of 10 top strategic technology trends that organizations need to explore in 2024.
• Businesses can reduce their overhead, workforce costs, insurance, healthcare expenses, and the time required to perform non-core activities by hiring these services out to companies located almost anywhere in the world.
• Notably, 70% of surveyed companies were going to outsource more in the upcoming years, and a significant 35% of them had plans for substantial increases.

Fintech is one of the most rapidly growing industries of the 21st century, and it’s projected to reach new heights in the next few years. By 2023, we can expect to see a major shift in the way financial services are outsourced, with greater digitisation and automation leading the way. Fintech will continue to revolutionize the finance industry, providing customers with more convenient, user-friendly services and more secure financial transactions. Customer experience has become a critical differentiator for businesses in various industries. Outsourcing customer support and service functions to specialized providers with expertise in omnichannel communication, chatbots, and personalized interactions is gaining traction.

Current Trends in Outsourcing To Follow in 2023

Despite the local restrictions and limitations in hiring employees, companies were able to hire the best talents outside their location at a fraction of the cost of local teams. A lot of adjustments had to be done when companies were forced to work remotely during the pandemic. Outsourcing made it easier for them to implement remote work and adjust to a digital environment as a way to provide uninterrupted service to their customers. The new remote infrastructure that makes this all possible involves both new and existing technologies that have become essential methods of reassuring clients of the effectiveness of remote outsourcing.