{"id":187,"date":"2022-04-04T09:26:12","date_gmt":"2022-04-04T09:26:12","guid":{"rendered":"https:\/\/flipkoins.com\/blogs\/?p=187"},"modified":"2022-05-02T04:48:10","modified_gmt":"2022-05-02T04:48:10","slug":"cost-of-offshore-software-development","status":"publish","type":"post","link":"https:\/\/flipkoins.com\/blogs\/cost-of-offshore-software-development\/","title":{"rendered":"How To Calculate The Projected Cost Of Offshore Software Development?"},"content":{"rendered":"
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Although India is among the top digital nations<\/span> that assure a significantly lower cost of offshore software development, the final cost of the project can broadly vary on several factors.<\/p>\n\n\n\n

As per the\u00a0new Wall Street Journal report, there were close to\u00a0918k unfilled jobs<\/u><\/strong>\u00a0in the IT sector in the USA<\/span> alone in 2019, with at least a\u00a030% increase<\/strong>\u00a0in the current time frame. On the other hand, a\u00a0survey by Manpower Group\u00a0also suggests that more than\u00a045% of companies<\/u><\/strong>\u00a0find it hard to get\u00a0skilled professionals<\/strong><\/span> on board.<\/p>\n\n\n\n

Contradictory, isn\u2019t it? However, you can get the right team<\/strong> at the right price<\/strong> for your next big software development project if you follow a specific SOP<\/strong> to create a win-win situation<\/span> for both parties.<\/p>\n\n\n\n

<\/p>\n\n\n\n

How To Calculate The Estimated Cost Of Offshore Software Development Project?<\/h2>\n\n\n\n

However, there are six key aspects<\/strong> that you should consider for getting the lowest from remote offshore developers.<\/p>\n\n\n\n

<\/p>\n\n\n\n

  1. Define a transparent but objective scope of the project<\/strong> before entering the development phase.<\/li>
  2. You should have a clear idea about the project\u2019s short-term <\/strong>and long-term goals<\/strong>, along with all its deliverables<\/strong> from the developer\u2019s end.<\/li>
  3. You should only hire the right offshore development team having sufficient expertise<\/u><\/strong> and experience<\/strong> in the specific technology<\/span>.<\/li>
  4. Never confuse the estimated project cost<\/strong> with the final project cost<\/strong>, as it can vary depending on several factors.<\/li>
  5. Consider an estimated overhead cost<\/strong> on your budget as you may encounter unexpected bugs during development that needs additional work hours.<\/li>
  6. You may need to consider additional costs<\/strong> in your overall budget, as the projected cost can increase if you need changes<\/span> during the development phase.<\/li><\/ol>\n\n\n\n

    There is no doubt that outsourcing your software development project to remote developers in India is one of the most cost-effective solutions<\/strong> that assures at least 70% lesser project cost<\/strong> than hiring an in-house development team<\/span>, especially in the USA<\/strong> and UK<\/strong>.<\/p>\n\n\n\n

    <\/p>\n\n\n\n

    6+ Key Factors Affecting Offshore Software Development Costs<\/h2>\n\n\n\n

    Although several factors can influence the expected cost of offshore software development projects, the real-world cost largely depends on six crucial factors that are as follows.<\/p>\n\n\n\n

    <\/p>\n\n\n\n

    1. Size And Length Of The Project<\/h3>\n\n\n\n

    The volume of work and the overall time needed to develop a project are directly proportional to the projected cost. Although you can hire the best developers in India for low costs<\/em><\/a> compared to Tier-I<\/strong> countries, you must have realistic expectations<\/strong>.<\/p>\n\n\n\n

    According to the\u00a0recent software development trends, the average hourly rate of Indian developers lies around\u00a0$19 to $40<\/strong>,\u00a0depending on their skill set and experience<\/span>. On the other hand, American and UK-based developers charge at least\u00a0$80 to $100\/hour<\/strong>.<\/p>\n\n\n\n

    But yes, you can ask for a lower quote from remote offshore developers in India<\/em><\/a> if you need bulk work hours<\/strong> or manpower<\/strong>.<\/p>\n\n\n\n

    <\/p>\n\n\n\n

    2. Technical Requirements Of The Project<\/h3>\n\n\n\n

    As the\u00a0new study by IBEF\u00a0now suggests, the\u00a0Indian IT and BPM industry<\/strong>\u00a0alone generated a massive revenue of\u00a0$194 Billion<\/strong>\u00a0with a YoY growth of\u00a02.3%<\/strong>\u00a0last year. So, there is no shortage of skilled developers in this booming industry.<\/p>\n\n\n\n

    However, the project cost will vary depending on the experience of the developers<\/span> you need to meet the short-term and long-term goals of your project. While outsourcing your tech project to offshore developers<\/em><\/a>, be very clear about the required experience. <\/p>\n\n\n\n

    According to a\u00a0recent report by CNBC, Bangalore alone houses\u00a044%<\/strong>\u00a0of the\u00a0unicorn startups<\/strong>\u00a0in India. And\u00a0we at FlipKoins also believe in that scalability to ensure rapid growth and optimum output<\/span> while working on any offshore projects.<\/p>\n\n\n\n

    <\/p>\n\n\n\n

    3. TAT And Development Timeframe<\/h3>\n\n\n\n

    According to the\u00a02021 Tholons Services Globalization Index,\u00a0India ranks among the\u00a0top digital nations <\/strong>and is one of the\u00a0largest developers of\u00a0SaaS products<\/strong><\/span>. And best Indian developers know how to handle pressure to generate optimum but time-bound output.<\/p>\n\n\n\n

    Another\u00a0study by Statista\u00a0also claims that\u00a0India produces more than\u00a02.6 million STEM graduates <\/strong>each year<\/span>, second only to China. So,\u00a0there is no shortage of credible developers<\/span>\u00a0who can yield better results in the shortest possible time.<\/p>\n\n\n\n

    While most offshore developers in India tend to charge more for a shorter timeframe, we at FlipKoins<\/em><\/a> always hire developers who can execute any project in a time-specific<\/strong> manner<\/span>.<\/p>\n\n\n\n

    <\/p>\n\n\n\n

    4. Skills And Expertise Needed<\/h3>\n\n\n\n

    The cost of offshore software development also lies in your hiring parameters. And there are three different options available in the offshore industry: hiring a dedicated team<\/strong>, hiring developers on fixed monthly rates<\/strong>, and hiring them on hourly rates<\/strong><\/span>.<\/p>\n\n\n\n

    However,\u00a0the rate of these three options can also vary depending on the skillset you need<\/span>. According to a\u00a0new report, the basic remuneration in the app development industry is likely to increase by 3.8% yearly<\/strong>. So, you also need to\u00a0consider the gradual increase<\/strong>\u00a0of the overall project cost with time.<\/p>\n\n\n\n

    Developers proficient with\u00a0Python<\/strong>,\u00a0NodeJS<\/strong>,\u00a0ReactJS<\/strong>,\u00a0React Native<\/strong>,\u00a0Ruby on Rails<\/strong>,\u00a0PHP<\/strong>, and Java <\/strong>now gets\u00a015%<\/u><\/strong>\u00a0more yearly remuneration<\/span> than the previous year. And according to a\u00a0new study by W3Tech, more than\u00a077.6%<\/strong>\u00a0of digital products use PHP <\/strong>as their server-side programming language.<\/p>\n\n\n\n

    <\/p>\n\n\n\n

    5. Location And Cost Of Living<\/h3>\n\n\n\n

    The\u00a0geographic location\u00a0<\/strong>and the\u00a0cost of living<\/strong>\u00a0are\u00a0directly proportional to the expected project cost<\/span>. And according to a\u00a0new report by Numbeo, the\u00a0cost of living in India is\u00a064.4% lower<\/strong>\u00a0than in the USA<\/span>. Another report by The Global Economy also suggests that India stands at\u00a035th place<\/strong>\u00a0in the cost-of-living index among 39 Asian countries.<\/p>\n\n\n\n

    The\u00a0newest statistic on GitHub\u00a0also suggests that\u00a0India will have more than\u00a010 million software developers<\/strong>\u00a0by the end of 2023<\/span>,\u00a0with more than\u00a01.8 million new engineers<\/strong>\u00a0entering the development industry each year. So, the fierce competition and the lower living cost indeed give an edge to the best offshore development companies in India<\/em><\/a>.\u00a0<\/p>\n\n\n\n

    We at FlipKoins hire enthusiastic and compassion-driven developers at a lower rate<\/span> than in the USA. So, we also assure at least 65% lower manpower cost<\/strong> for your next dream project.<\/p>\n\n\n\n

    <\/p>\n\n\n\n

    6. Additional Costs <\/h3>\n\n\n\n

    As per the\u00a0global market spend report by Statista, the\u00a0outsourcing and shared services industry is likely to touch\u00a0$971.2 Billion<\/strong>\u00a0in operating revenue by the end of\u00a02023<\/strong><\/span>. Another\u00a0study by Clutch\u00a0also claims that\u00a0more than\u00a052%<\/strong>\u00a0of the small businesses in the USA alone are now planning to outsource their projects.<\/p>\n\n\n\n

    However, new clients in this industry are prone to hidden liabilities<\/span> that offshore development companies often exploit. Besides, the real-time project cost<\/strong> can even increase if the development team is not competent<\/strong> and agile<\/strong> enough to predict the changes<\/span> needed.<\/p>\n\n\n\n

    FlipKoins firmly believe in transparent project quotation<\/strong> and financial assessment<\/strong> without any hidden cost<\/strong> or additional monetary liabilities<\/strong><\/span>. We also strongly emphasize the right coordination <\/strong>between the projected and actual costs while your digital product meets its end goal.<\/p>\n\n\n\n

    <\/p>\n\n\n\n

    Takeaways<\/h2>\n\n\n\n

    The actual cost of offshore software development depends on several factors we have mentioned above. However, there are several benefits of hiring developers in India vs. any other country<\/em><\/a> in the world, as India has a lower living cost<\/strong> along with an ample supply of credible software developers<\/strong><\/span>.<\/p>\n\n\n\n

    So, if you are looking for the best possible quotation<\/strong> for your next dream project, feel free to contact us<\/em><\/a> or drop your query in the comment box to connect with us.<\/p>\n","protected":false},"excerpt":{"rendered":"

    0 Shares Facebook Twitter WhatsApp LinkedIn Although India is among the top digital nations that assure a significantly lower cost of offshore software development, the final cost of the project can broadly vary on several factors. As per the\u00a0new Wall Street Journal report, there were close to\u00a0918k unfilled jobs\u00a0in the IT sector in the USA alone in 2019, […]<\/p>\n","protected":false},"author":4,"featured_media":192,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[20,33,34],"class_list":["post-187","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-offshore-team","tag-hiring-developers-in-india","tag-indian-offshore-developer-at-low-costs","tag-offshore-software-development-estimated-cost"],"yoast_head":"\nHow To Calculate The Projected Cost Of Offshore Software Development?<\/title>\n<meta name=\"description\" content=\"Are you in shock after the remote team gave you a huge budget? 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The new\u00a0global outsourcing survey by Deloitte\u00a0recently claimed that more than\u00a070%<\/u><\/strong>\u00a0of organizations prefer to outsource their projects<\/span>\u00a0for better\u00a0cost optimization<\/strong>\u00a0and\u00a0faster TAT<\/strong>. However, the cost of offshore software development can increase if you don\u2019t know about the tested ways to find the right offshore team<\/em><\/a> for your next project.<\/p>\n\n\n\n