Economic forecast for outsourcing IT to Bulgaria

Bulgarian IT outsourcing has been thriving for more than a decade despite any economic or political turbulence that we might have experienced. The reasons behind that are many — its IT infrastructure, internet speed, the large number of skilled professionals, moderate prices, and flat corporate taxes. As proof in 2021, the international consultancy company Kearney included Bulgaria in their Global Services Location Index report, where the country ranked 17th as one of the most attractive digital hubs in the world. Some of the criteria used in the report are business environment, skills availability, financial attractiveness, and more.

Read along and learn more about the trends and forecasts for the future of outsourcing to Bulgaria. We’ll talk more about what are the benefits for US companies who choose to benefit from a partnership with Bulgarian IT services companies.

How is the latest economic and political landscape shaping IT outsourcing?

Estimated at $342.9 billion in 2020, the global IT outsourcing market is projected to reach 410.2 billion by 2027. This clearly shows that despite the COVID-19 pandemic, the economic turbulence, and the geopolitical tension, IT outsourcing is only growing as an industry. Those factors are not only slowing down the industry but are in fact stimulating it. American companies are looking for high-quality services at affordable prices, extensive knowledge, and experience in building innovative solutions with cutting-edge technologies, accelerating digitalization, and focusing in-house efforts on developing the core business. This is all made possible due to IT outsourcing. As Alphonso Jackson, Former United States Secretary of Housing and Urban Development states, has said: The other part of outsourcing is this: it simply says where the work can be done outside better than it can be done inside, we should do it.”.

Want to learn more on the topic and find out what makes Bulgaria a desirable IT outsourcing destination? Follow the link and download the full whitepaper now.

Note: This whitepaper was originally published on Accedia.com