The term Business Process Outsourcing or BPO as it is popularly known, refers to outsourcing in all fields. A BPO service provider usually administers and manages a particular business process for another company. BPOs either use new technology or apply an existing technology in a new way to improve a particular business process.
India is now the world’s favored market for BPO companies, among other competitors, such as, Australia, China, Philippines and Ireland. The BPO boom in India is credited to economical labor costs and India’s huge talent pool of skilled, English-speaking professionals. Research by the National Association of Software Services and Companies (NASSCOM) has revealed that quality orientation among leading BPO companies, 24/7 services, India’s unique geographic location and the investor friendly tax structure in India have all made the BPO industry in India very popular.
Interesting facts about the Indian BPO industry
- The BPO sector in India is estimated to have reached a 54 per cent growth in revenue
- The demand for Indian BPO services has been growing at an annual growth rate of 50%
- The BPO industry in India has provided jobs for over 74,400 Indians. This number is continuing to grow on a yearly basis. The Indian BPO sector is soon to employ over 1.1 million Indians
- 70% of India’s BPO industry’s revenue is from contact centers, 20% from data entry work and the remaining 10% from information technology related work
- Indian BPOs handle 56% of the world’s business process outsourcing