For the period covering 2023 to 2033, the Business Process Outsourcing market is projected to grow 8.20% (compound annual growth rate or CAGR) in the Asia Pacific Region (APAC).
Companies in the APAC are taking their cue from lessons learned during the lockdowns of the past three years. Many are looking to BPOs for economical ways and means to outsource non-core business functions such as finance, human resources, and customer service.
In addition to cost-savings, digital technology (automation, cloud computing, and artificial intelligence) are also seen as a driving force for BPO services growth in the APAC.
For the year 2022, the APAC BPO market was valued at US$68.80 billion. This is the figure seen to grow at a CAGR of 8.20% for the next decade.
This study bases its figures on the various classifications of BPOs.
- Type (onshore, offshore, nearshore)
- Type of Service (visualization, voice processing, telemarketing, and others)
- Application (customer care and demonstrations, finance and accounting, sales and marketing, human resource and development)
- By End-User (telecom, IT, healthcare, manufacturing, retail, and e-commerce, other end users, BFSI or the banking, financial services, and insurance sectors)
- Region (Southern Asia, South-Eastern Asia, Eastern Asia, Western Asia, Central Asia)
The idea that a BPO is singularly appropriate only for global businesses of a certain size is no longer true. At present, businesses of all sizes, shapes, and shades profit from outsourcing services. It used to be that start-ups are hesitant to go the outsourcing route. But for organizations that lack the requisite infrastructure but still wish to scale can best benefit from the services of a BPO.
In a survey by Clutch in 2018, 37% of small businesses outsource at least one key business operation. 52% reported that they plan to do so in the following year.
What this means for organizations and businesses who wish to scale.
With the competitive landscape at an all-time high, the economic growth in the APAC region is expected to give rise to economic solutions for many companies worldwide. The business activities of an organization are classified into core, non-core, and critical. Core activities are a company’s primary competencies that give it a strategic advantage. Non-core activities are supporting activities that involve relationship management between consumers and products. Critical activities require a specialized skillset. Since companies are now placing greater emphasis on core activities, to maintain their market position and expand their customer base, non-core activities are outsourced.
Explore BPO opportunities within the Asia-Pacific Region.
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CXperts is an omnichannel customer experience (CX) provider that delivers exceptional CX for brands of all sizes. Our contact center solutions cover all facets of customer experience and business process outsourcing, from customer care, white glove services, and technical support to sales, collections, and back office.
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