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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.
Kearney, India leads the rankings for IT service outsourcing, followed closely by China and Malaysia. The global IT outsourcing market is expected to reach $526.6 from 2024-2030 (Grand View Research, 2023). Its time zone alignment with North America makes it an attractive nearshore option for US companies.
IT outsourcing accounts for 80-90% of the market, with the remainder driven by BPS. SAMA also launched its Open Banking Lab in 2023 to support Vision 2030, offering a sandbox for corporate and retail use cases. are also emerging as low-cost nearshore centers. 7 billion by 2027. 7 billion by 2027.
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