The line of BPO services can include the outsourcing of functions such as customer relationship management, knowledge process outsourcing, finance & accounting, human resources, procurement, and vertical-specific processes. The value of the Singaporean BPO services market has significantly increased by 8.3% in 2019. A decline of 8.1% was seen in 2020 as a result of the COVID-19 pandemic, with a strong forecast to return to the market after a growth-rebound expected in 2021.
The Demand pertaining to value added solutions from specialized outsourcing providers has been growing manifold with regards to process automation, social media management and cloud services. This demand has offset a significant decline in HR services and other dispensable services between an economic slowdown. The market is expected to see strong growth rates after 2021, the demand for services such as data analytics, social media marketing and cybersecurity is on the surge. Moreover, the strongly increasing adoption of cloud technologies is responsible to stimulate the supply and demand of CRM and KPO services by lowering costs and increasing their added value through technological innovation with Artificial Intelligence (AI) coming into play.
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Author Name: Nitish P.