Philippines IT-BPO Market is Expected to Reach About PHP 2.5 Trillion in Terms of Revenue by the Year Ending 2023: Ken Research

Philippines IT-BPO Market is Expected to Reach About PHP 2.5 Trillion in Terms of Revenue by the Year Ending 2023: Ken Research

PR Newswire

GURUGRAM, India, March 5, 2019

GURUGRAM, India, March 5, 2019 /PRNewswire/ --

Emergence of New Job Roles: Introduction of new job roles such as cyber-security, mobile app development, social media and data science mobile app development has reduced the country's dependence on call centers. As a result, it may create a negative impact on the country's IT-BPO industry in near future. The industry is presently employing around 1.0 million Filipinos is further estimated to increase employment by providing 1.3-1.5 million jobs in the future. In addition to that, there are several university training programs available for BPO employees to improve their technical know-how skills with time.

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Replacement of Labor: Technology upgradation is expected to replace 40,000 to 50,000 low-skilled or process driven jobs over the long term. Automation in the Philippines IT-BPO industry includes robotic processing and the use of chat bots. Apart from that, creating technical working groups per high impact program, raising funds for operational requirements of programs, identifying partners, synchronizing sector activities, initiating the creation of the project management office and setting up governance mechanisms will create a positive impact.

Animation and Gaming Industry gaining Traction in the Philippines: People residing in Philippines are accustomed to visual arts and story-telling that is gaining attention of foreign investors. As a result of this, more and more companies are planning to invest in the country's locals' high skill level. Philippines focus on growing industries in both voice and non-voice sectors such as global in-house centers (GICs), healthcare information management, animation, and gaming are also expected to ensure the future of BPOs in the country.

Automation Threat: The overall skill level of Filipino BPO workers are expected to be upgraded to another level as the process automation threatens the job security and the future of both workers and companies in the BPO industry. The Southeast Asian nation should prepare itself to offer more than just a pool of English speaking talent. Also, the IT-BPO executives should try to take on high-value outsourcing jobs, especially in R&A (Research and Analytics) in order to reduce the after-effects of artificial intelligence into an opportunity.

Analysts at Ken Research in their latest publication "Philippines IT Industry - By Hardware Market (Computer Sales and Peripherals Sales, By IT-BPO Market (Contact Center, Software Development, Transcription, Animation and Other BPOs), By Software Market (Software Development and Software Publishing) and By Antivirus Market (Enterprise Customer and Retail Customer" believe that the IT industry in the Philippines has been growing and is expected that it will expand further due to strengthening of domestic industry clusters, lack of financing, investment towards R&D, educating within the firms, staying incentivized and implementing data privacy in the near future. The market is expected to register a positive CAGR of 1.3% for hardware market; 11.5% for IT-BPO market; 15.6% for software market; and 13.5% for antivirus market in terms of revenue during the forecast period 2018P-2023E.

Key Segments Covered

- Hardware Market

- IT-BPO Market

- Software Market

- Antivirus Market

- Key Target Audience

- Time Period Captured in the Report:

- Major Companies Covered:

- Key Topics Covered in the Report

For more information on the market research report please refer to the link below:

https://www.kenresearch.com/technology-and-telecom/it-and-ites/philippines-it-industry/184012-105.html

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