Despite rising challenges to the industry, the Information Technology and Business Process Association of the Philippines (IBPAP) aims to increase the global market share of the country’s IT-BPM sector to 14% by 2022. IBPAP President and CEO Rey Untal made the pronouncement, saying it is realistic to achieve a 3% increase in market share in the next five years. In 2016, the country’s IT-BPM sector held 11% global market share. Untal added that the forecast will require a revenue growth of 9% and headcount growth of 8%. The figures, however, are down from the previous projection of 14% to 17%. Untal stressed that growth in the next five years will be different, considering that the sector’s employee base has already reached 1.2 million as of 2016. IBPAP earlier forecast the industry to generate as much as USD39bn in revenue by 2022.
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