Since exploring the economic context of countries and markets is a fundamental part of our day-to-day, we couldn’t resist looking up what is ahead for the Business Process Outsourcing industry for 2023.
What are the top places aiming to invest in and generate more opportunities for companies and their people?
If you have been reading our latest blogs, you know South Africa has been a topic of discussion, becoming a preferred destination for BPOs searching for lower costs and stronger infrastructure.
Its growing and competitive economy has created a positive environment for BPOs, especially given the country’s strategic location in the African continent.
The country has a strong and well-developed communication infrastructure, competitively priced and skilled labour, and a stable and business-friendly government promoting specific industry agreements.
As BPOs continue to focus on increasing their overall profitability, they are also seeking more flexible and cost-effective solutions.
Poland is a rising star in the BPO industry, and with good reason. With highly skilled labour, a strong and growing economy, and an efficient transportation infrastructure, this country is poised to become a serious contender in the BPO sector.
There is a growing demand for BPO in the region, with a focus on customer care, software development and accounting.
With a cost of labour that is 30 percent lower than the average for Western Europe and a strong cultural affinity with the U.S. and other Western countries, Poland offers a compelling business case for BPO.
What is also interesting is the growth, expected to reach US$1.92bn in 2022.
Brazil is a big country that has a lot of room for improvement in the BPO sector.
Its economy has been growing faster than many other countries in the region and has recently been growing at a faster pace.
However, there is still a lot of room for growth in the BPO industry. The growing demand for outsourcing services in Brazil is attracting BPOs from countries like India and the Philippines.
The country’s large population, growing middle class, and high internet penetration rate make it an attractive market for BPO.
Highlighting data presented by the ShowWise consultancy, which highlights important points that have benefited the attractiveness of the country such as:
- Good business practices
- Constant growth in the Latin American region
Specifically, its development and innovation aspect, for the strengthening of physical and digital infrastructure, declaring that for the closure of the year 2021, Brazil had over 35 company accelerators and over 90 manufacturing parks.
Its Science and Technology Parks (STPs) have been promoting innovation and research while also supporting societal and financial development.
Of course, we couldn’t skip our home!
Mexico has been growing in its significance as an outsourcing destination for a while. The country has strong ties with the United States, and its membership in NAFTA (North American Free Trade Agreement) makes it even more attractive.
Although there have been some controversies in the past months, negotiations have been established for the development of resolutions and has largely involved the energy sector.
The country has the largest English-speaking population in the Spanish-speaking world and a highly educated labour force.
BPO in Mexico has been growing steadily, with more and more companies looking to outsource their customer care and IT services to Mexico.
Malasia, with its strategic geographical location, growing economy, and cost-effective labour, has become an attractive destination for BPOs.
Intenational companies have been investing in this sector, as they see a huge potential for growth in the Southeast Asian region. Malasia has developed its own BPO sector, which is now worth about USD 2.5 billion.
The country has a well-developed infrastructure, and its proximity to India gives it a competitive edge for BPOs.
We hope that this article has provided you with an overview of what the future holds for the BPO industry.
As you can see, there are many exciting and promising trends that can help BPOs find new and innovative ways to solve business challenges and provide valuable services.
With the right strategies and technologies, BPOs can position themselves to capture the benefits of these trends and create a more engaging customer experience.
Content Creator Specialist at Redial BPO.
Loves to research and talk about politics, economics & culture. In his free time, binge watches movies & TV shows.