Out of the $35-37 billion offshore BPO market in 2008, India remained the leading offshore destination with 35 per cent market share while the much smaller country
Philippines represented 15 per cent, the research arm of global consultancy firm Everest Group stated.
Philippines is growing at 46 per cent annually since 2004 and its $6.8 billion offshore market now employs over 450,000 people, mostly for voice-based services.
The firm noted that by 2012, the offshore BPO market will have an addressable opportunity of $220-280 billion, and as much as 90 per cent of this opportunity will be in non-voice BPO services, where Philippines is fast emerging as an alternative to India.
The study shows that while the scale of work in the country is currently low, a number of providers are already leveraging Philippines for a vast scope of non-voice functions.
“Success in voice-based BPO services has positioned the Philippines as the second largest low-cost BPO destination after India, and both countries combined account for 50 per cent of the offshore BPO market in revenue terms," principal with Everest Group Nikhil Rajpal said.
“In non-voice BPO, most current activity and scale in the Philippines is concentrated on transactional services. Whereas almost all types of non-voice BPO functions are now being delivered from the Philippines, their maturity varies. While we see relatively high activity and maturity in Finance and Accounting and transcription services, there has been only some activity recently in HRO, with even lesser in Procurement Services," he added.&13;
OneIndia News (With inputs from Agencies)