Key regions: Brazil, Germany, United Kingdom, Netherlands, China
Amidst the growing demand for outsourcing services in Asia, the Application Outsourcing market in Mongolia has been steadily developing over the years.
Customer preferences: Mongolian businesses have increasingly been outsourcing their application needs to cut costs and improve efficiency. Companies in Mongolia prefer to outsource their application needs to neighboring countries like China, India, and the Philippines due to the availability of skilled labor and relatively lower costs.
Trends in the market: The Application Outsourcing market in Mongolia has seen a significant increase in demand for application development and maintenance services. The market is expected to grow in the coming years, driven by the increasing demand for software development services in the country. The trend is expected to continue as Mongolia continues to embrace digital transformation.
Local special circumstances: Mongolia's IT industry is still in its nascent stage, and the government has been taking steps to promote the growth of the industry. The government has been investing in the development of the IT sector and has been providing incentives to attract foreign investors. The country's geographical location has also made it an attractive destination for outsourcing services.
Underlying macroeconomic factors: Mongolia's economy has been growing steadily in recent years, driven by the mining industry. The country's GDP has been growing, and the government has been investing in infrastructure development. The growth of the economy has led to an increase in demand for IT services in the country. The government's efforts to promote the growth of the IT sector have also contributed to the development of the Application Outsourcing market in Mongolia.
Data coverage:
The data encompasses B2G, B2B, and B2C enterprises. Figures are based on enterprises' technology spending on products, consulting, and outsourcing services.Modeling approach / Market size:
Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players in the industry, Statista's primary research and surveys, and IT associations. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, internet users, and telecommunication. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing method is used based on the market data characteristics. The main drivers are the GDP and its sector composition, internet penetration, the level of digitization, and the attitude toward IT security.Additional notes:
The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.
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