Malaysia’s Global Business Services, ‘GBS’ industry (formerly and also known as ‘Shared Services & Outsourcing Industry, ‘SSO’) is in a stronger position to tap the USD670 billion global market; with several factors driving growth for the sector.
|(2nd from Left) David Wong with Cheah Kok Hoong (3rd from Left) together with PIKOM and OM Council Members launching the GBS Report|
This report is based on findings gathered from respondents from 15 key countries / economies; and reveals that the global GBS industry stood at USD670 billion in 2014, with APAC accounting for the largest share of 36% at USD240 billion. Of this, Malaysia’s share of the pie is comparatively small at USD4 billion, which indicates much room for growth.
- Overall, demand that fuels GBS growth is expected to stem from the banking and financial services (‘BFSI’), government, retail and hospitality/ tourism industries.
- Despite current economic challenges, Malaysia continues to retain its attractiveness as a leading GBS location, given the country’s continued ability to provide cost savings for buyers and its capacity to serve global markets.