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IT outsourcing has become a highly profitable industry in the Philippines, attracting numerous global investors who have recently set up their offshore IT operations in the country. There are many factors contributing to the development of IT outsourcing in the Philippines.
Based on Everest Groups assessment of the demand and supply side, the RCM operations spending in the US stood at approximately US$55-57 billion in 2024 and is expected to reach US$73-75B by 2029. However, the outsourcing paradigm, in line with provider expectations and challenges, is evolving beyond delivering labor arbitrage benefits.
The American computer scientist, author, and entrepreneur Raymond Kurzweil once said that artificial intelligence will reach human levels by around 2029. These tremendous advancements in AI technology are bringing significant changes to multiple industries worldwide, and the Business Process Outsourcing Industry is no exception.
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