The BPO (business process outsourcing) industry has become a powerful Singapore economic sector in the past few years, reaching one of the highest growth rates in comparison with other well-established industries. The large number of small companies offering BPO services transformed the data center market in Singapore into one of the most profitable sectors in 2017, with an annual revenue estimated at 1.3 billion SGD (934 million USD). If you want to set up a BPO business in the city-state, our Singapore company formation agents can advise you.
BPO seems like a very successful model, considering its fast development and the revenue generated last year. The Singapore data center market developed mainly because of the co-location data centers which have reached a number of 46 last year which hosted BPO providers and retail resellers. However, according to a study carried out by a Canadian company, there are still many large companies which prefer to open their own data centers in Singapore, such Amazon Web Services and other IT giants.
Singapore is currently home to various types of data centers, some of the most successful ones being co-located and third-party centers which usually rent space to companies seeking to offer services. These shared-services locations make up 30% of the data center market in Singapore.
Our company formation experts in Singapore can assist those who want to build office space for co-location data centers.
The same Canadian firm carrying out the study announced that 2018 will be a great year for outsource centers in Singapore, as the revenue generated by this industry is expected to grow by 13%, while the market is forecasted to expand by 12% reaching a growth rate of 2 billion SGD, approximately 1,5 million USD, by 2021.
Another report indicated Singapore as the region’s top location for data centers in the Asia-Pacific region thanks to the ease of doing business, energy stability and the Internet bandwidth.
If you are interested in opening a company in Singapore in the BPO industry, our local advisors can offer more information on the regulation applicable here. We can also help with the Singapore company formation process, so feel free to contact us.