The year 2020 proved that we are all living in highly unpredictable times, where things can change drastically at any given moment. Even though Covid-19 disruptions have overturned the global economy by paralyzing most of the businesses, it has become a pivotal moment for all, in any senses, conventional structures of life. The global crisis not only taught us to be more adaptable and resilient, but also highlighted the most vulnerable and rusty systems of our life.
The Pandemic has launched a blossom of a digital era, which means that the traditional world of work has to inevitably adapt to the new reality. Although the whole world has just started to adjust its outdated systems to the new normal, widely implementing the remote working process, IT industries keep thriving in the face of change. Regarding an existing reality, outsourcing, in many ways, is to become a relief action for the worldwide economy.
The crisis defined the business decisions and technology investments planned for 2021. The growing number of companies plan to increase their use of IT outsourcing. Many of those who have never outsourced, plan to do it for the first time in 2021. According to the IT outsourcing statistics by Technavio, the value of the IT outsourcing market is expected to reach $486.16B by 2024 growing at 5% during 2020-2024. Overall, the IT outsourcing industry has a potential to help companies by hiring top talent from across the globe in the post-crisis world. According to the report from ISG (Information Services Group), Eastern Europe will become more appealing as an IT outsourcing destination. Specifically, India and China will remain the leading outsourcing countries where the largest share of global outsourcing revenue is generated, but Ukraine, Poland, Belarus, and Romania will present a formidable competition to them with the US and the EU being the main customers. This tendency will continue in 2021-2024. And in the face of globalization, businesses will prefer offshoring to nearshoring to be able to tap into the best tech talent in CEE.
Outsourced software testing services provide more efficiency in testing as this process includes hiring a team from agencies who provide their highly skilled software testing professionals to complete the task with high efficiency and less time. In addition, the cost of these services is low as it does not require any types of tools and they are already armed with the equipment and other necessities, and is another factor expected to drive demand for such services and in turn drive growth of the global outsourced software testing market. Software testing is an intrinsic part before deployment of any software as well as testing experts will handle all the work related to software testing, so that an enterprise can focus on core development activities. On this basis, it is fair enough to assume that outsourcing, as being a reliable and lucrative business strategy, will navigate the course for the prospective growth and flourishing of the IT industry in the restructured post-pandemic world.