Global BPO industry to reach $525.2Bn by 2030
The global Business Process Outsourcing (BPO) market is projected to reach US$525.2 billion by 2030, registering a compound annual growth rate (CAGR) of 9.1% from 2022 to 2030.
According to a report by market data and statistics provider ResearchAndMarkets.com, factors such as the growing demand for outsourcing services across BFSI (Banking, Financial Services, and Insurance), IT and telecommunication, HR industries, and the rising inclination of organizations to focus on their core competencies will drive the market over the next few years.
The emergence of next-generation services — such as smart self-service and personalized CX — and increasing consumer demand for multi-channel communication will also create opportunities for the global outsourcing sector through the next decade.
Moreover, the rising adoption of cloud-based services, AI, and robotic process automation is expected to promote the market further, encouraging growth in the sector.
However, despite the reported growth during the start of the pandemic, the paper argued that the lockdowns and travel restrictions caused challenges to BPO companies.
Data security and productivity were compromised due to either the lack of supervision or inadequate infrastructure in the employees’ homes.
Difficulties were also encountered while recording calls from remote work locations and exposing employee data to clients.
