BPO market to reach $525Bn by 2030
CALIFORNIA, UNITED STATES — The Business Process Outsourcing (BPO) market is predicted to hit US$525.23 billion by 2030, surging at a compound annual growth rate (CAGR) of 9.4% between 2023 and 2030.
Market research firm Coherent Market Insights (CMI) said that the BPO sector’s growth is fueled by competition from new outsourcing regions and the push for cost-effective operations.
Infosys McCamish’s 2020 introduction of the NGIN platform for the life insurance and annuity sectors is a testament to this.
Moreover, BPO alleviates the hiring burden on companies, cutting recruitment expenses and legalities. Emphasizing BPO’s global appeal, TTEC Holdings opened a customer experience center in Honduras in May 2023, expanding its customer service offerings.
Technological advances, including robotic process automation and cloud-based solutions, are elevating the BPO landscape. For instance, Wipro Limited unveiled FieldX in 2021, optimizing post-sales services. Additionally, Amdocs’ collaboration with Macau’s CTM in 2023 showcased a notable digital progression with the launch of their 5G services.
Meanwhile, marketing agency Skyquest sees the increased adoption of cloud computing and Robotic Process Automation (RPA) as big contributors to the growth of the global BPO industry in the next seven years.
