Global BPO market slated to hit $544.8Bn by 2032

NEW YORK, UNITED STATES — The global Business Process Outsourcing (BPO) market is projected to grow to US$544.8 billion in 2032 with a compound annual growth rate (CAGR) of 8.5% over the forecast period. 

According to market research firm Market.Us, the rise of digitization and the increasing demand for cost-effective business solutions are driving the growth of the BPO market. 

The COVID-19 pandemic and subsequent shift to remote work have also made outsourcing essential for many businesses worldwide. 

The report also stated that the Asia Pacific (APAC) region is predicted to experience the market’s highest CAGR at 10.2% due to the increasing adoption of digitalization and rising demand for experienced professionals from countries like India, the Philippines, and China. 

Meanwhile, North America is estimated to be the dominant region in the global market — with a greatest market share of 35% and a projected CAGR of 9.7% — due to the increasing demand for customer support services.