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Future of BPO Industry

From the last two decades Business Process Outsourcing is catering various industries like
Retail, Insurance, Mortgage, Banking and Finance, Healthcare, Telecommunications, Technology,
Travel and Hospitality and more. Companies are consolidating and standardizing operating
processes by outsourcing the business process to third parties that offer economies and focused
management expertise. In the present scenario many UK and USA based companies are
resorting to Asian countries like India, China, Russia and Philippines to outsource their business
processes. Offshore BPO is predicted to grow at a significant rate per year. BPO within Asia-
Pacific market is expected to display a growth rate of about $14 billion by 2010.

Business Process Outsourcing help companies achieve indomitable position in the service
market and generate high profits by improving their business operations. Business Process
Outsourcing is a tool that allows the companies to survive in the cut throat competition by
retaining their customers and providing high rate of customer satisfaction. The advancements in
technology and infrastructure have made it easier to carry out BPO services. Countries offering
cost advantage by way of cheap labor along with skilled workforce are ideal destinations for BPO
industry.

Future of BPO in India: Today 55% BPO services are carried out by Indians and the future
prospects are even more promising with increasing number of graduates in the country who are
well versed in English language. People in India have now started looking at BPO jobs as long
term career as it offers fast-track career advancement opportunities. Earlier only professional
degree holders used to get hefty salaries but the advent of BPO has made graduates to earn well
in the service sector. Subsequently India’s economy has got a hike since the establishment of
BPO firms.

Future of BPO in China: According to some sources, the call centre industry in China is expected
to grow by 22% this year and will reach to 28 billion dollar revenue by 2010. This industry will give
employment to around 158,000 people including bank services and technical support staff for IT
companies. Multinational companies are attracted to set up more BPO firms in China owing to
high productivity and cost-effective human resources.

Future of BPO in Russia: In the present scenario many companies are banking upon Russia’s
outsourcers wish to have a large number of BPO firms. Russian outsourcing is known for cost
effective quality services which gives the clients all good reasons to hire Russian BPO firms.
Russia is emerging as a skilled back office administration to the world’s leading corporations.

Future of BPO in Philippines: Business process outsourcing or BPO is an emerging industry in


the Philippines. Since 1980s service sector has seen good growth in Philippines. Employment of
labor force has seen a major shift from agriculture to service sector. Philippines business process
outsourcing (BPO) industry is going strong and it has been estimated that by the year 2010 the
BPO industry revenues will be approximately US$12 billion. Also the industry will generate one
billion jobs by 2010. Philippines BPOs are doing greatly in legal and medical transcription,
finance, logistics and accounting.