Asia Pacific Business Process Outsourcing Market Size, Share & Trends Analysis Report By Service (Finance & Accounting, Human Resource), By End-use (BFSI, Healthcare), By Region, And Segment Forecasts, 2023 - 2030

Asia Pacific Business Process Outsourcing Market Size, Share & Trends Analysis Report By Service (Finance & Accounting, Human Resource), By End-use (BFSI, Healthcare), By Region, And Segment Forecasts, 2023 - 2030

Asia Pacific BPO Market Growth & Trends

The Asia Pacific business process outsourcing market size is anticipated to reach USD 147.0 billion by 2030, registering a CAGR of 10.7% from 2023 to 2030, according to a new report by Grand View Research, Inc. Any additional expense on an equipment or a business which is not among the major competencies of a company is termed as operational cost. The essential need to reduce operational costs is projected to drive the market growth. The fact that Business Process Outsourcing (BPO) enables the companies to focus on their core competencies and enhance their business acts as a key growth drive for the market.

Various companies are considering BPO as a solution to meet their back-end office requirements. Outsourcing of services not only enables the organizations to focus on their core competencies but also ensures cost efficiency and effective time and resource management. Increased flexibility, service quality, productivity, and workload management are some of the additional advantages of outsourcing the business operation. All these factors are positively influencing the Asia Pacific business process outsourcing market growth. Rising establishment of call centers and customer service centers in the region is also anticipated to drive the regional market growth. Emergence of next-generation services, such as big data analytics, cloud services, and robotic process automation are some of the other factors fueling growth of the Asia Pacific BPO market.

BPO is an integral element of the global outsourcing industry. It is rapidly gaining momentum across an array of verticals, such as Banking, Financial Services, and Insurance (BFSI), healthcare, manufacturing, IT and telecommunications, retail, and others. The dependency of market players on external outsourcing service providers presents a potential security risk with reference to the integrity and confidentiality of user data. Maintaining and preserving the confidentiality and integrity of user data is a fundamental concern common for all companies. Factors, such as rising budgetary pressures and lack of effective frameworks to ensure quality of service are some of the key factors hindering the market growth.

Asia Pacific BPO Market Report Highlights

• The customer service segment held the largest market share of 33.13% in 2022 and is anticipated to grow at the fastest CAGR of 12.6% during the forecast period
• The IT & Telecommunications segment held the largest market share of 35.59% in 2022 owing to the growth of IT companies and rapid industrialization
• The BFSI segment is anticipated to grow at the fastest CAGR of 12.4% during the forecast period
• China dominated the market in 2022 with the largest revenue share of 24.67% and is projected to grow at the fastest CAGR of 11.5% during the forecast period

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