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As technology vocabulary is evolving rapidly, businesses across the globe are turning to custom software development to stay competitive. As companies seek cost-effective and efficient solutions, outsourcing has become a key strategy. Here are 10 compelling facts and statistics that shed light on the current state of the custom software development outsourcing industry:
1. Projected Global Count of Custom Software Developers
The custom software development industry is poised for substantial growth, with a projected global count of developers expected to reach a staggering 28.7 million by the year 2024.
2. Gender Distribution in the Industry
Men make up a substantial majority at 91.88%, with women representing only 5.17%. Non-binary, genderqueer, or non-conforming individuals constitute 1.67%, underscoring the ongoing necessity for efforts to foster diversity in the tech workforce.
3. Regional Distribution
Asia emerges as a powerhouse in the custom software development outsourcing industry, claiming a slight lead with 32.9% of the market share. This surpasses both Europe, which holds 29.7%, and North America at 29.4%.
4. Age Demographics of Software Developers
Custom software developers fall within the average age range of 25 to 34 years old.
5. Cost Savings Drive Outsourcing Decisions
A significant motivator for companies choosing to outsource their software development projects is cost savings. Approximately 70% of businesses opt for outsourcing primarily to reduce expenses.
6. North American Companies Exploring Nearshore Options
In North America, 80% of companies are actively considering nearshore options for outsourcing their software development projects.
7. Projected Growth in Global Outsourcing Market
The global outsourcing market is set to expand by an impressive $40.16 billion by the year 2025.
8. Hourly Rates for Nearshore Development
Businesses opting for nearshore custom software development can enjoy significant cost savings, as the average hourly working rate is 46% less than onshore rates.
9. Increased Demand for Custom Software Developers
The demand for custom software developers has witnessed a remarkable doubling since the year 2020.
Conclusion
the custom software development outsourcing industry is undergoing dynamic changes. It has attractive advantages, but it also comes with various disadvantages, such as a lack of effective control and communication. That’s why reputed custom software companies like Intetics opt for remote insourcing. To know more about it, visit intetics.com.
