Market Trends of Business Processing Outsourcing Industry
This section covers the major market trends shaping the Business Processing Outsourcing Market according to our research experts:
The America have the largest Business Process Outsourcing Market
The Americas have the largest Business Process Outsourcing Market. North America alone had the largest BPO market than Europe, Middle East, and Africa. New technologies that developed over the past few years, including robotic process automation (RPA), have begun to impact the BPO industry. Robotic Process Automation (RPA) uses bots and artificial intelligence on a user interface to complete work faster, at a cheaper rate. RPA, with its cost savings, speed, and efficiency benefits is slowly making its way into all industries and all types of business processes. While it is an uphill task for many BPO service providers, the top players in the industry are already working today to make robotic process automation part of their standard client services portfolio.
Before 2000, the customer service industry was entirely dependent on websites and interactive voice response (IVR) for transferring a call to the correct representative. Now, around 79% of the US population has at least one social media account, leading to a notable shift in consumer behavior. Instead of call center software programs, companies now want to invest in real-time customer engagement that will allow them to gain first-hand product insights and turn issues into new products or solutions that will address future problems through social media.
Currently, the BPO industry is clearly showing increased optimism overall about market growth and reduced regulations. Businesses are also encouraged by the benefits gained through innovative technologies, such as cloud computing and process automation. Global outsourcing service providers are expected to use new technological innovations to effectively address market challenges, enhance product and services, and manage talent shortages while helping keep operating costs low.
The Use of the Cloud Computing in BPO industry is on rise.
According to industry sources, consumer demands for multi-channel communications have exploded over the past five years. For BPO service providers, this change in customer management is a huge opportunity. Over the last few years, BPOs have been investing in the tools and capabilities to offer a wide range of social media management services. These service offerings range from social media monitoring to business intelligence and actioning customer response. Many BPO service providers are also investing in dedicated social media service teams. Working in tandem, social media teams and customer representatives can deal with customer grievances much faster, leading to higher customer satisfaction and better customer experience.
Small and medium businesses (SMBs) have a limited budget, which is unable to grant the state-of-the-art office space and infrastructure. More and more SMBs are adopting virtual storage and systems to counter a lack of data centers, hardware and software, and the personnel required to implement new technology. The benefits of cloud computing include improved business collaboration due to a standardized system between the BPO company and the client, and higher data security due to impenetrable cloud systems. The adoption of cloud services and investments by top outsourcing companies in this technology will continue further as cloud computing becomes more mainstream, mature, and cost-effective.
