When work becomes overwhelming, there’s nothing else to do but consider outsourcing. Hiring a third-party company to perform services saves time and money, but that’s not the only benefit. Companies that outsource have increased efficiency and are more focused on essential strategies.
They also enjoy increased flexibility to face changes. With this option, businesses have wider access to professionals and the freedom to choose from various talent pools. Combined with affordability, it’s no wonder that the industry is worth $131 billion.
According to our report, America enjoys the largest revenue share from outsourcing. However, the market is fluctuating.
Even though many believe outsourcing is the way to solve business problems, it involves some challenges. When used only to solve a problem without considering it as an investment for growth is a wrong approach.
Other risks include slow turnaround time, language barriers, time differences between time zones, and lack of control. Since more than half of small businesses were outsourcing in 2019, business owners believe it’s a great way to reduce costs and save time.
We’ve covered the most important aspects in the statistics below for the US and global markets. Keep on reading to find out more.