IT services are the invisible gears driving modern businesses worldwide. Over the last decade, business software outsourcing has been the successful enabler of digital business operations, processes, and workflow. That’s why the software outsourcing market is experiencing enormous growth and expanding at a CAGR of 9% every year. The global software market is projected to bring $777.7 billion in revenue by 2028, with America being the biggest contributor, followed by China and the UK.
The mammoth size of the software market and huge revenue are due to the immense business value it’s delivering to businesses across different industries. The sprawling software development industry around the world is proof of the business value that software adds to the business. In this blog, we will walk you through the top industries that stand to benefit the most from software outsourcing.
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Creating long-term strategies for software development will allow businesses to grow boundlessly in association with software outsourcing companies. Here’s the list of 18 industries that have benefited from software outsourcing.
Top industry leaders from Amazon to Facebook require software development excellence to roll out their projects as a part of a digital transformation initiative. To meet this digital need, tech giants source talent from IT outsourcing companies to meet the niche technology expert needs or shift their work overload with external assistance. This way, IT businesses such as Slack, WhatsApp, and others outsource their development tasks.
Certain challenges, such as data security concerns, cyber-attacks, and others, accompany digital success. Partnering with the right software development company providing outsourcing services and having skilled engineers will help resolve these issues. Other than the tech industry, E-commerce, manufacturing, and insurance are outsourcing their projects at scale.
eCommerce sales are growing at a CAGR of 9.4% and are estimated to be worth $6.3 trillion by 2024. The online shopping trend is expected to be driven by a growing number of people preferring E-commerce portals to buy things with secure and easier checkout. Scalable eCommerce app development is in demand so that E-commerce stores can easily accommodate the growing number of users, transactions, and others.
Personalized notifications, tailored recommendations right on the product description page, and customized app flow will help deliver a personalized experience with an e-commerce store. AI-powered chatbot integration is also getting popular to enable faster and more accurate responses to users.
Educational organizations are embracing online learning platforms to enable elearning, facilitate virtual classrooms, ensure the best student management system, improve student engagement, and others. The support from the government, changing economic conditions, and betterment of education policies attributed to the worldwide educational software service market that will grow to $4980.51 billion by 2028 and generate $11.6 billion in revenue by 2025.
However, an interactive learning experience, in addition to seamless virtual classroom management while ensuring data security, is very important to stand out. Education institutes need to build personalized learning software, virtual classroom software, and others to seize an extra edge in the market. Outsourcing your software application development to an Education software development company that excels in engineering and delivering education software would be a good idea to succeed.
Every national government is investing heavily in digitizing government operations and processes. Every type of government project handles critical data that demands extensive cybersecurity. Along with the digitization process, the government needs to update jurisdictions and laws using advanced technology.
However, most of the government agreements with software companies are based on waterfall methodology, which is not at all good in the dynamic world. Government needs to be agile and change the developmental priorities according to changing users’ preferences. Government projects outsourcing to custom software development companies with experience of working in different development models will provide a lot of room for making changes at any level of the SDLC stage.
The integration of technology in upstream, downstream, and midstream allows oil and gas companies to increase workforce productivity, ensure production efficiency, minimize cost, etc. Such digital transformation in the oil and gas market is expected to touch $68.64 billion by 2028. To harness the power of AI, ML, AR, VR, and IoT technology, making oil and gas businesses collaborate with technology service providers.
Despite large data volume handling and system integration issues, tech experts helping oil and gas businesses to be more sustainable and productive with insights-driven decision-making through seismic imaging, data analytics, drilling automation, etc.
With rapid industrialization, the transportation market is witnessing enormous potential to grow. Transportation management systems accelerate this growth with the automation of supply chain operations such as planning, route optimization, shipment tracking, and others. It further helps minimize errors, time, cost, and others, which made an invaluable contribution to the growth of the TMS market size to $3.19 billion by 2029.
Also, the integration of advanced technologies such as AI, IoT, and blockchain helps improve the capabilities of transportation management systems (TMS). Self-driving trucks and 5G network rollout are creating new opportunities that require the assistance of technology experts. It makes transportation businesses outsource the solution development to a reliable partner.
Efficient energy management is a need of the hour that industrial and commercial organizations increasingly recognize. Energy management software implementation helps with energy saving and reducing upfront expenditures with energy-consumption monitoring and demand-response solutions.
Favorable government policies and rising investment in sustainable energy, such as renewable energy, are driving the energy management market system that’s projected to reach $242 billion by 2030. Increasing smart meters and smart grid installation is a part of this process, which is quite complex to handle for energy industry experts. Outsourcing an energy management platform or smart grid system development to remote developers at offshore IT company is a good move.
Manufacturers are embracing digital transformation to be competitive, reap benefits with industrial automation, and tackle manufacturing challenges optimally. With the Industry 4.0 revolution, smart manufacturing is expected to reach $548 billion by 2024, with device management, asset management, performance optimization, condition monitoring, best communication, and other functionalities on the table.
The data-driven insights from raw material sourcing to production lines with IoT sensors integration improve supply chain management and enable predictive maintenance. It requires specialists’ assistance, which makes manufacturers outsource industrial automation software projects.
The telecommunication industry is taking a giant leap with the latest trends, including the rollout of 5G+, cloud computing, generative AI, no-code configurations, and open APIs. Driven by technological innovation, telecom businesses are streamlining customer services with quick and efficient responses. No-code technology enables faster adoption of digital services, and open APIs help meet digital needs with cost-effective integrations.
The improved flexibility, security, and efficiency forecast strong growth in the telecom market size, which is expected to reach $3106.93 billion by 2024. Realizing the growth of the telecom market, Lumen Technologies expanded its services with the launch of the NaaS platform to set new standards for customer experiences.
The world is presumed to be at pre-pandemic levels, and travelers started visiting different places. However, the pandemic left its indelible mark in the travel and tourism industry with online travel planning, hotel booking, tour management, etc. Users increasingly expect seamless reservations and personalized experiences followed by instant notifications for everything.
Strategic collaboration with technology partners such as travel portal developers and advanced technology leverage allows travel businesses to keep up with evolving market trends. Virtual tour guides give a 360-degree of the pace before visiting it, itinerary planning ensures users forget nothing on their next trip, and the travel booking platform facilitates hassle-free reservations. The popularity of travel and hospitality software is clearly viewed from its growth, which is expected to reach $5.52 billion by 2032 at a CAGR of 4.8%.
In the wake of the mobile revolution, the global automotive software market size is expected to reach $77.0 Billion by 2032, exhibiting a growth rate (CAGR) of 15.7% during 2024-2032. The trend is driven by rapid advancements in autonomous vehicles, increasing demand for electric vehicles (EVs), growing popularity of connected car technology, stringent safety regulations implementation, and advanced technology leverage.
The shift towards integration of infotainment, rising adoption of SaaS models, and compliance with diverse regulatory standards won’t allow automotive companies to focus on R&D and strengthen their market position. Hiring an automotive software service provider enables one to keep up with evolving technology trends and maximize vehicle efficiency while living up to the users’ expectations.
Retail is one of the biggest industries in the world, with the owners of retailers like Walmart, Target, and Amazon regularly featuring among the richest people in the world. Retail plays a big role in our daily lives as we have to visit a retail store almost on a daily basis. There are millions of retail transactions that happen all over the world every day.
The retail industry was one of the worst-hit industries during the pandemic. Adding to that, today’s customers want everything fast and at deep discounts. That’s when most of the retailers realized the value of automating their systems, and many of them opened new online modes of selling.
Retail software solutions can help retailers improve their efficiency, gain leverage through JIT(just-in-time) inventory, reduce manpower and reduce pilferage of goods. Thus, retail software helps retailers save money and help them to offer deep discounts to their customers.
American retailers Wayfair and Chewy are two shining examples of how developing software for retail businesses can help retailers improve their profits. Wayfair reported robust growth numbers post-pandemic after implementing certain eCommerce software. The customer count of Chewy surged to 17.8 million when the retailer started using customer acquisition software. Hiring top-most from the best retail software development service providers to build retail software for your business can be cost-effective and beneficial to retailers.
Technologies like AR (Augmented Reality) help retailers engage their customers. For Example, Ikea is a brand that uses AR technology to show its customers how a piece of furniture will look in their room. Though the development of AR-enabled retail software could be costly, the experience it provides to the customers in their buying process just makes it a must-have feature for any retail business.
Healthcare is one of the most critical sectors in the industry. The healthcare sector today manages enormous amounts of patient data. The software helps healthcare and fitness solution providers to improve the efficiency of their operations. Through telemedicine software, healthcare service providers can reach patients at remote locations and provide quality healthcare services to the patients residing there.
During the pandemic, the United States saw a 50% rise in telehealth customers. Healthcare software has helped remote healthcare service providers manage patient data, reports, and their healthcare equipment efficiently.
Outsourcing healthcare software development to top companies has transformed healthcare by creating various applications for different fields in the industry.
When a product or software is launched, it needs to be ensured that different rules and regulations that must to be followed in different parts of the world are abided by. These regulations vary from country to country and state to state across various industries. The healthcare industry is one of the most critical among these as there are many compliance that need to be taken care of. Thus selecting one from the best healthcare software development companies can make it easy for you as a business as the company is experienced and has the expertise to develop a health solution by abiding by all the applicable rules and regulations.
“What are your areas of technical expertise?” Among most important questions to ask the software development company before hiring.
The travel and hospitality industry was one of the largest losers during the pandemic. However, people are back now, opting for new stay choices like a staycation and work from anywhere. Most travel and hotel business owners today depend upon some kind of software to conduct business. For instance, there are software to help with hotel booking, passport, visa, and flight booking. The operators need to manage the information of travelers and guests, search for better options for their customers and manage their itineraries.
Many software enable travelers to manage their own accommodation, transport, and itinerary. Travel and hospitality software solution provides greater transparency to both hoteliers as well as travelers. The top hospitality software helps travel operators minimize order processing costs and maintenance costs.
Travel and hospitality business owners can include options like Augmented Reality(AR) into the development of their software system to allow people to see places virtually before booking. Outsourcing software development to a professional custom software development company with industry experience can prove beneficial for you. This is because these offshore software development companies have the required experience in building efficient software applications. Travel businesses can hire dedicated travel and hospitality software developers to build travel and hospitality software applications according to their business requirements.
The logistics industry is evolving with time and is one of the first adopters of technology. Software plays an important role in a logistics company. Using the best supply chain management software, the logistics company can keep track of the parcels, book new orders, manage the movement of the parcels, handle the customs of different countries, and communicate with the fleet drivers as and when necessary.
Logistics software can help a logistics business improve the customer experience by providing accurate parcel tracking details 24×7. Logistics software can also help the logistics business reduce logistics costs and remove the visibility issues of the supply chain.
Using custom logistics software solutions, logistics business owners can adhere to the frequently changing government regulations. Building logistics software is a complex task to track the shipments and do advanced analytics. You might require technologies such as IoT to be integrated with your logistics software while developing it. This is where the top logistics software development company will have a very vital role to play in helping you to mobilize your logistic business efficiently.
You need to look at software development for your logistics company as one of the most efficient ways to transform your logistics business in this digital era. And, outsourcing your logistics software development need to remote logistics software developers can help take your business places.
Finance is one industry that relies heavily on software to perform its day-to-day tasks. A banking software enables users to do banking transactions like transferring money, adding money, withdrawing money, checking balance, stopping cheques, booking fixed deposits, purchasing insurance, and a lot more. In the age of digitalization, no financial institution can imagine working without Fintech software.
Using secure credit analysis software, the loan disbursing companies can easily check the credit record of a prospective customer and offer the loan accordingly.
As a financial business, you might need to spend a lot of money on following regulatory norms imposed by the government on financial services. That is because, as a financial services firm, you will need to take care of sensitive data. This is the reason why financial service providers are top of the list of hackers.
Building secure financial software is a challenge, and this is where you can take the help of the most prominent Fintech software development firms.
Outsource your fintech software development project to reliable software development specialists for the Fintech industry who will deliver an efficient and secure fintech solution customized according to the requirements of your business needs.
Software application is an important component in the entertainment and media business. Let’s have a look at a few ways in which software helps the media and entertainment industry.
A digital asset management software helps a media company manage its digital assets. In simple words, a media company can store and edit all forms of content right from video, audio, and podcast with this software. Digital media and entertainment software thus empower the entertainment company with efficient storage and organization. These are the two reasons why such software is more popular amongst media business owners.
A photo studio management software helps professional photography agencies manage their photographs. Adobe is a company that builds photo editing software. A media company uses a wide variety of custom software to sharpen the audio and video quality of its recordings.
A machine learning software can predict what kind of content the users might prefer. This way, an entertainment and media company can hook the users to their content for longer durations, extracting more revenue from them in the process.
To leverage the power of new-age technologies like machine learning, hiring entertainment software engineers would be the best solution. There are a lot of efficient entertainment software development companies that can help you take your entertainment and media business to greater heights.
Real estate is a sector where you can leverage the power of software for the benefit of your business. Comprehensive software can help a real estate and construction business owner manage all their activities like listing properties and sorting these properties according to their cities and other filters. A quality real estate solution puts the information in front of the decision-makers in an easy-to-digest form. This way, the high-quality real estate software helps in minimizing the workload of the real estate companies.
Using the finest real estate software, you as a realtor can generate genuine leads for your project. The reliable real estate software application helps you to manage all your clients and keep the relationship with these clients active for future deals.
Through real estate software solutions, realtors can keep their clients updated regarding their latest projects and properties on sale. Software developed for the Real estate industry simplifies the sales funnel and helps realtors manage their work easily. You can outrun the competition by implementing innovative real estate solutions like chatbots. These chatbots can help your customers resolve their issues quickly and efficiently.
The digital revolution has reshaped market boundaries and transformed the way customers are engaged. Software development is a way to automate operations, improve workflow, increase productivity, and drive innovation. Redefining the trade, digital transformation reduces the distance between businesses and software development companies in another corner of the world.
The availability of endless tools for connecting and collaborating with offshore software developers allows businesses of diverse industry verticals to benefit from software development outsourcing and focus on their core business operations. The required experience and expertise of the outsourcing team in delivering state-of-the-art software solutions pave the path to a more profitable approach for businesses.
The software has become an integral part of the day-to-day operations of many industries. Although one can hire a team of in-house software developers, outsourcing software development to experts often proves to be the correct decision. This is because these leading software development companies have the required experience and expertise in delivering state-of-the-art software solutions for their clients from different industry verticals. Moreover, software development outsourcing to developing nations like India proves to be cost-effective, thus paving the path to a more profitable approach for businesses.
Take the driver’s seat and move forward in the digital era in association with software development outsourcing companies to cut through the noise.
An enthusiastic Operations Manager at TopDevelopers.co, coordinating and managing the technical and functional areas. She is an adventure lover, passionate traveler, an admirer of nature, who believes that a cup of coffee is the prime source to feel rejuvenated. Researching and writing about technology keeps her boosted and enhances her professional journeying.