BPO market size to increase by $75.89Bn in 2027 — Technavio report
The global Business Process Outsourcing (BPO) market is forecasted to grow by US$75.89 billion at a compound annual growth rate (CAGR) of 6.5% between 2022 and 2027, said market research firm Technavio.
According to the firm’s latest report, the market is driven by the focus on reducing operational costs, the surging number of BPOs, and the increasing adoption of BPOs by IT and telecom service providers.
However, Technavio also stated that the increasing number of data breaches in the industry are hindering market growth.
By region, North America is estimated to contribute 40% to the growth of the global market over the forecast period.
The strong presence of many top vendors and increasing offshoring of IT services to low-wage countries such as India and the Philippines are also driving the growth of the regional market.
