Wednesday, May 16, 2012
The growth of the business process outsourcing (BPO) market is expected to surge in the coming years, and it isn't expected to slow down anytime soon.
According to IDC's new Business Process Outsourcing market forecast, the U.S. BPO market is expected to grow at a five-year CAGR of 4.2 percent, to $92 billion in 2016.
U.S. BPO growth slowed a bit in previous years, in direct relation to the recession, but according to GIA research, the United States is now the largest regional BPO market. In fact, BPO is one of the fastest growing sectors in the IT services/outsourcing industry.
GIA attributes the rapid growth to increased desire for global business and technological advancements.
Due to regulation in the post-recession United States, the banking industry is trending toward outsourcing processes such as cash management, custody, and treasury.
Of all the segments in the industry, customer services constitutes the largest sector.
In addition to U.S. growth, the worldwide BPO market is expected to grow at a five-year CAGR of 5.3 percent and reach $202.6 billion in 2016.