BPO market to reach $620Bn by 2032
The global Business Process Outsourcing (BPO) industry is expected to grow at an impressive 8.5% compound annual growth rate (CAGR) to reach a market value of US$620 billion by 2032.
According to a report by market research and consulting agency Fact.MR, this upward trend is due to organizations that are looking for specialized companies without the direct investment of dedicated time and human resources.
In 2021, the demand for BPO services spiked to US$232.3 billion, growing at a market size of seven per cent CAGR.
The COVID-19 pandemic has introduced new normal and opened boundaries for BPOs.
With remote working becoming a possibility, BPOs are likely to benefit a lot as more companies will rely on them and outsourcing agencies could easily scout the best talents across the globe.
Additionally, the industry has adopted robotic process automation which is used as coding and assigned to the existing workstream where they perform tasks with greater speed, accuracy, and precision.
North America is expected to dominate the BPO market, accounting for more than 3/5ths of the total market value due to the presence of big tech firms and start-ups in the region.
Currently, the United States has a total of 265,679 BPO firms, up 4.1% from 2021.
