That’s based on findings and research from Technavio (full report available for download here). The $76B USD figure represents a compound annual growth rate (CAGR) of 7% over the next four years.
BPO industry growth – predictions
Notable highlights from the report:
- The major business process outsourcing market growth came from the IT and telecommunication segments. The business process outsourcing market share growth by the IT and telecommunication segment will be significant during the forecast period owing to technological advances, fast growth in data traffic, and growing demand for digital content and communication by consumers.
- North America was the largest business process outsourcing market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. Factors such as the rise in the adoption of advanced technologies such as cloud computing solutions, social media, AI, and RPA will significantly drive business process outsourcing market growth in this region over the forecast period.
- As the business impact of COVID-19 spreads, the global business process outsourcing market 2020-2024 is expected to have Neutral and At par growth.
As Technavio notes:
“Telecom companies benefit from outsourcing their customer services to BPO companies as it enables them to manage cost pressures, optimize investments, and get specialized resources while establishing a flexible strategy to retain existing customers and acquire new customers. Social media companies and Internet service providers are encouraging telecom companies to constantly create new business models and innovative offerings to improve customer experience. Emerging technologies have enhanced the productivity of business processes. For instance, RPA helps telecom companies in managing various tasks, such as managing complicated and unstructured datasets. AI enables the analysis and prioritization of customer queries, which leads to faster resolutions. This technology improves customer services for telecom companies. Increasing adoption of BPO by IT and telecom service providers has been identified as one of the key market growth drivers.”
This is a big part of the reason we’ve been so bullish on RPA ourselves. It’s all about delivering client success at scale, globally, with cost consideration, and making sure the end-users of the client are taken care of. RPA isn’t perfect and isn’t a silver bullet, but it can help achieve some of those things for our clients — and that’s always our goal.