Important facts about Outsourcing business processes
Many companies opt to outsource business processes to reduce operating costs and save time. These services find prominent demand due to their benefits such as reduced costs, enhanced service quality and increased flexibility. Here are the most eye-opening outsourcing statistics and facts that can help make better decisions in 2023.
- nearly 80% of companies are using some form of outsourcing to maximize their profits and increase efficiency (Forbes)
- 93% of small businesses have had positive experiences working with an outsourced team (Upcity)
- 88% of the surveyed companies said cost reduction was now their main outsourcing objective (Deloitte)
- companies who outsource spend an average of 28% less on operational costs than those who don’t (Forrester)
- 93% of legal departments rely on several legal service providers to handle a wide array of tasks (American Lawyer Media)
- the global legal process outsourcing (LPO) market size was USD 10.77 billion in 2022 (American Lawyer Media)
- the global BPO market size was estimated at USD 261.9 billion in 2022— a 19% increase over 2019 (Deloitte)
- Revenue in the BPO segment is projected to reach US$0.35tn in 2023 (Statista)
- the BPO solutions industry is one of the fastest-growing industries in the world and projected to grow by over 9% per year between now and 2030 (Grand View Research 2022)
- the financial services are expected to be one of the biggest drivers behind the outsourcing services industry growth
- the global BPO market is expected to reach $525 billion by 2030 (Grand View Research 2022)
- globally, outsourcing spending is predicted to reach $731 billion in 2023 (Deloitte)
These facts prove that outsourcing can be a huge benefit for a company – it helps to truly focus on core activity. So join the businesses that are already benefiting from outsourcing and think what tasks you are currently tackling in-house that could easily be outsourced.