Global BPO market to soar to $241.37Bn by 2029
PUNE, INDIA — The global Business Process Outsourcing (BPO) market is forecasted to climb from US$188.62 billion in 2022 to US$241.37 billion by 2029, growing at a compound annual growth rate (CAGR) of 4.2%.
According to a report released by Market Reports World, this expected growth spans significant regions such as North America, Europe, and Asia Pacific, fueled by advancements and strategic shifts among key players in the industry.
While the sector faced a pandemic-induced downturn in recent years, it now sees demand spikes in healthcare and e-commerce BPO services. The 2023 landscape is marked by intensified competition, tech evolution, and fluctuating consumer trends, all under the watchful eye of regulatory bodies.
Simultaneously, economic conditions and burgeoning markets in Asia and Africa are pivotal to the BPO market trajectory.
Consolidation is also becoming more apparent in the BPO industry, with market power increasingly concentrated in the hands of large corporations through strategic mergers and acquisitions.
Market Reports World said that this consolidation is reshaping the competitive landscape, offering advantages to some but posing significant challenges for smaller firms.
