Key regions: China, Netherlands, Japan, Brazil, Germany
Sri Lanka, a South Asian island country, has been experiencing a steady growth in the Business Process Outsourcing (BPO) market.
Customer preferences: Sri Lanka's BPO market has been driven by the increasing demand for cost-effective and high-quality services from developed countries. Many companies in developed countries are outsourcing their business processes such as customer service, finance and accounting, and human resources to Sri Lanka due to the country's lower labor costs and highly skilled workforce. Additionally, Sri Lanka's workforce is proficient in English, making it an attractive destination for English-speaking countries.
Trends in the market: One of the major trends in Sri Lanka's BPO market is the shift towards knowledge process outsourcing (KPO). Sri Lanka's highly skilled workforce is capable of providing specialized services such as legal and medical transcription, research and development, and data analytics. This shift towards KPO services has allowed Sri Lanka to differentiate itself from other BPO destinations and attract higher-value outsourcing contracts.Another trend in Sri Lanka's BPO market is the increasing adoption of digital technologies. Many BPO companies in Sri Lanka are investing in automation and artificial intelligence (AI) to improve their operational efficiency and offer more value-added services to their clients. This has also led to the emergence of new BPO services such as robotic process automation (RPA) and chatbot development.
Local special circumstances: Sri Lanka's BPO market has been supported by the government's efforts to promote the country as a destination for outsourcing services. The government has implemented policies to attract foreign investment and provide incentives to BPO companies operating in Sri Lanka. Additionally, Sri Lanka's strategic location and time zone make it an ideal destination for outsourcing services to countries in Europe and Asia.
Underlying macroeconomic factors: Sri Lanka's BPO market has been supported by the country's stable political environment and improving infrastructure. The government's investments in infrastructure such as highways, airports, and ports have improved transportation and connectivity, making it easier for BPO companies to operate in Sri Lanka. Additionally, Sri Lanka's growing middle class and consumer market provide opportunities for BPO companies to expand their services beyond outsourcing.
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.
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