The business process outsourcing (BPO) market is forecast to hit US$450 billion by 2012.
BPO total contract value grew across all major regions worldwide in 2007, fostered by increased capabilities among suppliers, says analyst NelsonHall.
The credit crunch will hasten organizations move offshore, as companies look to reduce costs and buy their way into emerging growth markets, particularly in the financial services and telecoms sectors, the report says.
The emerging economies of Asia and Latin America will ride the crest of this wave, housing support functions such as finance and accounting services, and benefiting from the relocation of existing shared services centers.
The report predicts services such as customer management services, payments and other industry-specific financial sector services, and recruitment process outsourcing will benefit directly from the trend of companies buying into growth markets.
NelsonHall outlines its predictions in the report Global BPO Market Forecast: 2008 to 2012.
Nick Heath of Silicon.com reported from London.
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