Kenya earns $500m from Global Business Services as sector grows
Kenya is emerging as one of the leading Global Business Services (GBS) market destinations and attracting more than $500 million in revenues annually. According to market projections by Sama AI, the country could be staring at netting in over $254 million, with nearly a half of these revenues coming from business process outsourcing (BPO) in 2024. Sama Partnerships Lead, Everlyne Njiri joins CNBC Africa for more insights.
Thu, 29 Aug 2024 10:05:47 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- Kenya's GBS sector poised to earn over $254 million by 2024, driven by a skilled workforce and government investments
- Africa's GBS market projected to reach $1 trillion in 2023, presenting Kenya with significant growth opportunities in AI revolution
- Local startups and innovations, along with advancements in digital skills building, are essential for sustaining Kenya's competitiveness in the GBS sector
Kenya is making significant strides in the Global Business Services (GBS) market, with projections indicating that the country could earn over $254 million by 2024. The sector is witnessing rapid growth thanks to a young and skilled workforce, strong English proficiency, and government investments in infrastructure and support for business process outsourcing (BPO). According to Everlyne Njiri, a Sama Partnerships Lead, Kenya's emergence as an attractive destination for digital skills has been a key driver of this growth. With the GBS sector expected to reach $1 trillion in 2023, Africa's share standing at just 2%, there is a vast opportunity for Kenya to capitalize on the AI revolution. The country has been proactive in investing in its BPO capabilities and creating an enabling regulatory environment to attract more businesses. By expanding local startups and fostering innovation in areas like generative AI, Kenya aims to sustain its growth momentum and stay competitive amid global competition. Additionally, developments in digital skills building, machine learning, big data annotation, cloud computing, and cybersecurity will be crucial for the country to leverage the full potential of the GBS sector. Generative AI holds immense promise for various industries in Kenya, including agriculture and transportation, where AI models can enhance sustainability and increase yields. To support these advancements, improving broadband access, particularly in rural areas, will be essential to ensure widespread participation in Kenya's growing digital economy.