In this article we would like to visualize how much outsourcing has generated over the past years, namely between 2010 and 2019. Last year, 2019 according to statistics outsourcing’s and BPO’s (Business process outsourcing) revenue was 26 billion $. How great is that?
What does outsourcing mean? Get more information about this global industry
When you hear the word outsourcing you may think of a process that is expanding or giving your business processes to external parties – partly or completely. In other words, BPO (business process outsourcing) which generated more than 25 billion $ last year, is the transfer of your own services to a company or a person which or who is outside of your organization. This process often requires offshoring. Furthermore, it is vital to say, that India was the best country for offshoring in 2019 due to financial stability, skilled personnel and its good business condition. Another popular segment of outsourcing is ITO (Information technology outsourcing). As technology becomes part of every business nowadays its outsourcing is developing more and more. Compared to BPO global ITO generated 66.5 billion $ in 2019 as revenew. Wow! That is amazing. You might think of outsourcing some process now?
To sum up, revenue of both BPO and ITO for 2019 is more than 92 billion $. For more than the half contributed USA and for Southern Europe has the largest share where BPO is practiced or will be practiced soon, followed by Latin America and South Africa. It is really a global industry!
You can delegate back-office or internal functions. Most common are HR and accounting. You can also outsource front-office or customer-related functions – all these that are related to call centers.
Companies also use outsourcing to cut costs. Communication is the main driver of successful services outsourcing.