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Software development outsourcing, a strategic approach to delegating software creation tasks to external providers, has emerged as a pivotal element in the global IT ecosystem. The IT outsourcing market has reached $617.69 and GDPR from outsourcing providers to ensure data protection. billion and continues to expand.
Scalability Outsourcing offers superior scalability. A report by Technavio predicts that the IT outsourcing market will grow by $117.24 billion during 2021-2026, partly due to the flexibility it offers in scaling teams up or down based on project needs.
According to Report Linker, global revenue in the IT outsourcing market is expected to reach $425.19 billion between 2021 and 2026. This trend is supported by current statistics, indicating a significant rise in revenue in this field. billion by 2027.
IT outsourcing accounts for 80-90% of the market, with the remainder driven by BPS. billion in 2023, growing at a Compound Annual Growth Rate (CAGR) of 10-12%, and is projected to reach US$6.5-7 7 billion by 2027. Bahrain pioneered the regions first onshore regulatory sandbox, enabling open banking testing.
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