Since it became a new industry, back in the early 1990s, BPO has became an integral part of the business management industry globally. It’s had its share of up and downs – 2010 (and a few years after) saw decline in revenues. But then so did everything else – this was soon after the Great Recession. 2015 saw the global BPO revenue fall from $104 billion (2014) to $88 billion which led to many calling it the end of the industry. However, it recovered quickly and was even expected to reach $220 billion by the end of 2020 (this was a pre-pandemic projection, though).
Today, the onset of big data analytics, process automation, and the likes has created more competitiveness in the field of BPO. However, there’s also an increase in the demand for talent in the BPO and IT sectors. The rise of e-commerce and health industries, along with the pre-existing IT industries, has led to creating a high demand for BPOs.