In a report by Global Business Analysts Inc. (GIA), it is predicted that the global business process outsourcing (BPO) industry will reach US$280.7 billion by 2017.
Business owners opted to outsource non-core functions to deal with the impact of the global financial crisis. This resulted to high outsourcing activity in destinations such as India and China.
Outsourcing has become a solution for companies, especially those in the US and UK, to resolve problems like lack of talent and the increasing operational expenses. Aside from cost reduction, outsourcing to service providers enables business owners to adapt to constant changes in the economy, make use of new technologies, and benefit from the emergence of newer media.
The market research entitled "Business Process Outsourcing (BPO): A Global Strategic Business Report" also states that finance and accounting outsourcing will likely post the fastest growth rate, to be driven by companies that need to keep costs aligned and stay competitive. Organizations in the fields of financial services, manufacturing, travel, as well as logistics are expected to avail of finance and accounting outsourcing services.
GIA is a leading market research publisher, covering market and technology trends worldwide.