BPO is Business Process Outsourcing, where a company contracts some of its business functions to another company so that they can focus on core business functions and reduce costs.
Other outsourcing include KPO which is Knowledge Process Outsourcing which involves information related business functions like :
- Data Analysis and Interpretation
- Financial and Investment research
- Research & development
While in LPO leagal processes are outsourced.
Market
BPO is one of the fastest growing industries over the globe
BPOs in India are at the dawn of growing rapidly and is one of the most favored industry of nation.
While the economy is recovering from the age of pandemic, BPO sector is expected to grow at phenomenal rates & hence there will also be a steady demand for these careers
The global BPO market size was estimated at $232 billion in 2020 & with a sluggish growth of $245 billion in 2021 & is expected to reach $435 billion by 2028.
While BPO in India is set to grow at a compound annual growth rate (CAGR) of 8% year on year.
While BPOs in India handles around 56% of the world's business process outsourcing, the demand for BPO services has been growing at an annual growth rate of 50%.
IT & BPO sector is expected to add another 3.8 laks employees this year taking it closer to 5million total workforce by the year.
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