Key Factors Influencing the Future Projections of BPO Industry

Business process outsourcing (BPO) market report provides a comprehensive database on the future projections of the core aspects of this industry verticals including market trends, current revenue, market size, and profit estimates. The research provides an outline of how the BPO services perform in the market by highlighting the key factors influencing the market dynamics and growth rate of the industry over the forecast period. Moreover, the challenges that hinder the market growth as well as the growth opportunities across regions of the world.

According to the research we are discussing in this article, critical data regarding the market forecasts with respect to parameters like revenue share, industry size, and sales volume is recorded. Additionally, the study explains the various industry segments and the driving forces that will accelerate the profitability graph of this business sphere.

COVID-19 Pandemic Effect

COVID-19, which surfaced in late 2019, and now had become a full-blown crisis across the globe. Around fifty countries had declared a national emergency to fight the coronavirus. The Asia-Pacific customer care BPO companies accounted for US$ 4.42 billion in 2018 and is expected to grow at 6.0% over the forecast period 2018-2027.

Wage Gap

There is a huge gap between the wage patterns of different countries of the world. When it comes to developing countries, the wage rate is comparatively very low. Countries that belong to the Asia-Pacific region such as India and China as compared to western countries like the U.S. and U.K. The wage difference varies up to a rate of 60% between the two parts of the world.

Saving Costs

The cost advantage offered by the customer care market is one of the major reasons, which impacts the demand for BPO services. It significantly reduces the cost of the organization by providing support and services to the customers. It enables the work to be done at very low cost efficiently.

Business process outsourcing also helps to save cost on recruitment of the employees and training the staff. The growing need for cost-cutting to run the business in a profitable manner, companies are opting for BPO which is impacting the market growth positively.

Analyzing the Benefits of Offshore Customer Care

The BPO companies can be segmented into onshore outsourcing, offshore outsourcing, and nearshore outsourcing. Offshore customer care provides services to its customers located in another country or region and solve their queries related to the products and services through customer calls, telemarketing, and technical help desks, email and chat support.

The various benefits of offshore customer care are reduced costs of business operations and increased revenue, services delivered according to the schedule, access to specific services which are not related to core business functions, maximum time available to focus on core functionalities and cost-saving in software, technology, and infrastructure. The business process outsourcing companies provide its offshore services which include chat support, email support, telemarketing, technical support, inbound and outbound call center solutions, and many other services.

Conclusion

Over the years, business process outsourcing is providing cost-effective solutions to their customers. In order to offer proficient services to customers in today’s competitive market, vendors are integrating various technologies such as robotic process automation (RPA) and artificial intelligence (AI). The RPA has a profound impact on all the BPO services provided by the companies. RPA has brought cost-efficient, high speed and efficient customer services.

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