Predicting the Future of Virtual Assistant Outsourcing in 2023: Trends and Insights

Technology is revolutionizing the outsourcing industry, both in overt and subtle ways. The virtual assistant outsourcing sector is no exception. In addition to the challenges posed by skill shortages, cost-cutting pressures, and regulatory changes, the introduction of advanced machine learning is profoundly transforming the virtual assistant industry. According to projections, the virtual assistant sector is expected to experience a compound annual growth rate (CAGR) of 22.3% between 2022 and 2028, resulting in a market size of $8613.5 USD by 2028. As we enter the year 2023 and beyond, here are some of the key virtual assistant outsourcing trends and focus areas that industry players should anticipate:

1. Rise of Household Outsourcing

The rise of household outsourcing can be attributed to the combination of increasing incomes and lack of time among people. With the demands of busy careers and family life, individuals are turning to outsourcing to make their lives easier. Household services such as planning, organizing, and financial consultancy are some of the most commonly outsourced tasks. Virtual assistant providers targeting busy families are also offering lifestyle management solutions such as shopping, event planning, and to-do list assistance.

In the coming years, analysts expect more companies to emerge that offer a wide range of virtual assistance services. More companies will also leverage technology to provide a simple and quick experience.

2. Increased Outsourcing in the Healthcare Sector

The short-term outlook for healthcare staffing providers is very bright. A survey conducted by Business Wire suggests that the worldwide healthcare virtual assistants market is valued at USD 439.1 million as of 2022 and is anticipated to reach a total of USD 2,103.75 million by the year 2027. The virtual assistant industry in the healthcare sector is in high demand due to several factors. The implementation of advanced technologies such as artificial intelligence, machine learning, and natural language processing has significantly improved the capabilities and functionalities of virtual assistants. Healthcare providers can use virtual assistants to provide patients with 24/7 support, access to information, and scheduling of appointments. 

Virtual assistants also help healthcare providers streamline administrative tasks and reduce operational costs. Additionally, the COVID-19 pandemic has accelerated the demand for virtual healthcare services, further driving the growth of the healthcare virtual assistants market.

The elderly population in developed countries, such as the U.S. and U.K., is expected to drive up the demand for virtual assistance services in the coming decades. Studies indicate that the number of individuals requiring virtual assistance services will climb to 27 million by 2050. In the next year, healthcare organizations, small and medium-sized businesses, and individuals will continue to seek out third-party providers to address skill gaps, enhance scalability, reduce costs, and respond to evolving staffing needs. Contract-based virtual assistance services will remain a popular choice among these groups as a cost-effective alternative to hiring full-time support staff.

3. Rise of Recruitment Process Outsourcing (RPO)

As of 2019, the worldwide market for recruitment process outsourcing was valued at USD 5.48 billion. It is projected to expand at a compound annual growth rate (CAGR) of 17.4% between 2020 and 2027. Recruitment process outsourcing (RPO) can benefit almost any organization, but it is particularly well-suited for businesses in highly competitive talent markets, roles requiring specialized skills, or those with a high rate of employee turnover. Some industries that tend to see great success with RPO include pharmaceuticals, bio tech/bio medical, manufacturing, technology/IT, consumer goods, retail, automotive, and professional services.

More employers are also using temporary managed services solutions for blue-collar workers to drive process efficiencies and reduce costs. This year, organizations will continue to seek flexible headcounts and work with both long-term and temporary staff. Third party staffing providers will also hire people on a permanent and contract basis. Virtual assistants, virtual assistants and administrative staff must be open to these flexible arrangements if they want a wider range of hiring opportunities.

4. Focus on Digital

The increasing availability of high-speed internet and wireless networks has created job opportunities for individuals living in remote areas. With the help of the internet and social media, people can now connect and collaborate with industry experts from the comfort of their homes.That said, the United States government is expected to invest around USD 65 billion to improve digital infrastructure over the next ten years and the Philippines government is constantly investing in digital improvement. The virtual assistant market is among the sectors that stand to benefit significantly from the widespread implementation of high-speed internet and wireless networks.

5. Offshore virtual assistants.

In the past few years, the focus has been on hiring virtual assistants located in low-cost areas, usually offshore. The offshoring of VA services is expected to continue in 2023 due to cost-reduction pressures across the board.

Virtual Assistants (VAs)

In the coming years, the industry should expect software assistants to manage multiple applications and provide services that are more attuned to the needs of the end user.

The prevalence of artificial intelligence (AI) assistants is rapidly increasing in modern society, with their widespread use in smartphones and medical institutions. The number of available AI assistants is constantly expanding, and their integration into our daily lives is expected to further intensify in the future.

Today’s virtual personal assistants (VPAs) have advanced significantly in their ability to complete complex tasks beyond retrieving information from the internet and consumer data. Many digital assistants are now capable of booking reservations, setting reminders, making phone calls, sending messages, and even completing online purchases. Additionally, artificial intelligence platforms have continued to advance in their ability to handle more sophisticated tasks, such as financial analysis and customer service. While there may still be limitations to what digital assistants can do, the gap between what humans and machines can accomplish is rapidly shrinking.

To learn more about outsourcing, you can read our Top 8 Qualities of an Outsourcing Company in the Philippines article. We invite you to follow us on social media and to visit our website to learn more about our services

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Sourcefit’s commitment to excellence has been recognized through numerous industry awards and certifications.

We recently received the Fortress Cyber Security Award from the Business Intelligence Group. Sourcefit was also honored with the prestigious recognition of Best Outsourcing Solutions Provider in the Philippines during the 2023 Business Excellence Awards.

Other awards include: FT ranking of 500 high-growth Asia-Pacific, The Marketing Excellence Awards, Inquirer Growth Champion,  HR Asia Awards, among others.

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