India Still Managing to Stay on Top of BPO Market

The business process outsourcing (BPO) industry is responsible for saving multinational corporations and SMBs around the world billions of dollars every year. The go-to country in this market has been India for the past decade, but countries like China, the Phillipines, South Korea and South Africa have been taking incremental shares in the market.

As a matter of fact, China is poised to surpass India in the next five years and the Philippines has already passed it in call center services.

India still accounts for more than 35 percent of the global BPO market and is the preferred destination for quality work among companies seeking this type of service. The proven track record of India is one of the reasons companies still seek out BPO companies in this country.

While there are cheaper services available elsewhere, the certified data protections security laws in place in India ensure sensitive information is protected at all times.

In the coming year, the BPO sector will be focusing on big data, analytics and social media. These sectors will be growing because of the increase of broadband penetration, smartphones and other mobile devices. Customer engagement will be one of the growing marketing strategies businesses will be using in the coming years.

This engagement will require the services of BPO companies 24/7, year round.

The industry is also looking to branch out to new sectors by offering specialized services from professionals. Engineers, doctors, accountants and PhD holders are in high demand in developed and developing countries around the world.

India has the largest total BPO market, generating $63.2 billion in 2012 – up from the previous year of $59 billion. Its closest competitor, China, comes in with $53.8 billion, and the Philippines at $12.7 billion.

The sheer numbers of available expertise at every level makes India a knowledge bank which it can capitalize on for the foreseeable future. While the resource is available, industry leaders are having a hard time meeting demand as there is a lack of qualified or industry-ready graduates within the country.

The shortage of qualified applicants means the price of the available talent will be more costly, which will eventually drive more customers out of India and into the other emerging BPO markets.

Want to learn more about the latest in communications and technology? Then be sure to attend ITEXPO Miami 2013, Jan 29- Feb. 1 in Miami, Florida.  Stay in touch with everything happening at ITEXPO (News - Alert). Follow us on Twitter.