Earlier, in the 1990s, BPO industries started their journey by assisting businesses with call center and data entry services. The industry has shown dramatic growth in a few years, expanding services to all sorts of business processes.
Now, in this era of competition and entrepreneurship, companies and business owners are constantly looking to simplify their business operations. BPO service providers have introduced hundreds of services to satisfy their needs. BPO sectors have their feet everywhere, from data entry and call centers to property reservation, bookkeeping, and IT services.
Dhaka, Bangladesh - Bangladesh has successfully followed the global trend since the 2000s. The country currently has more than 200 call center service providers, 4,500 registered software and Information Technology Enabled Service (ITES) companies, and more than 500 other BPO service provider companies.
In Bangladesh, the sector currently employs about 100,000 individuals, resulting in a noticeable decrease in the country's unemployment issue after the global pandemic. Bangladesh has huge potential in business process outsourcing (BPO) services.
Now, let's talk about the future of the BPO industry in Bangladesh.
What to expect from Bangladesh BPO Industries
The future of the BPO industry will experience a radical change with technological advancement, the use of artificial intelligence (AI), robotic process automation (RPA), and many more omnichannel solutions. Bangladesh also focuses on training more manpower to support the expansion.
Artificial Intelligence (AI) for Business
Artificial intelligence (AI) and machine learning have been popular as potential innovations for a long time already. Artificial intelligence (AI) helps to automate business processes and provides end-to-end efficiency and result-driven analytics. Bangladesh is also introducing artificial intelligence (AI) for the digital growth of the nation.
The country is expected to run on Five G (5G) by 2024, as declared by the Honorable Prime Minister Sheikh Hasina. BPO sectors will then have a lot more to explore in artificial intelligence (AI), robotic automation, IoT, and cloud computing.
Robotic Process Automation (RPA)
Robotic process automation (RPA) technology emulates human activities with the interaction of digital tools. BPO industries can use RPA to automate monotonous workflows. It will provide a competitive advantage with a robust workforce.
Quantanite is the first BPO in Bangladesh to introduce robotic process automation (RPA). Together with UiPath, Genex Infosys also offers robotic process automation (RPA) to streamline workflows for organizations.
We expect that more BPO service providers will adapt to RPA to spread enhanced client service experiences. Many think that RPA is a threat to human employment. However, we believe that RPA will add more value to human-processed jobs by reducing errors and boosting workflow.
Remote Working Trend
The impact of the global COVID-19 pandemic transformed many on-site jobs into remote work. Employees' work lives have become more relaxed as remote and hybrid working trends have taken hold.
The BPO industry took the biggest advantage of this trend by providing virtual assistance to businesses. In the future, we may see fewer physical offices and more remote workers in Bangladesh.
The Projected Impact of BPO Sectors on Bangladesh's Economy
An article by FocusEconomics ( June 2022) mentioned that Bangladesh is expected to be one of the region's top performers in FY 2023 due to its favorable demographics and robust domestic demand growth. GDP growth is expected to pick up to 6.7% in FY23 (World Bank).
Bangladesh's economy has a lot of positive aspirations. According to the PwC report, the country may reach the 28th largest economy in the world by 2030. The BPO industry in Bangladesh aims to be one of the largest impacting business sectors.
The BPO industry has already influenced economic growth by reducing unemployment, creating more job sectors, and making focused investments.
"The global outsourcing market is projected to be a 525 billion dollar industry in 2030. Bangladesh has a huge potential to be a significant part of this industry providing ITES solutions to businesses across the globe.".., said Zayed Ahmed, The Founder & CEO of ASL BPO and the Co-Chairman of the Global Market Development Subcommittee of the Bangladesh Association of Contact Center and Outsourcing (BACCO).
To keep attracting more global outsourcing campaigns, the BPO industry of Bangladesh needs improved infrastructure as per international standards. The industry will result in greater productivity if it receives support from the government.
Looking to outsource? Contact ASL BPO today for a free consultation. Step ahead with the advanced future of the BPO industry!