The BPO service industry has experienced remarkable growth during the early times of the pandemic. As per the forecast and analysis made by Technavio, the global BPO market is projected to increase by USD 76.96 billion during 2019-2024, with a CAGR (compound annual growth rate) of 7.39 percent.
If we talk about India, today, India’s BPO industry stands at USD 37.6 billion, as stated by the recent ministry update. The growth stats during the COVID-19 state that it further holds the potential to double the digit growth by reaching up to USD 55.5 billion.
The Indian business process outsourcing (BPO) market has grown swiftly since the pandemic began. This growth is driven by modern technologies, digital innovations, and government policies. As a result, India’s BPO industry is regarded as one of the world's fastest-growing industries in today's era, sponsoring almost every business in several ways.
The BPO industry's significance to the economy is apparent due to its advantages. Therefore, let's highlight the top reasons businesses should outsource BPO services to India in the write-up below.
Why Choose India to Outsource BPO Services in 2021?
1. Economical Efficiency
When compared to other outsourcing markets, India's economic costs for BPO service are significantly lower. One of the key benefits of outsourcing to India is the lower cost of services. Indian worker resources can hire at a fraction of the cost of their American equivalents. Any firm can benefit from saving a significant amount of money on high-quality work.
The corporations also save money on infrastructure and training, which helps businesses save a lot of money. As a result, India will be better positioned to maintain its global leadership with more qualified people. It will also create additional export income of up to USD 10 billion in the subsequent years and much more.
2. Skilled Workforce
India is a diverse nation, with English being one of the most focused languages checked while hiring a skilled candidate. Therefore, graduates will have a significant edge in the BPO Company, which requires a high-quality workforce fluent in English and other languages. In addition, as educational levels rise, a growing number of Indian residents are acquiring foreign languages, allowing them to perform services in other countries.
When businesses outsource customer support to a BPO company in India, they can count on top-notch service from highly trained personnel. The professionals are dedicated to giving the best customer service possible, making India a preferred choice for outsourcing.
3. Infrastructure & Technology
Business Process Outsourcing companies in India have a reputation for maintaining robust infrastructure and technological standards. The Indian enterprises' cutting-edge technology makes a significant difference in their ability to provide high-quality service. Aside from advanced infrastructure and technology, an Indian BPO service provider keeps a constant line of communication with clients.
Today’s call centers use advanced technologies such as chatbots and AI as the human-machine operating platform. It synthesizes the optimal blend of people, processes, and technology to help clients reshape their organizations with a new, more connected operating model that leads to utmost customer satisfaction.
4. Reduced Risk Factor
Regardless of how thriving businesses plan, the risk of launching a new product or service line is always significant. It possesses the potential to be a massive success or a colossal failure. As a result, forming a team for certain activities is not recommended because the investment costs will be higher.
Outsourcing the processes to India gives businesses a chance to have an experienced team working for them at a lower price. Why would companies pay $5,000 for something that they can do for $500? So outsourcing to India is always a less risky and very cost-effective option.
5. 24*7 Support
Well, time is money for every business. The time difference between India and European countries, and the United States, ranges from 5 to 12 hours. Indian BPO firms are open 24*7, so businesses can meet deadlines and work ahead of time. Customers appreciate accessing services or having their questions answered 24 hours a day, seven days a week.
It allows giving round-the-clock assistance to your consumers, irrespective of where they are situated. Prominent call answering service providers ensure that every customer contact ends on a happy note and under established SLs (service levels) so that their clients are not concerned. It leads to long-term client relationships with businesses.
Know the Impact of Globalization on Indian BPO Industry with the given video:
What’s the Future of India's BPO Service Industry?
It is anticipated that as the BPO industry grows, so will the global economy. A few years back, India placed third among Asia's fastest-growing economies. It should emphasize that the country continues to hold a strong lead in the ASEAN economy.
The epidemic caused chaos and failure in businesses worldwide. The Indian outsourcing industry has also witnessed dropping falls. But with the government initiative on liberalizing the special dispensation allotted to Other Service Providers (OSP), India arises as a global destination for outsourcing.
So, businesses were seeking ways to save expenses during the pandemic and looked to outsourcing as the best solution. As a result, India will continue to be the most excellent choice for front-end and back-end outsourcing due to its large population and highly skilled workforce.
The factors above are the key reasons that make India the best choice for outsourcing. India has earned a positive image and long-standing reputation globally for its efficient and consistently result-oriented services. Organizations don't have to choose between security, dependable service, and trust when working with the right BPO services partner. Thus, without any doubt, India's BPO services are contributing to the growth of the economy.
So, if you’re looking for a professional BPO company that shares a strong market presence, Go4customer is the best choice. We offer an array of services and business solutions that are consistent, streamlined, and innovative. Has your business considered outsourcing to India yet? If not, outsource to Go4customer to reap the advantages that India’s BPO can provide. Contact us at +91-120-6619505 to give it a try!