New Research Finds 48% of UK companies outsource work in 2023, with an increase of 41% since the pandemic • Virtual Business Assistant firm registers a 325% rise in growth since the pandemic • 70% of B2B decision makers admitted to outsourcing some part of their business UK Virtual Business Assistant firm SpareMyTime, reveals a registered 325% rise in growth since 2020, and this year alone they report a 47% increase in revenue. September 2023: Analysing datasets from Deloitte, IBISWorld and YouGov, SpareMyTime reveals that global spending on outsourcing could hit £571 billion by the end of the year, with nearly half (48%) of UK companies now outsourcing their work. These figures show a huge acceleration since the pandemic, growing 41% since 2019. Where, according to the data, in 2020 only a third of UK businesses expected to outsource more, then and in the future. SpareMyTime finds that UK businesses allocated £500 billion to outsourcing in 2022. This trend spanned across sectors, with IT outsourcing increasing 22% from 2019. Similarly, Business Process Outsourcing is expected to see substantial investment, with a forecasted £212 billion spending in 2023, reflecting a significant 19% rise from 2019. As inflation continues to rise, SpareMyTime predicts that outsourcing will become commonplace for businesses looking to reduce costs on recruitment and other areas. Melisssa Gauge, Founder of SpareMyTime, explains that: “Inflationary pressures can prompt UK businesses to consider outsourcing as a strategic response to manage rising costs and maintain competitiveness. When inflation drives up operational expenses, businesses often face the challenge of containing costs while sustaining quality and productivity. By leveraging outsourcing, businesses can gain the flexibility to adapt to changing economic conditions without financial constraints”. Global Outsourcing Spending could reach £574 billion by the end of the year Analysing YouGov data, SpareMyTime finds that over 70% of B2B decision-makers say their company has outsourced some part of their business, with IT support (34%) being the most likely function to be performed by an outside supplier. However, the data shows that smaller firms are much more likely to hire a supplier to keep on top of their finances, with 37% of small businesses selecting this, compared to 12% of large businesses. According to IBISWorld, there are now 155,564 Business Process Outsourcing Services in the UK, growing 2.5% per year on average over the last five years (2018 - 2023). However, SpareMyTime finds that the last three years have seen the most growth, with a 7.7% increase in services since the pandemic. What is Business Process Outsourcing? Companies implement Business Process Outsourcing (BPO) practices in two primary domains: back-office and front-office operations. Back-
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