Top Business Process Outsourcing Trends for 2021

In 2018, the global BPO industry was valued at $85.6 billion, which rose to $92.5 billion in 2019. The BPO industry is rising again after the debacle of 2015 when the valuation dipped to $88.9 billion from $104.6 billion. The emergence of new players like the Philippines has strengthened the belief of business-owners in outsourcing.

Interesting statistics that makes outsourcing the most powerful weapon in an organization’s arsenal:

• 59% of companies see outsourcing as a cost-cutting tool.
• 74% of IT Companies outsource their processes.
• 85% of outsourcing jobs originate from the USA.
• 80% of businesses globally are positive about their relationship with their outsourcing partner.
• In 2017, Africa, Middle-East, and Europe together spent over $55 billion on outsourcing.

In 2017, Accenture alone spent $19 billion on outsourcing; be it an IT company or a small business, they rely on outsourcing to get jobs done faster. Over 70% of start-ups failed because of pre-mature scaling hence founders are now willing to outsource repetitive processes and focus on product/services.

What is the Future of the BPO Industry?

Varied researches predict that the BPO industry will continue to grow with a CAGR of 8% from 2020 to 2025. The growth prediction is based on the removal of trade barriers and the introduction of new economic policies by major countries. Varied countries are now looking East and are finding India, China, and Vietnam as viable outsourcing options.

The BPO industry is constantly equipping itself with new technologies and problem-solving capabilities. The availability of a talented employee base, when mixed with technology, becomes a lethal combination. India and Vietnam are likely to continue as the flag bearer of BPO in the coming times too.

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