by: Karen Cayamanda
Thursday, October 28, 2010 | Outsourcing News |
After facing the challenges brought about by the global economic downturn, things are looking up for the business process outsourcing (BPO) sector, as contracts will likely be scheduled for renewal and will open new business opportunities. This is according to global analyst and consulting company Ovum.
In the “2011 Trends to Watch: BPO” report by Ovum, more than 200 BPO contracts, with a total contract value of US$12.2 billion, are set to expire next year. Thirty-one percent of expiring contracts come from the manufacturing sector; 24 percent are from the banking sector. Ovum predicts that because of the contract renewals, the BPO market will see a five percent growth this year, and will grow by 6.3 percent next year.
Ovum principal analyst Patrick O’Brien said companies now have more options when it comes to service providers. According to the report, Middle East and Latin America are positioning themselves as locations for BPO work.
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