With an expected market size value of $474.61 USD billion in this present year, the software industry generates a significant demand for software development jobs, but this comes with a price: a shortage of tech talent. Read how your business can overcome this challenge when looking for developers.
With an expected market size value of $474.61 billion USD in this present year (Statista, 2022), the software industry has become one of the most lucrative industries globally. One of the reasons is due to its exponential rate of growth and its room for new technological advances. The software industry has also experienced a boost in venture capital, raising $143.9 billion USD in the First Quarter of 2022 across 8,835 deals according to a report by CB Insights. This not only shows the enormous strength of the industry but also the increasing demand for software development jobs.
Talent search has become a battlefield for finding and hiring the best engineers. New emerging companies are looking for engineers, while simultaneously, the big tech companies are still hiring at a high rate. This dynamic results in highly competitive job markets with low unemployment rates according to Øyvind Forsbak, Forbes Tech Council, read more in “How to Deal with t the Scarcity of Software Developers”. Truth is, not all companies can afford to offer high salaries and benefits, especially those who are in their first growing stages. But in order to overcome this challenge, they are opting to outsource remote talent.
Businesses have begun setting an eye on the Latin American region due to its convenient location, cultural compatibility, competitive rates (have a look at Simbiosis’ FAQ to obtain a reference), and vast growing pool of talent. According to Statista (2021), over 1 million software engineers are located in this region: led by Brazil (500k), followed by Mexico (225k), Argentina (115k), and Colombia (62k). Combining the numbers, plus the factors previously mentioned, there’s no doubt that Latin America is becoming a hotspot for outsourcing companies’ tech needs.
The demand for skilled tech professionals is high, and software outsourcing can definitively help with scaling up a business with qualified developers at very competitive rates. By ensuring your organization with the best talent, you’re all packed up for future growth. At Simbiosis, we have not only simplified the process of hiring nearshore but also allowed you to compare vetted software agencies from LatinAmerica in order to recruit top-notch developers.
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Forsbak, Ø. (2022, April 21). Council post: How to deal with the scarcity of software developers. Forbes.Retrieved May 12, 2022, from https://www.forbes.com/sites/forbestechcouncil/2021/12/15/how-to-deal-with-the-scarcity-of-software-developers/?sh=3be84fb1a0f1
Sans, C. (2021, May 20). State of software development in 2021. State of Software Development in 2021. Retrieved May 12, 2022, fromhttps://codingsans.com/state-of-software-development-2021
Sava, J. A. (2022, March 1). LatinAmerica: Software developers involved in offshore development 2021. Statista. Retrieved May 12, 2022, from https://www.statista.com/statistics/1290785/software-developers-involved-in-offshore-development-latin-america/
Software - worldwide: Statista market forecast. Statista. (2022, May). Retrieved May 12, 2022, from https://www.statista.com/outlook/tmo/software/worldwide
The state of venture: Q1 2022 report.The State Of Venture: Q1 2022 Report. (2022, April). Retrieved May 12, 2022, from https://www.cbinsights.com/research-state-of-venture?