In the Everest Group’s 2021 industry forecast, the global IT-BPM (Information Technology and Business Processes Management) services market is predicted to show a significant growth of about 8% in headcount and revenue. This multiplies last year’s comparatively shallow uptick — of approximately 2% — and still outdoes 2019’s increase of 5 to 7% across the board.
To put it simply, business is rebounding from the brutal hit brought by the COVID-19 pandemic, thanks to numerous factors, including the rollout of vaccines, digital acclimatization throughout multiple demographics — including the once-digital-averse — and the resulting release of previously–constrained demand, as people found their footing and new ways to transact.
Amid this resurgence, the Philippines has retained its lead as the world’s #1 contact services delivery destination, enjoying a substantial 16 to 17% pie slice of the field’s global revenue and reflecting the same 8% growth in market size. This means the Philippines holds on to the largest market share among nearshore and offshore providers, at 35 to 40%.
So what keeps the Philippines going strong amid all the turmoil?
1. A large, high-quality talent pool
The Philippines is a populous country that puts a premium on comprehensive education.
2. A culture of hospitality and adaptability
Filipinos are friendly, empathetic, and optimistic with ties to Europe, Asia, and the US.
3. Attractive cost savings
Given the local cost of living, budgets can be handled more effectively in the Philippines.
4. Robust, enabling ecosystem
IT-BPM is strongly supported as a significant driver of the national economy.
5. High maturity for empowering a wide range of contact center services
The Philippines has been honing its expertise in the field for over two decades now.
Given all these advantages, it’s not surprising that the Philippines remains the destination of choice for contact center services delivery. As local providers and their support systems continue to make improvements — strengthening infrastructure for hybrid work models, investing further in intelligent automation, and heightening business continuity planning — it’s an ideal time for companies to extend their footprint in the nexus of global contact center expertise.
‘Re-igniting Growth in the New Business Environment’, Eric Simonson, Everest Group Managing Partner, Contact Islands ’21