TradeRiver has identified the Contracting industry among a number of high growth industries where innovation and disruption are either happening or in desperate need of occurrence. Here’s a quick dive into all of the things we’ve highlighted about the Contracting industry.
The global outsourcing contracted service market is expected to reach USD 343.2 billion by 2025. The driving factor behind the growing market is the need to reduce or cut back on internal operational costs. An increasing number of organizations have began outsourcing services in order to refocus business morale to prioritize growth and sales.
Contracting third party entities to execute tasks on behalf of business operations is often utilized to avoid certain costs and repurpose business strategy. It is a timely and inexpensive option many companies have become dependent upon. More and more, outsourcing services has become an integral role in many business models on a global scale.
Legal outsourcing is transforming law practice as more and more organizations seek outside service providers to enable execution while minimizing costs, increasing flexibility and expanding in-house capabilities.
The maintenance of accounts and financial reports is a notoriously time consuming task. As accounting plays a critical contribution to the financial success and stability of a business, companies on a global scale are outsourcing the task.
Companies have began seeking non-traditional methods to achieve consultation to develop and implement successful strategies for growth. Services such as HR are no longer seen as a core function in a company’s business model. Therefore, such services are outsourced.