Asia Pacific’s (APAC) BPO (Business Process Outsourcing) sector has recorded a record-breaking Q2 performance!
According to research conducted by advisory firm Information Services Group (ISG), APAC’s managed services and outsourcing market grew by 148 per cent to US$129 million in Q2 – its best quarter in two years. In addition, the APAC managed services market had an 87 per cent year-on-year increase in annual contract value in the same quarter.
BPO & Outsourcing Around The World
Fiji’s outsourcing sector has been able to secure over 5,000 jobs, which is expected to generate around 6,000 employment opportunities. According to BPO Council Executive Director Shagufta Janif, some BPO companies in the country doubled their workforce amid the pandemic. Outsourcing powerhouse India is ready to ramp up its IT spending, as it is expected to utilize technological products and services worth $92.7 billion in 2021 – an eight per cent increase from last year.
According to Gartner Senior Research Director Naveen Mishra, over 60% of the IT spending is from large enterprises.
Countries all over the world are really taking a deeper interest in the flourishing BPO industry.
In Nigeria, experts are encouraging the national government to boost its services exports and explore the outsourcing sector to increase employment and economic development. Economist Tokunbo Afikuyomi cited data from the World Bank which suggested that if Nigeria used the services angle to take advantage of the AfCFTA (Africa Continental Free Trade Agreement), around 200,000 jobs could be created.
Though it’s not all plain sailing for the industry as employees come to terms with the new normal. In Southeast Asia, an EY survey revealed that 80% of employees prefer working remotely post-pandemic. The survey also found that around 60% of the 16,000 respondents are considering leaving their job if it does not offer a Flexible Work Arrangement in the new normal. This data supports the forecast of Knight Frank Malaysia’s Teh Young Khean. Teh projected that Malaysia’s office market will be slower in the next three years as companies readjust their long-term plans.
