Top Growth Trends in Asia-Pacific Outsourcing Market
Business needs for expansion and growth, fueled by globalization paved the way for outsourcing in Asia. This need for measured growth has driven the Asia-Pacific region to become the leader in global outsourcing. In 2018 alone, Grand View Research valued the region’s market size at $48 billion.
Asia’s outsourcing industry is expected to grow at an astounding rate of 9% per year. Despite the rapid growth of competing regions such as Africa, Europe, and South America, outsourcing in Asia remains the top option for both startups and multi-million businesses seeking competitive, profitable, and sustainable growth.
The Asia-Pacific outsourcing market is known globally for its exceptional talent, compelling customer care, and BPO services.
What are the upcoming outsourcing trends in Asia? How will these trends impact businesses that rely on outsourcing today and in the future? What is driving the growth of outsourcing in Asia?
Global Outsourcing Trends and Statistics
Global shifts and how they impact the business landscape are inevitable. Change is constant in terms of the labor force, consumer behavior and demands. Here are the trends that business experts expect to most affect the evolving industry.
Transforming models will emerge in key outsourcing businesses
The Asia-Pacific market contributes 80% of total talent and business assets within the Business Processing Outsourcing industry. BPO in Asia is expected to transform and shift models from the traditional large-scale employment in one area to establishing local offices in several vital locations and employing local talent.
This shift allows increased levels of executive management and supervision of critical functions. This business model also makes it easier for organizations to assess IT skill shortages.
Shifting focus from customer service to customer experience
One of the top reasons businesses rely on outsourcing is to improve customer service. Achieving customer satisfaction today is no longer about resolving customer concerns via calls. It now focuses on sophisticated and helpful tech processes that make customers feel valued and significant.
Outsourcing in the Asia-Pacific region is known for its knowledge management processes. The expected trend is an upgrade from direct voice communications to useful technology automation such as AI-driven bots, automated scheduling, and more.
Talent deficiencies will keep Asia-Pacific Outsourcing Market on top
The Asia-Pacific region is a top player for the outsourcing market, especially in the IT sector.
The Edge Foundation calculates that the UK loses $8 billion due to unfilled tech jobs and related services vacancies. As digital innovation continues to grow, there is a need to stay ahead of the curve in such competitive scenes to remain relevant in the industry.
Because of the tremendous demand for IT personnel, it is expected that business outsourcing in Asia will remain a leader for years to come.
Having enriched skill sets is the new normal
The adage, “Jack of all trades, master of none,” does not apply in the world of outsourcing. The more skills an employee has, the better. When an employee’s new skill is related to their proficiency, such a professional become an indispensable asset to the company.
Improved skill sets are required for the organization’s activities for globalization. To comply with the demands of globalization, organizations will include human resource training and education strategies. At the same time, employment processes for outsourced industries will involve individuals who are willing to keep up with technology’s fast-paced nature.
Growth Statistics in the Asia-Pacific Outsourcing Market
Business experts believe that BPO in Asia is set to grow even more. When it comes to BPO in the region, these five countries drive Asia-Pacific’s growth: China, India, the Philippines, South Korea, and Australia. Most notably, BPO in the Philippines is poised to lead the way driven in part by increased process standardization, cost-effective strategies, and heightened productivity levels due to workflow automation.
Grandviewresearch.com also recognizes the Philippines’ critical contributions to the growing outsourcing scene. BPO in the Philippines is driven by major cities such as Manila, Bacolod, Iloilo, Davao, and Cebu. These provide businesses with cost benefits, a large pool of talented professionals, and significant digital prowess.
Find out more on how outsourcing in Asia can help your business, read here.