AI in BPO market set to reach $49.6Bn globally by 2033: Market.us
NEW YORK, UNITED STATES — The global AI in business process outsourcing (BPO) market is set to skyrocket from $2.6 billion in 2023 to $49.6 billion by 2033, growing at a staggering 34.3% compound annual growth rate (CAGR), according to Market.us’ industry report.
The North American region exemplifies how the use of AI automation can save costs and increase productivity, with estimates indicating that the financial and healthcare markets account for up to 38% of the overall global market.
Explosive market growth fueled by AI adoption
Chatbots, robotic process automation (RPA), and machine learning are examples of technologies that assist businesses in undertaking their business operations across a greater scope of business, hence becoming more economical.
Such progress is reshaping the industry as AI-enabled BPO enhances the performance of customer care, fraud detection, and supply-chain logistics.
Analysts attribute the boom to the growing demand for automation, which enables 24/7 service and decision-making based on real-time information.
Initial costs of adopting AI and talent deficiency, however, have served as bottlenecks, especially among small and medium-sized companies.
Sector-specific disruption and economic impact
The recent era of AI is redefining BPO services in key areas, with the customer service industry undergoing a significant transformation through the use of chatbots and virtual assistants.
AI can perform accounting, fraud protection, and compliance tasks in the financial sector. Additionally, the healthcare sector is increasingly utilizing AI to administer patient information and assist in the diagnosis process. Meanwhile, logistics companies, with the help of AI, optimize their inventory and predictive supply chain analytics.
The rippling effect of the economy is also large-scale, as it displaces old ways of outsourcing and also provides high-skill jobs in the field of AI development and data analysis.
The sooner companies invest in AI-powered BPO solutions, the more competitive advantages they can achieve in BPO.
