Business Summary

Global Engineers: A SaaS-based global marketplace designed to connect agencies and startup founders with a versatile pool of engineering talents worldwide. This platform offers flexibility and scalability in building products, allowing businesses to hire individuals or entire teams for product development and management. The startup aims to cater to offshore development centers in the Asia Pacific and startups, agencies, and SMBs in developed countries like Australia, the US, the UK, and Canada. Its unique value lies in cost-effectiveness, flexibility, and the ability to handle projects of varying scales with fast delivery.

Market Analysis for Global Engineers

Market Overview

1. Market Size and Growth Potential

• Global Market Scope: According to a report by Grand View Research, the global outsourcing market was valued at USD 245.91 billion in 2021 and is expected to grow at a CAGR of 8.5% from 2022 to 2030. This growth is fueled by the increasing demand for cost-effective operations and expertise in various business segments.
• Demand in Target Regions: The U.S., UK, Australia, and Canada are key markets for offshore development services. The U.S. alone accounted for a significant share of the global IT outsourcing market, as reported by Statista.
• Technology and SaaS Growth: The SaaS market, integral to this startup's industry, is also experiencing robust growth. As per a Gartner report, the global SaaS market is expected to reach $140 billion in revenue by 2022, driven by the increasing adoption of cloud-based solutions.

2. Consumer Behaviors

• Preference for Flexibility and Scalability: A survey by Deloitte highlights that businesses increasingly prefer flexible and scalable outsourcing solutions. This is due to the dynamic nature of modern markets, where companies need to adapt quickly to changes.
• Quality vs. Cost Trade-off: Businesses are looking for a balance between cost-effectiveness and quality. According to a KPMG report, while cost reduction is a significant factor, maintaining quality is also a priority for businesses engaging with offshore teams.
• Rise in Remote Collaboration: The COVID-19 pandemic has accelerated the trend of remote work, making businesses more open to hiring offshore teams. A study by Buffer on remote work trends reveals that 96% of respondents would like to continue working remotely, at least partially, for the long term.

3. Market Segmentation

• By Service Type: The market can be segmented into development, design, product management, and testing services. Each segment caters to different needs within the product development cycle.
• By Business Size: Small and Medium-sized Businesses (SMBs), startups, and large enterprises form distinct segments, each with unique needs and purchasing behaviors.
• Geographical Segmentation: Different regions have varying demands and preferences. For instance, the U.S. and UK markets might prioritize quality and innovation, whereas APAC clients may focus more on cost-effectiveness.

Competitive Landscape

1. Toptal

• Strengths: Toptal's primary strength lies in its highly selective process, ensuring only top-tier talent is available for hire. This exclusivity appeals to clients seeking premium quality assurance. Their rigorous vetting process includes language and personality tests, in-depth skill reviews, and live screenings, as highlighted by Forbes.
• Weaknesses: This exclusivity comes at a higher cost, potentially alienating cost-sensitive clients. Additionally, the narrow focus on elite professionals may limit options for clients needing a wider range of skill levels and price points.