The global BPO market will reach over £230bn by 2012 according to a report released by NelsonHall today. The report, compiled on a yearly basis by the analyst firm, expects the BPO market to strengthen in supplier capability relative to the more mature IT outsourcing market.

The firm expects the current economic climate to speed up the globalization process, with organizations using offshore outsourcing to both reduce their cost bases and hasten entry into emerging growth markets. The majority of this development is forecast to take place in the financial services and telecommunication sectors.

Services such as customer management, payments and other industry-specific financial sector services, and recruitment process outsourcing are all expected to benefit from the trend. And as organizations increasingly focus on establishing themselves in the emerging economies of Asia and Latin America, they will look to locate support functions such as finance and accounting services and procurement within these geographies, leading to opportunities in the outsourcing and relocation of existing shared services centres.

The report is available to NelsonHall subscribers here NelsonHall BPO report