The global software market was estimated to be around $439 billion in 2021. The mammoth size of the software market is due to the fact that software provides immense business value to businesses across different industries. The sprawling software development industry around the world is proof of the business value that software adds to the business. In this blog, we have discussed the top industries that stand to benefit the most from software outsourcing. Let’s have a look at these industries one by one.
Retail Industry
Retail is one of the biggest industries in the world, with the owners of retailers like Walmart, Target, and Amazon regularly featuring among the richest people in the world. Retail plays a big role in our daily lives as we have to visit a retail store almost on a daily basis. There are millions of retail transactions that happen all over the world every day.
The retail industry was one of the worst-hit industries during the pandemic. Adding to that, today’s customers want everything fast and at deep discounts. That’s when most of the retailers realized the value of automating their systems, and many of them opened new online modes of selling.
Retail software solutions can help retailers improve their efficiency, gain leverage through JIT(just-in-time) inventory, reduce manpower and reduce pilferage of goods. Thus, retail software helps retailers save money and help them to offer deep discounts to their customers.
Healthcare Industry
Healthcare is one of the most critical sectors in the industry. The healthcare sector today manages enormous amounts of patient data. The software helps healthcare and fitness solution providers to improve the efficiency of their operations. Through telemedicine software, healthcare service providers can reach patients at remote locations and provide quality healthcare services to the patients residing there.
During the pandemic, the United States saw a 50% rise in telehealth customers. Healthcare software has helped remote healthcare service providers manage patient data, reports, and their healthcare equipment efficiently.
Travel Industry
The travel industry was one of the largest losers during the pandemic. However, people are back now, opting for new stay choices like a staycation and work from anywhere. Most travel operators today depend upon some kind of software to conduct travel business. For instance, there are software to help with hotel booking, passport, visa, and flight booking. The travel operators need to manage the information of travelers, search for better options for their customers and manage the itineraries of the travelers.
Many software enables travelers to manage their own accommodation, transport, and itinerary. Travel software provides greater transparency to both travel operators as well as travelers. The top travel software helps the travel operators minimize the order processing cost and the maintenance cost.
Logistics Industry
The logistics industry is evolving with time and is one of the first adopters of technology. Software plays an important role in a logistics company. Using the best supply chain management software, the logistics company can keep track of the parcels, book new orders, manage the movement of the parcels, handle the customs of different countries, and communicate with the fleet drivers as and when necessary.
A logistics software can help a logistics business improve the customer experience by providing accurate parcel tracking details 24×7. Logistics software can also help the logistics business reduce logistics costs and remove the visibility issues of the supply chain.
Finance Industry
Finance is one industry that relies heavily on software to perform its day-to-day tasks. A banking software enables the users to do banking transactions like transferring money, adding money, withdrawing money, checking balance, stopping cheques, booking fixed deposits, purchasing insurance, and a lot more. In the age of digitalization, no financial institution can imagine working without Fintech software.
Using secure credit analysis software, the loan disbursing companies can easily check the credit record of a prospective customer and offer the loan accordingly.
Entertainment and Media Industry
Software is an important component in the entertainment and media business. Let’s have a look at a few ways in which software helps the media and entertainment industry.
A digital asset management software helps a media company manage its digital assets. In simple words, a media company can store and edit all forms of content right from video, audio, and podcast with this software. A DAM software thus empowers the entertainment company with efficient storage and organization. These are the two reasons why DAM software is more popular amongst media business owners.
Real estate
Real estate is a sector where you can leverage the power of software for the benefit of your business. Comprehensive real estate software can help a real estate and construction business owner manage all their activities like listing properties and sorting these properties according to their cities and other filters. A quality real estate solution puts the information in front of the decision-makers in an easy-to-digest form. This way, the high-quality real estate software helps in minimizing the workload of the real estate companies.
Using the finest real estate software, you as a realtor can generate leads for your project. The reliable real estate software application helps you to manage all your clients and keep the relationship with these clients active for future deals.
Closing thoughts
The software has become an integral part of the day-to-day operations of many industries. Although one can hire a team of in-house software developers, outsourcing software development to experts often proves to be the correct decision. This is because these leading software development companies have the required experience and expertise in delivering state-of-the-art software solutions for their clients from different industry verticals. Moreover, software development outsourcing to developing nations like India proves to be cost-effective, thus paving the path to a more profitable approach for businesses.
