As technology evolves, more industries areturning to digital solutions, including healthcare, education, and finance.Let’s take a closer look at some of the industries that will outsource in 2020.
Fintech In 2020
2020 will see a digital financial services market of $309.98 billion. Two of the principal areas will be customer-centricity and data security. Carrying out financial operations will become more secure and comfortable with the help of digital-only banks, blockchain, and AI-based solutions.
- Digital-only banks- millennials love digital banking, more so the option to perform P2P transfers and payments all over the world. Contactless bank banks will continue to grow in popularity, as will the management of cryptocurrency
- AI- There are endless possibilities with AI and fintech, specifically with improving internal banking operations. Security will be increased and cyber fraud will be reduced because of this
- Blockchain- This will eliminate the need for a third person in things like stock sharing to using digital identities and smart contracts
Healthcare in 2020
Deloitte has estimated that by the year 2022, the global medical technology market will reach a staggering $10.059 trillion. Technology will play a role in health tech startups, reducing medical costs, improving diagnostics, and how hospitals are managed.
- Telehealth- this includes things like secure video calls and extended medical services for those people who can’t reach a hospital
- 3D Printing- 3D printing is already being used to create models of organs for the use of training. With 3D printers, customised devices, equipment, and prosthetics can be made
- VR- Combined with AI, VR will provide new solutions to diagnostics and simulating medical procedures
- Health Wearables- Modern digital technology allows specialists to monitor a range of issues via wearables like wrist-heart bands, trackers, patches, even posture monitors. This will change the way patients are treated as doctors will have a clearer understanding
An Increase InOutsourcing For Small Business In 2020
To date, over 37% of small to medium-sized businesses are using IT outsourcing companies for some of their business processes. As well as more businesses continuing to use outsourcing, there will also be an increase in software development budgets. While businesses were sending 6%, it will now be 9.1%.
In 2020, we can expect to see app development gaining bigger budgets with 56% of companies outsource all of these tasks. IT Security will also experience a jump in outsourcing due to the stricter GDRP regulations.
Maintaining network infrastructures is a costly procedure, so this is another area that will expand in 2020. And let’s not forget about the Brexit. It is predicted that every industry should prepare for financial losses. As Britain is the second-largest IT outsourcer in the world, there are going to be consequences.