As a key component of contemporary business strategy, outsourcing enables organizations to access specialized expertise, cut operating expenses, and boost general effectiveness. As of 2023, numerous businesses are still benefiting from outsourcing. In this blog, we'll examine some of these key sectors and offer information and figures that illuminate the outsourcing market in 2023.
The field of IT and software development has long been a leader in outsourcing, and it continues to be in the forefront in 2023. Statista estimates that the global market for IT outsourcing was worth $426.5 billion (about $1,300 per person in the US) in 2020 and will be worth $589.5 billion (about $1,800 per person in the US) by the end of 2023, as businesses prefer outsourcing to in-housing in order to leverage a worldwide talent pool and save development costs, IT support, maintenance, and software development.
Businesses frequently contract out their call center and customer service activities, whereas this pattern is expected to intensify in 2023. Grand View Research predicts that the demand for enterprises to offer round-the-clock help and cut operating costs will cause the global market for outsourced customer care services to grow to $110.4 billion (about $340 per person in the US) by 2028.
In areas like medical billing and coding, the healthcare sector is increasingly turning to outsourcing. A MarketsandMarkets analysis projects that the market for healthcare IT outsourcing will increase from $50.4 billion (about $160 per person in the US) in 2021 to $68.6 billion by 2026, driven by consumer desire for affordable solutions and adherence to intricate healthcare regulations.
To satisfy the expanding needs of clients and gain access to specialist knowledge, digital marketing organizations outsource a variety of jobs, which is still trending in 2023. A Statista analysis estimates that the global outsourcing market for content marketing will grow from a value of $2.14 billion (about $7 per person in the US) in 2020 to $3.61 billion (about $11 per person in the US) by 2023.
In order for companies in a variety of industries to remain competitive and adjust to shifting market dynamics in 2023, outsourcing will continue to be a key strategy. The facts and data offered here highlight the outsourcing's ongoing growth and significance in these top industries. The future of corporate operations will certainly be shaped by outsourcing as it continues to develop, and global collaboration becomes simpler thanks to technological advancements.