When you hear the term outsourcing product development, India is probably the first country that strikes the mind. With competitive hiring costs and tech-talent in abundance, India is a chart-topper for outsourcing product development services. According to a recent research conducted by Deloitte, 59% of businesses that were interviewed said that they were already outsourcing to India while the remaining 22% are looking for an ideal product development company in India.
Although, there is no dearth of countries to give fierce competition to India providing product development services, the list includes countries like Ukraine, Bulgaria, and the Czech Republic. India by far transcends the race both in terms of quality and cost. According to a recent research of the National Association of Software and Services Companies (Nasscom), regardless of the emergence of other low-cost outsourcing destinations in Eastern Europe, North Africa, and South East Asia, India still wins the world’s preferred software development outsourcing destination. But what makes India so special for this service?
- Vast Pool of Tech-Talent: According to a Gartner report, India has a humongous talent pool of over 1 million techies graduating every year. This factor makes India a dominant offshore software product development destination. The country offers a vast range of diverse, talented developers that are highly skilled in technologies, analytics, cloud, social media, and mobility. It is surprising to know that every year 200,000 engineering graduates join the Indian IT industry, meaning, more efficient software developers at your service.
- Economies of Scale: One of the more important reasons why companies across the globe prefer India over Europe and the United States is for its low operational and labor costs. Hiring a product development company in India means you save a fortune on infrastructure, operating costs designing, and developing a professional application.
- The Second Largest English Speaking Country: India has more English language speakers than the U.S and the United Kingdom combined, making them ideal for companies of different nations. According to a leading human resource consultancy giant- Manpower Group, India wins the race of outsourcing from China in the global labor market owing to its young English-speaking workers which are globally more relevant. This knowledge of the English language allows global companies to enjoy better communication with the Indian software development teams ensuring a smooth and transparent workflow.
- Time Zone Advantage: A 24*7 service has become vital to keep the business running. This is another reason why companies prefer outsourcing product development services to a country with a different time zone. Global companies taking outsourcing services from India have witnessed a boost in their productivity due to round-the-clock operations at different locations globally. Clients from the U.S and European countries usually benefit from the time zone factor which makes the major reason why companies prefer India as their first outsourcing choice.
The growth in globalization has emerged outsourcing software development as a trend and necessity to develop competitive products and services. Over the years, India has served many global companies and their projects while becoming a major offshore software development hub. India gives tough competition to the rest of the world while setting a precedent for its counterparts like China and the Philippines in terms of cost, skillsets, and labor. It is safe to say that the Asian country has excelled at providing IT services while maintaining impeccable quality and sure-shot results. The country enjoys 60 % of the total revenue generating from the export of IT services which contributes to over 7.2 percent of the total country GDP. India is therefore, the ideal destination for software development solutions and its outsourcing services for the companies across industrial and geographical verticals.