The Asia-Pacific business process outsourcing (BPO) market was valued at US$68.8 billion in 2022 and is projected to grow at a CAGR of 8.2% during the forecast period 2023-2033.
An Increase In The Use of BPO Services by Start-ups
Facts have caught up with practices, and business process outsourcing helps start-ups flourish globally (BPO). The idea that BPO is exclusively appropriate for big, established businesses is no longer true. Businesses of all shapes and sizes profit from the new development. Outsourcing, which several start-ups are hesitant to use, could be one such answer. However, a dynamic assessment of a company could reveal a need for cost-cutting, the addition of essential human resources, or the support of specific business processes that lack the requisite infrastructure. The idea that BPO is exclusively appropriate for big, established businesses is no longer true. Businesses of all shapes and sizes profit from the new development. In a 2018 Clutch survey, 37% of small businesses reported outsourcing at least one key business operation, while 52% said they planned to do so the following year. Growth and scaling must be a top strategic priority if you want to achieve the desired unicorn status (worth above $1 billion).
How has COVID-19 had a significant negative impact on the Asia-Pacific Business Process Outsourcing (BPO) Market?
Nearly every industry has been negatively impacted by the COVID19 problem, which has resulted in supply chains being disrupted, nationwide lockdowns, and organisations considering the idea of long-term or even permanent remote working. In the Business Process Outsourcing (BPO) industry, contact centre employees take millions of calls daily while working from various places. China was the first nation to request that these individuals work remotely in response to the COVID-19 epidemic, and other nations soon followed. The longevity of these workers depends on a variety of factors, including their capacity for change and willingness to collaborate across functional lines.
According to a recent survey, the COVID-19 epidemic may be affecting our ability to sleep. Since the pandemic began, 70% of people have reported experiencing one or more new sleep difficulties. World Sleep Day raises awareness of the need of sleep for physical and mental health. 13,000 persons in 13 nations were polled for the study by Royal Philips, which examined attitudes, views, and sleeping habits. People all over the world are aware that they are not getting enough sleep, and for some, the pandemic has had a detrimental effect on their sleep.
How will this Report Benefit you?
Visiongain's 302-page report provides 157 tables and 158 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the Asia-Pacific business process outsourcing (BPO) market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall regional market for Asia-Pacific Business Process Outsourcing (BPO). Get financial analysis of the overall market and different segments including type, service, application, end-user and company size and capture higher market share. We believe that there are strong opportunities in this fast-growing Asia-Pacific business process outsourcing (BPO) market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
Growing Demand for Cost-Effective Solutions
Companies in the Asia-Pacific region are looking for cost-effective solutions to reduce their operational costs. Business process outsourcing (BPO) services provide a cost-effective way to outsource non-core business functions such as customer service, human resources, and finance.
Increasing Adoption of Digital Technologies
The adoption of digital technologies such as automation, artificial intelligence, and cloud computing is driving the growth of BPO services in the Asia-Pacific region. These technologies enable BPO providers to offer more efficient and effective services to their clients.
Growing Skilled Labour Force in the Region
The Asia-Pacific region has a large pool of skilled labour, particularly in countries such as India, the Philippines, and China. This skilled labour force is a major driver of the BPO market in the region.
Growing Outsourcing Trend and Government Initiatives
Companies in the Asia-Pacific region are increasingly outsourcing their non-core business functions to focus on their core competencies. This trend is driving the growth of the BPO market in the region. Governments in the Asia-Pacific region are promoting the BPO industry through initiatives such as tax incentives, subsidies, and infrastructure development. This is encouraging more companies to invest in BPO services.
The Economic growth in this region is a driving factor for the growth of the BPO market as the companies are expanding and looking for cost-effective solutions to operate their business. The major players operating in the Asia-Pacific business process outsourcing (BPO) market are Accenture Plc, IBM Corporation, Cognizant, Capgemini SE, Infosys Limited, ADP Inc., Amdocs, CBRE Group, Inc., Concentrix Corporation, HCL Technologies Limited. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
- 02 Dec 2022, Fiftyfive5, a customer insights and advisory firm, has been acquired by Accenture ACN-2.66%+ Free Alerts. Accenture Song's (formerly Accenture Interactive) ability to help clients tap data insights and performance marketing to accelerate growth and innovation across Australia and New Zealand will be strengthened as a result of the move.
- 07 Dec 2022, IBM signed an agreement to acquire Octo, a U.S.-based provider of IT modernization and digital transformation services to the federal government, including defence, health, and civilian agencies. The acquisition of Octo by IBM creates one of the federal government's largest digital transformation partners.