Outsourcing is not a new business practice; in fact, it has become one of the key trends in corporate strategy over the last couple of decades. At its current pace, this business trend shows little sign of slowing down.
Outsourcing has been a buzzword in the international business community since the 1980s, and has become a common practice these days. The global market for outsourced services stood at $76.9 billion in 2016, and it is estimated that it will reach $220 billion by 2020. From small businesses to huge corporations, business leaders choose to outsource some of their processes because of the workforce productivity, flexibility and cost reductions that can be realized.