The BPO industry holds immense potential for business opportunity. It is projected to offer plenty of
jobs in the recent future. The advancement in technology, automation processes, cost benefits,
increasing trend to outsource back office administration, major entry of banking into BPO sector have
all collectively influenced the growth and popularity of BPO services.
The trends that are considered the driving forces in the global scenario of BPO industry can be
summed up as follows:
- There is an increasing trend towards globalization of BPO industry
- The demand for platform-based BPO services is constantly on the rise
- BPO services that are industry regulation compliant is increasingly on the rise
- BPO is currently enjoying the fruits of cost reduction in processes
- Improved Customer Services have popularized BPO majorly
- Focus has now shifted to establishing business operations in low-cost destinations such as
China, Malaysia, Indonesia, Thailand and such others
- BPO is reaping the benefits of Shared Services Drives acceptance in the Banking Sector
- The BPO business is projected to reach a massive $262.2 billion by 2022
- India and China continue to hold the leading positions in BPO industry
India leads in the offshoring business and occupies the primary and most dependable slot in the
choice list of countries like US, UK and Australia for major projects. Some of the reasons can be stated
- BPO/BPM in India is the most trending job in the changing global scenario and there is a pool
of new talents being attracted into this sector. In the last couple of decades, Indian economy
has seen an exponential growth in offshoring activities and thus new and challenging career
opportunities have opened up in front of the youngsters.
- There is no dearth of English language skills in India. The new gen of India carries the legacy
of superior English comprehension, listening, reading and writing skills.
- Government initiative and promotion of BPO/BPM sector acts as a boost to the industry to do
the necessary social developments. Because of government support, processing gets smoother,
taxes and duties get wavered or reduced and business deals get easier to achieve.
- The recent and fast infrastructural and economic development of India plays a major role in
making facilities available to the masses. Availability of office spaces, improved transport and
communication facilities have made a greater percentage of people increasingly mobile and
eager to work in the BPO/BPM sector.
- The quickly spreading awareness and myth busting have made this industry gain popularity.
That has in turn inspired and motivated more freshers to opt for BPO/BPM as a short-term
and long-term career option.