Business process outsourcing, or BPO, is a concept where companies hire other companies to do certain tasks or jobs for them. It’s like when you ask someone else to help you with your homework or chores. In the BPO market, big companies often hire specialized companies to handle things like customer service, data entry, accounting, or even answering phone calls. These specialized companies have the knowledge and resources to perform these tasks efficiently and cost-effectively. By outsourcing these tasks, the companies can focus more on their core activities and save time and money. It’s like teamwork between different companies to make things run smoothly and efficiently.
According to SPER market research, ‘Thailand Business Process Outsourcing Market Size- By Location, By Services, By Application, By Deployment Mode, By Organization Size, By Ownership, By Outsourcing Approach, By End User – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Thailand Business Process Outsourcing (BPO) Market is predicted to reach USD XX billion by 2033 with a CAGR of XX%.
Several factors influence the Thailand business process outsourcing (BPO) market. Initially, Thailand has a skilled workforce with a strong command of the English language, which is highly sought after by international corporations. This means that Thai professionals can provide clients from all over the world with high-quality services. Secondly, the cost advantage is significant. Thailand’s labour costs are lower than in many other countries, making it an appealing destination for outsourcing. This cost advantage enables businesses to save money while maintaining service quality.
Additionally, Thailand’s business process outsourcing (BPO) market is facing a number of challenges. To begin with, competition from other outsourcing locations poses a significant challenge. Countries with a skilled workforce and lower labour costs, such as India and the Philippines, are also appealing alternatives for companies looking to outsource services. Because of this competition, Thailand must continuously improve its offerings in order to remain competitive. In addition, infrastructure development is critical. Although Thailand has made significant progress, gaps in technological infrastructure and connectivity may still exist, preventing seamless communication and collaboration with clients. Furthermore, economic and political stability are required for a thriving BPO market. Uncertainties or disruptions in the economic or political landscape can undermine international companies’ confidence in choosing Thailand as an outsourcing destination.
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Furthermore, The pandemic of COVID-19 has had a significant impact on Thailand’s business process outsourcing (BPO) market. For starters, the pandemic has disrupted global business operations, resulting in lower outsourcing demand. Many businesses have faced financial difficulties and have reduced their outsourcing budgets, which has impacted the demand for BPO services in Thailand. There has also been a shift in outsourcing requirements. Due to changing customer needs during the pandemic, BPO firms were forced to adapt their services to support areas such as healthcare, e-commerce, and customer support for essential services. Finally, the pandemic’s uncertainty has impacted investor confidence and decision-making. As a result, new outsourcing contracts and investments in the BPO sector have slowed.
Furthermore, Genpact made an announcement in January 2021 about acquiring Enquero, a data engineering and analytics firm. This strategic move enables Genpact to expand its service offerings by leveraging data, cloud technologies, and analytics, thereby fostering growth and enhancing its ability to adapt, connect, and thrive in a changing business landscape. Consequently, the acquisition enriches Genpact’s service portfolio. Additionally, some of the market key players are Accenture, Amdocs, Capgemini, CBRE, CGI Inc., Cognizant, Concentrix Corporation, ExlService Holdings Inc., Genpact, Others.
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Sara Lopes, Business Consultant — USA
SPER Market Research