Zagada Markets is a market analytics firm, which is into market research. The prior focus of the firm is to come up with reports that can aid investors to make decisions.
The latest report by Zagada provides information on the Combined Caribbean and Central America BPO and Contact Center segments. The report is a continuation of Zagada’s earlier report on Central American Analysis and Caribbean studies. The report is basically on the Business Process Outsourcing (BPO) sector.
According to the report there is a huge growth in the Central America Near shore region. The Nearshore markets have improved from the past and have now exceeded 125,000 contact center agents and BPO workers. This has resulted in generating huge revenue from the BPO sector. By the end of 2012 this particular sector is expected to boom with an approximated revenue generation up to 400 million US dollars and 150,000 jobs.
The report also highlighted on many other findings.
Countries such as Costa Rica, The Dominican Republic, Guatemala, Panama, Jamaica and El Salvador generate 86% of the revenue from the Central American BPO market. Companies are more focusing on building strategies to enhance call centers along with back office. Focus is basically on the high future growth of the companies. This has also resulted in an increase the number of graduates every year with bi-lingual education increasing up to 150,000.
The growth of Caribbean and Central America Near shore market is high and intense compared to the other markets. As the revenue generation by the near shore market is high the region is now show casing huge job opportunities for graduates, both well educated and skilled. The near shore market is getting matured and building new strategies to meet the increasing demand of the American corporate demands. The region is also conscious about the unstable political scenario. Report also brings out strengths and weeknesses of BPO firsm in this region. An increasing supply of English speaking graduates is being projected as a strength, BPO office capacity and requirement of accurate information are the weakness of the nearshore market, which must be taken care of.
Corporate giants, who are looking forward to invest in such up coming and intensely growing market regions, will find the study of Zagana very crucial and beneficial.
Impact on India
This growing trend has an impact on the Indian Business Process Outsourcing (BPO) sector. It is reported that the offshore market such as India has generated revenue up to 5.5 billion US dollars and about 320,000 contact center positions in the year 2010. Meanwhile the Caribbean and Central American Nearshore market has generated 2.2 billion US dollar as revenue and 125,000 positions, which approximately will came as half of what India has generated over the same period of time. Thus intense growth in the Caribbean and Central American region will definitely have an impact on offshore market in the long run.