Global BPO industry to hit $215.9 Bn by 2026
The global Business Process Outsourcing (BPO) industry is projected to reach US$215.9 Billion by 2026 at a compound annual growth rate (CAGR) of 5.2% between the next four years.
According to a new market study by market research company Global Industry Analysts (GIA), this rapid increase is attributed to the growing desire of global businesses to rationalize costs and address issues such as shortage of skilled personnel.
The benefits offered by BPO agencies — including cost reduction, improved customer services, better focus on core businesses, competitive capabilities, and speed to market —- have also boosted this approach to the market.
Among different segments included in the report, customer services outsourcing is projected to record a 4.2% CAGR and reach US$69.4 Billion by the end of the analysis period. Meanwhile, Human Resources outsourcing is projected to grow by 4.5% CAGR due to the pandemic and the economic crisis.
Currently, the market is estimated to hit US$164.7 Billion by year-end.
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