What’s Next for the BPO Industry
From far and wide, the BPO industry has been a staple service for numerous industries. The biggest question that comes to mind is “what is the next big thing for the BPO industry?”. Critics often talked about that outsourcing will eventually die out. However, current data shows that global BPO market will grow from USD 245.9 billion in 2021 to 525.2 billion in 2030. An average growth rate of 9.1% per year will consolidate its future as one of the most valuable market.
Countless calamities, economic downturns, conflicts and a pandemic did not impede the growth of BPOs. the truth of the matter is during the pandemic, businesses in the US opted to maintain their operations by outsourcing to BPOs. This saw an exponential growth for BPO companies around the world.
Even though uncertainty looms over the geopolitical landscape. Our inter-dependent economies in a globalized business structure will maintain the status quo. The stability of the BPO industry and other businesses will continue to grow or prosper as shown by the numbers stated previously.
Ultimately, the next big thing for BPOs is to maintain their reliability, flexibility, adaptability, and dependability as a business partner. That being said, the BPO industry will continue to its rise as a market leader in the services sector.
Early Adapters of New Technologies
Outsourcing companies are eager to incorporate new technologies such as artificial intelligence, digital communications, cloud computing, and the latest trends that will help streamline everything from analyzing data, improving communication with clients, and minimizing the cost of doing business.
- Artificial intelligence
- Cloud computing
- Virtual and augmented reality
Incorporating new technologies may be a hit or miss for success. However, technology is dynamic, a business must never be stagnant when it comes to new technologies or else they will lose out to their competitors and customers.
Greater Role in Business/Client Operations
Traditional BPO roles such as customer service support, telemarketing, virtual assistants, and data entry are a thing of the past. However, those roles still make up the majority of the outsourced positions offered by BPO companies.
Years of collaboration and growth by numerous companies and BPO providers have instilled a level of greater trust in each other. That being said, most client companies are satisfied with the service they had experienced and are looking for more ways to outsource other sensitive services to BPO companies.
Keeping it Affordable
One thing that will ensure the future of BPO companies is to keep their services affordable. The truth of the matter is that, whether or not they will increase their pricing during this time of high inflation. Keeping in mind that they will still have to maintain their prices at an affordable rate without losing profit.
The Wrap Up
All in all, the future of the BPO industry will remain unchanged and some may say saturated. In my honest opinion, that is a good thing. A saturated market will keep the competition healthy. As opportunities and technologies continue to persist, the BPO market is here to stay.