Business Process Outsourcing - Gambia

Gambia

Revenue in the Business Process Outsourcing market is projected to reach US$5.55m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 6.49%, resulting in a market volume of US$7.60m by 2029.
The average Spend per Employee in the Business Process Outsourcing market is projected to reach US$5.39 in 2024.
In global comparison, most revenue will be generated in the United States (US$146.30bn in 2024).

Key regions: United Kingdom, United States, Brazil, Japan, Netherlands

Market

Region

Region comparison

Currency

Analyst Opinion

The Gambia, a small West African country, has been experiencing a steady growth in its Business Process Outsourcing (BPO) market in recent years.

Customer preferences: The country's BPO market is primarily driven by the demand for customer service and technical support services from Western countries, especially the United States and the United Kingdom. The country's English-speaking population, low labor costs, and favorable time zone make it an attractive destination for outsourcing companies.

Trends in the market: The BPO market in Gambia is expected to continue its growth trajectory due to the country's stable political environment and improving infrastructure. The government has been investing in developing the country's telecommunications infrastructure, which is crucial for the BPO industry. Additionally, the country's young and educated workforce is another factor that is contributing to the growth of the BPO market.

Local special circumstances: Despite the growth prospects, the BPO market in Gambia is still in its nascent stages. The industry is facing challenges such as inadequate power supply, limited internet connectivity, and lack of skilled manpower. The government is taking steps to address these challenges by investing in infrastructure and providing training to the local workforce.

Underlying macroeconomic factors: The country's economy heavily relies on agriculture, which contributes to more than 30% of the country's Gross Domestic Product (GDP). However, the government is making efforts to diversify the economy by promoting other sectors such as tourism and services, including the BPO industry. The government's efforts to improve the business environment and attract foreign investment are also contributing to the growth of the BPO market.

Methodology

Data coverage:

The data encompasses B2G, B2B, and B2C enterprises. Figures are based on enterprises' technology spending on products, consulting, and outsourcing services.

Modeling approach / Market size:

Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players in the industry, Statista's primary research and surveys, and IT associations. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, internet users, and telecommunication. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing method is used based on the market data characteristics. The main drivers are the GDP and its sector composition, internet penetration, the level of digitization, and the attitude toward IT security.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.