APAC BPO market valued at $68.8Bn in 2022
LONDON, ENGLAND — The Asia-Pacific (APAC) Business Process Outsourcing (BPO) market value reached US$68.8 billion in 2022 and is projected to grow at a CAGR of 8.2% by 2023, said market research firm Visiongain.
In a recently released report, Visiongain revealed that APAC companies are increasingly outsourcing their non-core business functions to focus on their core competencies.
The economic growth in the region is also a driving factor for the development of the BPO market, as many companies are expanding and looking for cost-effective solutions to operate their businesses.
Moreover, tax incentives, subsidies, and infrastructure development offered across the region encourage more companies to invest in BPO services.
“We believe that there are strong opportunities in this fast-growing Asia-Pacific BPO market,” noted Visiongain.
APAC’s large pool of skilled labor — particularly in countries such as India, the Philippines, and China — is also a significant driver of the BPO market in the region.
