Unlocking Value: The Multifaceted Benefits of Outsourcing Product Development
From the days of the Industrial Revolution to today’s digital transformation, outsourcing has been an integral part of product development. The likes of Tesla, Apple, and Airbnb have leveraged outsourcing for various aspects of their product development journey.
In the current landscape, IT outsourcing has taken center stage, with the IT outsourcing market projected to reach a staggering 460.10 billion USD by 2023, growing at an annual rate of 11.07% (CAGR 2023–2028) to reach a market volume of USD 777.70 billion.
But outsourcing is about more than just cost savings. It brings a host of unspoken advantages and necessities. Beyond the financial aspect, IT outsourcing plays a critical role in ensuring code quality, meeting product development timelines, facilitating timely product launches, and providing vital ongoing support to maintain software accuracy and a bug-free status.
Why Should You Outsource Product Development?
In 2022 Staffing Partner surveyed the IT talent gap. As per the data released by Staffing Partner, 75% of IT recruiters are still looking for enough qualified candidates for their company. So, IT outsourcing is crucial to fill the void of the talent gap and get skilled talent on board for product development.
Product or software development is a time-consuming as well as complex process that involves research and analysis, product development cycle, testing, and deployment.
Outsourcing product development partners helps you save money and provide you access to experienced tech talent on board. Having an in-house team will cost you more as you will have to invest time and money in their training, building infrastructure, sometimes providing accommodation, transport facility, electricity, internet and whatnot. So, hiring an in-house team for software development can be a complex process.
Outsourcing product development could be more effective and simpler than building it in-house. You just need to take care of certain things while selecting your outsourcing partner and your half job is done.
Let’s put some light on a few of the many benefits of IT outsourcing.
Benefits of Outsourcing Product Development
IT outsourcing is not just limited to saving a few dollars by getting a talent on board at competitive rates. The following are some primary benefits of outsourcing software development that truly matter to businesses, regardless of whether they are startups or established companies.
Cost Benefits
Having an in-house developer could put a hole in your pocket. Resorting to an outsourcing product development partner can help you get an experienced developer at a very competitive rate ranging from 20–30 USD per hour.
Also, you can save expenditure on the workspace, hardware, infrastructure developments, and software licenses if you manage to work with an outsourcing partner. You can invest that saved money on marketing, branding, quality improvement, and business development.
Read to unlock the other benefits of outsourcing Software Development: https://www.aceinfoway.com/blog/benefits-outsourcing-product-development
