Global BPO services market forecast to hit $52bn by 2023

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A new report has suggested that the value of the global business process outsourcing (BPO) services market could hit USD52 billion by the end of 2023, growing at a CAGR of 11% from 2017. The report said the market’s growth will be propelled by the increasing adoption of the latest technologies in developed countries, which in turn will prompt companies to outsource more processes that are not essential to their core business operations. Market Research Future’s new report on the global BPO services also noted that while AI could replace many jobs in the industry, it is still likely to create new avenues for growth and generate higher paying jobs. Among the major global players identified in the report are ADP, Xerox Corporation, Accenture, Aon Hewitt, Capgemini, Infosys BPO, IBM Corporation, Syntel, TCS and Wipro. As a growth example, VXI Global Solution Inc recently opened a USD3 million BPO facility in Clark Freeport Zone in Philippines, which is expected to create 2,000 jobs for the local labor market, the report noted.

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