Market Insights Technology IT Services IT Outsourcing

Application Outsourcing - Oman

Oman

Revenue in the Application Outsourcing market is projected to reach US$40.39m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.13%, resulting in a market volume of US$40.13m by 2029.
The average Spend per Employee in the Application Outsourcing market is projected to reach US$16.20 in 2024.
In global comparison, most revenue will be generated in the United States (US$42,860.00m in 2024).

Key regions: Brazil, Germany, United Kingdom, Netherlands, China

Market

Region

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Currency

Analyst Opinion

The Application Outsourcing market in Oman has been developing rapidly in recent years, driven by a growing demand for cost-effective software development services.

Customer preferences: Omani businesses are increasingly turning to outsourcing as a means of reducing costs and improving efficiency. This has led to a rise in demand for application outsourcing services, as companies seek to outsource their software development needs to third-party providers. Many businesses prefer to work with local providers, as this allows for easier communication and collaboration, and helps to support the local economy.

Trends in the market: One of the key trends in the Application Outsourcing market in Oman is the increasing adoption of cloud-based technologies. This has led to a rise in demand for cloud-based application development services, as businesses seek to take advantage of the benefits of cloud computing, such as scalability, flexibility, and cost-effectiveness. Another trend in the market is the growing importance of mobile applications. As more and more people use smartphones and tablets to access the internet, businesses are looking to develop mobile applications to meet this demand. This has led to a rise in demand for mobile application development services, as companies seek to create apps that are user-friendly, reliable, and secure.

Local special circumstances: Oman has a relatively small domestic market, which means that many businesses are looking to expand internationally in order to grow their customer base. This has led to a rise in demand for software development services that can help businesses to create global products and services. Additionally, Oman's strategic location at the crossroads of Asia, Africa, and Europe makes it an attractive location for businesses looking to expand into these regions.

Underlying macroeconomic factors: Oman's economy is heavily dependent on oil exports, which account for the majority of the country's revenue. However, in recent years, the government has been working to diversify the economy, with a particular emphasis on developing the technology sector. This has led to a rise in demand for software development services, as businesses seek to take advantage of the growing opportunities in the sector. Additionally, Oman's young and tech-savvy population is driving demand for innovative software solutions, particularly in areas such as e-commerce, fintech, and healthcare. Overall, these factors are contributing to the growth of the Application Outsourcing market in Oman, and are likely to continue to do so in the coming years.

Methodology

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.