IT Outsourcing - Belize

Belize

Revenue in the IT Outsourcing market is projected to reach US$4.99m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.14%, resulting in a market volume of US$7.38m by 2029.
The average Spend per Employee in the IT Outsourcing market is projected to reach US$24.85 in 2024.
In global comparison, most revenue will be generated in the United States (US$197.30bn in 2024).

Key regions: Netherlands, United States, Japan, Germany, Italy

Definition:
The IT Outsourcing market refers to the external contracting of IT functions, services, or projects instead of relying on company-owned resources. By outsourcing IT tasks (e.g., to IT suppliers or software developers), enterprises are able to focus on their core functions and save internal resources and costs (e.g., office space, maintenance, and utilities). Thus, outsourcing teams becomes a viable cost resilience strategy in an environment where companies are looking to save money more than ever.

In an IT context, these activities include IT administration, IT application, and web hosting services. Non-IT-related outsourcing services are excluded.

Structure:

IT Outsourcing contains four distinct markets that are based on different services:

Administration Outsourcing refers to the market for services associated with the external sourcing of typical IT administration tasks such as hardware supply, setup, configuration, maintenance, security, and support.
Application Outsourcing refers to the market for all IT application services in a software production context, spanning from requirement assessments to concept and design of software applications.
Web Hosting includes all types of internet hosting services that allow companies or individuals to provide access to their web page via the World Wide Web.
Other IT Outsourcing refers to aggregated revenues of the types of IT outsourcing that are not specifically mentioned in the other IT Outsourcing markets, such as infrastructure outsourcing, network outsourcing, and managed services.

Additional Information:

The IT Outsourcing market comprises revenues, revenue change, average spend per employee, and revenues of the outsourcing types. Market values represent revenues that are generated by primary vendors either directly or through distribution channels at the manufacturer price level (excluding VAT). Reported market revenues include spending by enterprises (B2B) and governments (B2G). Detailed definitions of each market can be found on the respective page where the market data is displayed. Key players in the market include IBM, Accenture, Capgemini, NTT, and Hewlett Packard Enterprise.

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Market

Region

Region comparison

Currency

Analyst Opinion

Belize, a small country in Central America, has been experiencing a steady growth in its IT outsourcing market in recent years.

Customer preferences: Companies in Belize are increasingly outsourcing their IT needs to cut costs and improve efficiency. The country's proximity to the United States and its English-speaking population make it an attractive destination for outsourcing. Additionally, Belize has a well-educated workforce with a high level of technical expertise.

Trends in the market: One of the main trends in the IT outsourcing market in Belize is the growth of cloud computing services. As more companies move their operations to the cloud, there is a growing demand for IT outsourcing services that can help manage these systems. Another trend is the rise of mobile applications, which has led to an increased need for software development and testing services.

Local special circumstances: Belize has a unique advantage in the IT outsourcing market due to its location and cultural ties to the United States. Many Belizeans have family members living in the US, which has led to a high level of cultural exchange and familiarity with American business practices. Additionally, Belize has a stable political environment and a favorable tax regime, which makes it an attractive destination for foreign investment.

Underlying macroeconomic factors: Belize's economy is heavily dependent on tourism, which has been negatively impacted by the COVID-19 pandemic. As a result, the government has been actively promoting other sectors, including IT outsourcing, to diversify the economy and create new job opportunities. The country's young and growing population also presents an opportunity for the IT outsourcing industry to tap into a large pool of skilled workers.

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.