In the coming year, a key challenge for many companies will be to optimize costs and business processes. The financial sector is facing a huge challenge to increase profitability and return on investments. Many companies choose to move process handling to Poland, gaining lower costs of operations and access to qualified personnel, as well as modern technologies.
As the data show, 2022 turned out to be a year of rapid growth for the modern business services sector both in Poland and globally. According to Grand View Research, the size of the global BPO (business process outsourcing) market will reach $435.89 billion by 2028 (a compound annual growth rate CAGR of 8.5%).
According to the ABSL report, Poland’s employment in the sector now exceeds 400,000 jobs, with more than 40,000 new businesses added year-on-year (the growth rate is more than 11.6%). The growth of employment in the sector is also evident; it was growing faster than in previous years (9.8% in 2020, 5% in 2021), and the industry’s share of total employment in Poland has risen to 6.2%. There are 1,714 business service centers run by 1,068 companies. Such a situation gives companies significant opportunities to find methods that solve their needs.
The condition of the sector in Poland is more related to the state of the global economy than to the condition of the local economy. In the EMEA region, as well as globally, it is among the leading markets for knowledge-based business services, rapidly approaching the world’s technology leaders. This is due to the possession of off-the-shelf solutions, state-of-the-art technologies and high qualifications.
According to Błażej Rojek, an expert from ProService Finteco: “The prospects for further growth are promising. Despite a number of challenges in the form of high inflation, tighter monetary policy in Poland and around the world, and heightened levels of uncertainty due to the conflict in Ukraine and the magnitude of sanctions imposed on Russia, global competition for skilled workers will further intensify.”
ABSL estimates that employment in centers run by foreign investors in Poland exceeded 330,800 people (82.6% of total employment in the sector). They come from forty-six countries, with U.S. companies employing more people than any other country (more than 112,000 jobs have been created). In 2023, the number of employees will increase to 432,000 people (7.9%). 83.8% of companies plan to increase their workforce by Q1 2023.
“Having supported companies in the financial sector for more than 25 years, we note that unlimited access to highly skilled workers, Poland’s excellent geopolitical location and developed infrastructure all contribute to the development of the sector in Poland” – emphasizes Paweł Sujecki, an expert from ProService Finteco.
According to the study, the rapid growth rate of the industry is also influenced by the office market. Poland has become a leader in this sector in the CEE region. There are nine relatively mature regional markets in agglomerations (Warsaw, Kraków, Wroclaw, Łódź, Poznań, Tricity and Katowice), which are attracting the attention of developers, investors and tenants. In Q1 2022, the total stock of modern offices in these nine major markets rose to 12.2 million sqm. More than 550,000 sqm of new office space was completed in 2021.
ProService Finteco is a market leader in providing technology services and solutions to mutual and pension funds, insurance companies and banks, serving more than 200 institutional clients. The company has been in business for 30 years. Find out more at www.psfinteco.com
