BPO
MORE MERGERS AHEAD FOR BPOs SEVERAL TRENDS CONTINUE TO DRIVE CHANGE WITH THESE COMPANIES .
BY PETER J . HILL , BROWN GIBBONS LANG & COMPANY
ILLUSTRATION PROVIDED BY ADOBE IMAGES
In partnering with business process outsourcing ( BPO ) companies , it helps – and pays – to know what is happening in the BPO market before sourcing and working with these service providers . You will want to be sure to partner only with those businesses that are going to be around and will be able to meet your needs for the long term .
There is good news here , however . In a period marked by economic uncertainty and fluctuating interest rates , the BPO sector has continued to show strength in existing as well as new markets .
According to IBISWorld , the global BPO Services industry revenue has been increasing at a CAGR ( compound annual growth rate ) of just under 2 % over the past five years and is expected to grow at a CAGR of 1.2 % to reach $ 77.2 billion by the end of 2029 .
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Economic volatility , business uncertainty , and increasing costs have all induced companies to explore outsourcing their front- and back-office functions . In addition , expanding end-markets such as finance , healthcare , and retail are expected to continue to drive market growth . SOURCE : IBISWORLD