Thriving BPO industry targets $3bn in export revenue in 2024
The Business Process Outsourcing (BPO) sector is set to become a significant contributor to Sri Lanka’s economy, aiming to achieve a US$3 billion export target in 2024.
The industry has shifted from traditional roles to high-value services like financial analysis, IT solutions, and advanced analytics. A key enabler of this growth has been the investment in skills development and technology, supported by favourable government policies and incentives.
According to the Sri Lanka Association for Software and Services Companies (SLASSCOM), the IT-BPO sector has been growing at an annual rate of 20 per cent. This growth is driven by the country’s highly educated and multilingual workforce. Over 30,000 graduates enter the job market each year, with a strong emphasis on proficiency in English and a solid educational foundation in fields like information technology and business administration. This ensures a continuous supply of skilled professionals to meet the demands of international clients.
Government policies have also played an instrumental role in the sector’s success. By providing tax incentives and investing in technological infrastructure, the government has created a business-friendly environment for BPO companies.
The country’s modern telecommunications infrastructure, including high-speed internet connectivity, further enhances its position as a top outsourcing destination. The adoption of cutting-edge technologies, such as artificial intelligence, automation, and data analytics, is transforming the industry. These tools are improving service delivery and operational efficiency, aligning with global trends toward digitalisation. The shift towards digital tools is positioning the sector as a leader in innovation and technology-driven solutions.
Due to competitive pricing, a skilled workforce, and strategic geographic location, the country continues to be a preferred
choice for nearshore and offshore outsourcing.
BPO firms are expanding beyond traditional sectors to focus on emerging industries like healthcare, education, and e-commerce. This diversification is expected to drive further growth in the sector. The country’s superior infrastructure, including 95 per cent island-wide 4G coverage and early adoption of 5G technology, outpaces regional competitors like India, Bangladesh, and the Philippines.
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