Will India take over the world’s BPO Market in a few years?

Will India take over the world’s BPO Market in a few years?

India is poised to be the most favored market for BPO companies. This is attributed to quite a few reasons that include the size of the population, cheap labor, and a vast talent pool of skilled, English-speaking professionals. As a result, the BPO industry in India is all set to see massive growth in enterprise spending, to the tune of $8.8 billion by 2025 (compound annual growth rate of 5.8 percent). This is being driven by a huge step forward in outsourcing knowledge-based and vertical-specific processes.

Why are BPOs so sought after?

BPOs are the fastest-growing segment of Information Technology Enabled Services (ITES) industry. The factors responsible for this growth in India are:

  • Business Risk Mitigation
  • Cost Advantage
  • Utilization improvement
  • Superior competency
  • Economy of scale

Currently, India handles 56% of the world’s business outsourcing processing. The following facts substantiate the reason for such an astonishing number:

  • Demand for Indian BPO services experiences an annual growth of 50% and an expected growth of 54% in revenue.
  • The revenue split is 70% attributed to contact centers, 20% to data work, and 10% to IT-based work.
  • BPOs, already employing 74,400 Indians, are soon to employ 1.1 million more.

According to a report by GlobalData, a prominent data and analytics company, the BPO industry has benefited from the country’s efforts to liberalize regulatory guidelines for the BPO industry to take the edge over competitors in the Philippines, Malaysia, and Canada.

What makes India so favorable for BPOs?

As mentioned earlier, Indian has become one of the most preferred outsourcing hubs, especially for 82% of American companies. This is due to the following reasons:

  • Cost efficiency with quality that drastically lowers the training costs
  • Highly qualified and skilled labor, as evidenced by 120,000 trained IT professionals added to the industry
  • An established telecom infrastructure
  • The largest English-speaking population with excellent and flexible cultural compatibility
  • Innovation and creativity, along with intelligent solutions

Apart from being conducive to the influx of business, BPOs employ a multitude of Indians every year. As recent as during the pandemic, BPOs provided ease of work for employees who relocated to remote areas, thus increasing the scale and speed of services. The range of services offered by Indian BPOs now include:

  • Customer Support Services:

One of the first services offered by the Indian BPOs. It includes 24/7 inbound/outbound call center services that address customer queries and concerns through phone, email, or live chat.

  • Technical Support services and IT help desk services:

Product support, installation, troubleshooting, and usage support are all covered under this. Its services involve Level 1 and 2 multi-channel support, system problem resolutions, and office productivity tools support.

  • Telemarketing Services:

Bringing in business by direct customer interactions and up-selling and cross-selling to existing customers.

  • Insurance and data entry and data processing:

New business acquisitions and promotion, policy maintenance, manual data entry, receipts, bills catalogs, and software applications

  • Data conversion services:

Data conversion from databases, word processors, software applications, and spreadsheets.

  • Bookkeeping services, accounting, and form-processing services:

Maintain customers’ general ledger, account payables and receivables, financial statements, and asset/equipment ledgers. Forms being processed include payroll, online forms, insurance claims, and medical forms.

  • Online research:

Product research, internet research, market research, surveys, analysis, and web research.

At Met Technologies, we pride ourselves on providing value to all our business standards to meet the needs of our clients. With the boom in the BPO industry, we have taken yet another step forward to be a greater value to the economy in India. We evolve with the changing times and aim to service the client to the best of their expectations. Our BPO services include Telecom, online education, and financial domains. We urge you to join in on this upward trajectory as we welcome all skilled individuals dedicated to adding value to the services we provide.

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