According to the BPO Services Global Industry Almanac 2017 the global BPO services had total revenues of US$140,316.1 million in 2016, representing a compound annual growth rate (CAGR) of 4.4% between 2012 and 2016. By 2022, it is expected to be a US$262.2 billion industry, mainly driven by the cost benefits achieved by outsourcing back-office administration; and the development and availability of new generation technologies such as process automation, big data analytics, cloud services such as BPaaS, and embedded analytics-based BPO. As in the previous years, India and the Philippines remain the two most lucrative destinations for BPO services.