Is Romania the next technology hub in Europe?
Recently, Romania stood out from the crowd in the technology field with its numerous innovations, tech start-ups and outstanding software solutions. This explains the growing number of companies that decided to set up Research and Development centers in our country.
Romania ranks first on the mature outsourcing markets, counting 265 companies, according to a study realized by Cushman and Wakefield Romania. Romania became a thriving technology center in the latest years, and the proximity to other important technological hubs helped it even more. The annual growth rate of the outsourcing sector is between 15 and 20%, making Romania be the fastest growing market in the European Union regarding the IT outsourcing services. There are voices in the industry that say that the Outsourcing industry`s potential in Romania is 300000 employees in the next few years. The most ambitious plans for growing belong to the companies with over 500+ employees. The overall predictions are positive, indicating that Romania will soon become the next big technology hub in Europe.
Why is that?
Romania is an attractive location which has attracted various companies across different sectors for years now. The cost attractiveness is one reason worth mentioning – the majority of employee overhead costs like employee benefits, taxes, training, and retention are eliminated. Romania also provides the opportunity to scale teams according to specific needs that companies have, while also offering a wealth or creative technical solutions provided by local start-ups.
Another key reason is the young, motivated, well-educated and well-trained workforce. The high number of foreign languages speakers and technical specialists are among the reasons why so many companies choose Romania as an outsourcing destination. Recent studies show that the median age of the workforce is between 26 and 35 years old, women representing 61% of the employees in the industry. Most of the people who work in Outsourcing have at least a bachelor’s degree, and one fourth of the workforce has a master’s degree diploma or a doctorate.