By 2025, the size of the global business process outsourcing (BPO) market is projected to reach US$343.2 billion, growing at a CAGR of 7.4%, according to a recent study by Grand View Research Inc. The report also found that customer service accounted for more than 30% of the global market in 2017 due to the extensive establishment of call centers worldwide, and the increasing demand for technical and maintenance staff across sectors such as IT & telecommunications and healthcare.
In coming years, however, the banking, financial services and insurance segment is expected to emerge as the fastest-growing segment as BPO addresses effectively several challenges faced by the industry. It not only ensures data management and data integrity but also offers reliable, relevant, and timely data delivery to improve decision making. Other fast growth segments will be government services, education, travel & transportation, construction, and utilities, according to the report.