IT-BPM sector targets 14% global market share by 2022

The Philippine information technology-business process management (IT-BPM) sector is seeking to capture 14 percent of the global market by 2022.

“In 2016, we only had 11 percent of total business and what we’re saying is we wanted to push the needle by growing faster than how this industry is growing globally so that eventually, by 2022, we will hit 14 percent of the global market,” Information Technology and Business Process Association of the Philippines (IBPAP) president Rey Untal said.

He said the Philippine ITBPM sector is forecasted to grow at a faster rate than global industry.

In particular, he said revenue generated by the industry is expected to grow nine percent, while the employee count would rise by eight percent.

The global industry, meanwhile, is forecasted to grow by four to five percent.

The IT-BPM sector is expected to continue growing as there is rising demand for new services with more companies undergoing digital transformation.

Untal said the IBPAP also continues to receive inquiries from IT-BPM firms looking to set up shop in the Philippines.

“We have an average of three meetings a month,” he said.

He said IBPAP also gets information from real estate companies which deal with IT-BPM firms looking for locations for offices in the country.

Under the IBPAP roadmap, the industry is aiming to generate $40 billion worth of revenues by 2022 and have 1.8 million direct employees.

The IT-BPM sector ended 2016 with $23 billion worth of revenues and 1.2 million employees.

IBPAP vice chairman Catherine Salceda-Ileto said the IBPAP is set to provide actual figures on revenues and employee count as of June this year by November.