Business Process Outsourcing Market Is Projected A Good Growth Rate Up To 2025

The Asia Pacific business process outsourcing market size is expected to reach USD 85.80 billion by 2025, registering a CAGR of 8.8% over the forecast period. Any additional expense on 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.

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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.

Further key findings from the study suggest:

• In 2018, the customer service segment held a market share of over 25% owing to extensive and widespread establishment of call centers across the world and increasing requirement of technical and maintenance staff across various sectors, such as IT and telecommunications and healthcare

• Human resources service segment is projected to exceed a CAGR of 9% over the forecast period, on account of the increasing need for resources across several sub-segments, such as administration, recruitment and relocation, payment processing, and other employee benefit services

• Philippines is expected to emerge as one of the leading outsourcing destinations, mainly to outsource tasks, such as customer care, call center, data entry, and human resources services, among others. Most of the growth is driven by the major cities, such as Manila, Davao, Cebu, Iloilo, Bacolod, and Santa Rosa, which rank higher in digital transformation, cost benefits, ease of doing business, and availability of skilled professionals

• Penetration of various small BPO service providers coupled with rising government support is anticipated to propel the Singapore BPO market. For instance, the government of Singapore expects to transform the country into a high-value-added BPO hub and expand its presence in finance sector

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