The need to welcome change has never been more significant than the last couple of months. The COVID-19 pandemic has forced the BPO industry in India to be more dynamic than ever. The BPO industry has experienced challenges initially as the pandemic swept the world. However, the good news is that it is more fiercely rebounding to continue its growth trajectory.
Despite the COVID-19 pandemic, the global BPO market size has been estimated at $162 billion in 2020 and is estimated to climb more than $230 billion by 2027. While such headlines are impressive, when you take a deep dive into the value of the specific market, you will truly appreciate how much the BPO sector has ingrained itself in modern business life.
Thirst for the constant growth
A research study has revealed the growth prospect for the global BPO sector, declaring that “timely resource and intelligence are paramount in these unprecedented times.” Of all the nations, India remains an unrivalled BPO entity by handling around 56% of the world’s Business Process Outsourcing. In addition, the BPO industry’s ability to deal with the worst consequences of the pandemic is also highlighted.
Led by the BPO service providers in nations like Australia, South Korea, and India, Asia-Pacific’s finance and accounting market was forecast to reach around $20 billion by the year 2027.
BPO Marketing trends
With the COVID-19 crisis still going on across the world, providers are keeping a close eye on the BPO industry trends.
With social distancing and intermittent lockdowns becoming a new normal of life and the foreseeable future, the BPO sector is embracing the remote work concept wholeheartedly. Over the last few years, BPO has never been more appealing. The need for employees to maintain workflow has inspired BPO service providers to enhance processes that foster remote working.
From the rise of automation, the need for BPOs to enhance the skills of their employees has become more prominent. With a reduction of repetitive tasks, staff can focus on more specialized services now. The challenge for BPO businesses is to identify the services that will benefit from these efforts. Targeted funding for up-skilling is vital.
Artificial Intelligence is reinventing the BPO landscape every now and then. Whether it is a chatbot, live chat support services or voice recognition services, the state-of-the-art technology is allowing the BPO industry to dedicate its energy to delivering excellence in the more important areas.
At MET Technologies Pvt. Ltd., we make it a point to provide one of the best BPO services for clients at a lower price. Please be sure to get in touch with our support team to learn more insight into how we operate.