Business Process Outsourcing (BPO) Market
Business Process Outsourcing (BPO) Market Study by Finance & Accounting, Human Resources, Knowledge Process Outsourcing, Procurement & Supply Chain, and Customer Services from 2024 to 2034
Analysis of Business Process Outsourcing (BPO) Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Business Process Outsourcing (BPO) Market Outlook (2024 to 2034)
The global business process outsourcing (BPO) market is estimated to be valued at around US$ 318.8 billion in 2024 and has been forecasted to expand at a CAGR of 8% to reach US$ 688.2 billion by 2034.
Business process outsourcing (BPO) involves delegating various corporate functions and operations to external service providers. This practice is popular due to its advantages, such as increased flexibility, cost savings, and improved service quality. It also allows companies to focus on their core activities, adding more value for their clients. Consequently, BPO services are in increased demand across sectors like IT & telecommunications, BFSI, and healthcare, contributing significantly to the growth of the BPO market.
The expansion of the business process outsourcing market is driven by firms' increasing focus on efficiency and agility, the necessity to reduce operational costs, and the acceleration of key skills to navigate evolving business dynamics. Many companies aim to minimize expenses by leveraging global resources to meet growing market demands. This trend has led businesses to adopt advanced technologies like artificial intelligence (AI) and cloud computing to enhance productivity.
A key factor fueling business process outsourcing market growth is the growing popularity of cloud computing. Cloud computing offers BPO providers benefits such as faster time to market, reduced costs, and improved quality control. It ensures universal access, flexible provisioning of necessary business functions, and immediate technical support and system access. These benefits are expected to positively influence the adoption of cloud computing in the BPO sector.
Over the coming years, the market is projected to grow at a significant pace due to the high need for skilled professionals, a focus on core competencies, streamlined procedures, and reduced operational costs. BPO companies often adopt a consortium approach for hiring and training entry-level employees. These initiatives provide job opportunities for young people and increase export earnings from outsourcing services.
| Report Attribute | Detail |
|---|---|
| BPO Market Size (2024E) | US$ 318.8 Billion |
| Forecasted Market Value (2034F) | US$ 688.2 Billion |
| Global Market Growth Rate (2024 to 2034) | 8% CAGR |
| Canada Market Growth Rate (2024 to 2034) | 7.9% CAGR |
| China Market Value (2034F) | US$ 81.7 Billion |
| North America Market Share (2024E) | 31% |
| East Asia Market Share (2034F) | 25% |
| Key Companies Profiled | Accenture Plc.; IBM Corporation; Cognizant; Concentrix; Wipro Limited; Genpact; ADP Data Processing Inc.; EXL Service; Invensis Technologies Pvt. Ltd.; SunTec India; Intetics; Unity Communications; Helpware; Plaxonic Technologies; Octopus Tech. |
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How is the BPO Market Becoming More Profitable for Industry Players?
“Focus of Companies on Improving Time and Cost Efficiency”
In today's digital era, business process outsourcing (BPO) has emerged as a straightforward and cost-effective solution widely adopted by businesses. It enables entrepreneurs to concentrate on other critical aspects of their operations and reduce their workload. Developed countries such as the United States, the United Kingdom, and Japan frequently opt for outsourcing their corporate functions. To remain competitive, businesses are increasingly shifting from traditional business process services (BPS) to technology-driven solutions like business process as a service (BPaaS).
Compensation trends between emerging and Western industrialized nations vary significantly. In the West, labor costs are much higher, whereas in developing countries such as Japan, India, and the Philippines, BPO services are available at substantially lower rates. BPO not only minimizes the need for additional hiring but also provides greater workforce flexibility. Moreover, businesses save on costs associated with new employee recruitment, as BPO eliminates many legal responsibilities tied to employment contracts.
“Focus on Multi-Task Workflow Business Schedule Coupled with Emergence of Cloud Computing”
Automated processes were once the domain of well-funded enterprises with substantial budgets for sophisticated ERP and CRM systems. However, the advent of cloud computing has revolutionized this concept. As cloud technology evolved, businesses began leveraging its capabilities to automate complex workflow processes and achieve process integration.
Recently, business process outsourcing (BPO) has expanded significantly as organizations have recognized its benefits in reducing costs, enhancing productivity and customer service, and enabling rapid growth with limited resources.
Cloud computing has become a crucial element in digital transformation across various sectors. It reduces administrative and operational overheads while providing unmatched agility. Many companies and governments are now adopting this technology, and it is gaining widespread popularity in numerous industries.
The perception that cloud computing is primarily for IT purposes has shifted dramatically due to its vast potential. This technology is increasingly integrated with other advancements, including edge computing, the Internet of Things (IoT), and artificial intelligence (AI).
What are the Challenges Faced by BPO Companies?
“Threat of Data Security and Lack of Skilled Workforce”
Data security is a critical concern in the BPO sector, with many stakeholders questioning how BPO companies handle sensitive information. While outsourcing is becoming increasingly popular, businesses worry that engaging third-party BPO vendors could jeopardize their data security.
Another significant challenge for the BPO sector is the high attrition rate and the shortage of skilled workers. Attrition has a detrimental effect on BPO companies, leading to increased operational costs. High turnover rates deplete an organization's resources, including time and money spent on training, orientation, and recruitment. This constant cycle of employee departure and replacement is impeding the expansion of the business process outsourcing market size.
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Country-wise Insights
The market in Japan is forecast to expand at a CAGR of 9.1% from 2024 to 2034. The country is estimated to account for 29.4% of the East Asia business process outsourcing market share by the end of 2034.
Why is the United States a Huge Market for BPO Firms?
“Lower Operating Expenses and High Popularity of Cloud Computing”
| Attribute | United States |
|---|---|
| Market Value (2024E) | US$ 44 Billion |
| Growth Rate (2024 to 2034) | 7.9% CAGR |
| Projected Value (2034F) | US$ 94.1 Billion |
There is a rising need for BPO services as businesses place greater emphasis on efficiency and agility in the United States. Market expansion is driven by the necessity of lowering operating expenses and accelerating the acquisition of critical skills to adapt to shifting business dynamics. Furthermore, the growing popularity of cloud computing is a significant business process outsourcing market trend. For BPO operators, cloud computing offers reduced costs, improved quality control, and quicker time to market.
Why are BPO Companies Thriving in South Korea?
“Large Customer Base and High Awareness About Technological Advancements”
| Attribute | South Korea |
|---|---|
| Market Value (2024E) | US$ 16.3 Billion |
| Growth Rate (2024 to 2034) | 9.3% CAGR |
| Projected Value (2034F) | US$ 39.7 Billion |
South Korea boasts an innovative culture, a highly trained labor force, and a robust, technologically sophisticated economy. The nation is an attractive location for enterprises due to its sizable and affluent consumer base. Additionally, the government is implementing measures to boost economic growth and commercial opportunities. Together, these factors indicate a promising and prosperous future for the country’s market.
Category-wise Evaluation
Based on service, the human resource segment is evaluated to expand at a CAGR of 7.2% from 2024 to 2034.
Which Type of Service are BPO Companies Widely Preferred For?
“Outsourcing Finance and Accounting Services Enabling Cost Savings”
| Attribute | Finance & Accounting |
|---|---|
| Segment Value (2024E) | US$ 70.1 Billion |
| Growth Rate (2024 to 2034) | 5.9% CAGR |
| Projected Value (2034F) | US$ 123.9 Billion |
Outsourcing accounting services plays a pivotal role in the global finance and accounting industry. The current economic downturn is expected to increase the demand for Finance and Accounting (F&A) BPO services, as these services require less customization when processes and technologies are outsourced, unlike customer care and HR BPO.
Companies are increasingly compelled by demands for transparency and stricter regulations to standardize their F&A and BPO operations. This push towards standardization also facilitates the integration of best practices in financial management, which significantly drives the adoption of F&A BPO services.
Which Sector Extensively Utilizes Business Process Outsourcing Services?
“BPO Services Popular in IT & Telecommunication Sector”
| Attribute | IT & Telecom |
|---|---|
| Segment Value (2024E) | US$ 143.4 Billion |
| Growth Rate (2024 to 2034) | 7% CAGR |
| Projected Value (2034F) | US$ 282.2 Billion |
Sectors such as IT & Telecommunications lead the way in BPO adoption. The introduction of technologies such as big data analytics and process automation has intensified competition within the BPO sector. Concurrently, there is a growing demand for skilled talent in both the BPO and IT sectors. The expansion of e-commerce and healthcare, alongside the established IT sector, has further amplified the demand for BPO services.
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Company Rivalry
Key players in the business process outsourcing industry are embracing innovative approaches such as ground-breaking marketing tactics, technological advancements, mergers, and acquisitions to expand their market ground and adapt themselves to evolving market trends such as MDM BPO services and middle office BPO services.
- In June 2023, Go4Customer, a BPO services provider, introduced Conversational AI to improve its BPO offerings. Conversational AI is an advanced technology that simulates human-like consumer discussions using machine learning algorithms and natural language processing.
- In April 2023, Delta BPO Solutions, a BPO services provider, introduced a FOCO (Franchise Owned, Company Operated) franchise business model that enables company owners to start their own BPO companies and earn regular monthly payments.
- In January 2023, Macau's CTM collaborated with Amdocs to launch its commercial 5G services across the region. The commercial launch of CTM 5G is evidence of coordinated efforts to hasten the city's digital transformation.
- In January 2022, Genpact Ltd., the business process outsourcing (BPO) company listed on the New York Stock Exchange (NYSE), bought Milpitas, California-based data analytics firm Enquero Inc. in the 14th acquisition.
Fact.MR provides detailed information about the price points of key business process outsourcing service providers positioned across the world, sales growth, production capacity, and speculative technological expansion, in this updated market report.
Key Segments of BPO Market Research
-
By Service :
- Finance & Accounting
- Human Resources
- Knowledge Process Outsourcing
- Procurement & Supply Chain
- Customer Services
- Others
-
By End Use :
- Banking, Financial Services, and Insurance (BFSI)
- Manufacturing
- IT & Telecommunication
- Retail
- Others
-
By Region :
- North America
- Latin America
- Eastern Europe
- Western Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
Table of Content
- 1. Executive Summary
- 2. Industry Introduction, including Taxonomy and Market Definition
- 3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments
- 4. Global Market Demand Analysis 2019 to 2023 and Forecast 2024 to 2034, including Historical Analysis and Future Projections
- 5. Pricing Analysis
- 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034
- 6.1. Service
- 6.2. End Use
- 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Service
- 7.1. Finance & Accounting
- 7.2. Human Resources
- 7.3. Knowledge Process Outsourcing
- 7.4. Procurement & Supply Chain
- 7.5. Customer Services
- 7.6. Others
- 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by End Use
- 8.1. Banking, Financial Services, and Insurance (BFSI)
- 8.2. Manufacturing
- 8.3. IT & Telecommunication
- 8.4. Retail
- 8.5. Others
- 9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Region
- 9.1. North America
- 9.2. Latin America
- 9.3. Western Europe
- 9.4. Eastern Europe
- 9.5. East Asia
- 9.6. South Asia & Pacific
- 9.7. Middle East & Africa
- 10. North America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
- 11. Latin America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
- 12. Western Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
- 13. Eastern Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
- 14. East Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
- 15. South Asia & Pacific Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
- 16. Middle East & Africa Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
- 17. Sales Forecast 2024 to 2034 by Service, End Use, and Region for 30 Countries
- 18. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard
- 19. Company Profile
- 19.1. Accenture Plc.
- 19.2. IBM Corporation
- 19.3. Cognizant
- 19.4. Concentrix
- 19.5. Wipro Limited
- 19.6. Genpact
- 19.7. ADP Data Processing Inc.
- 19.8. EXL Service
- 19.9. Invensis Technologies Pvt. Ltd.
- 19.10. SunTec India
- 19.11. Intetics
- 19.12. Unity Communications
- 19.13. Helpware
- 19.14. Plaxonic Technologies
- 19.15. Octopus Tech
- 20. Assumptions and Acronyms Used
- 21. Research Methodology
List Of Table
Table 01: Global Market Value (US$ Mn) Analysis, by Service, 2019 to 2023
Table 02: Global Market Value (US$ Mn) Analysis, by Service, 2024 to 2034
Table 03: Global Market Value (US$ Mn) Opportunity Analysis, by Service, 2024 to 2034
Table 04: Global Market Value (US$ Mn) Analysis, by End Use, 2019 to 2023
Table 05: Global Market Value (US$ Mn) Analysis, by End Use, 2024 to 2034
Table 06: Global Market Value (US$ Mn) Opportunity Analysis, by End Use, 2024 to 2034
Table 07: Global Market Value (US$ Mn) Analysis, by Region, 2019 to 2023
Table 08: Global Market Value (US$ Mn) Analysis, by Region, 2024 to 2034
Table 09: Global Market Value (US$ Mn) Opportunity Analysis, by Region, 2024 to 2034
Table 10: North America Market Value (US$ Mn) Analysis, by Country, 2019 to 2023
Table 11: North America Market Value (US$ Mn) Analysis, by Country, 2024 to 2034
Table 12: North America Market Value (US$ Mn) Opportunity Analysis, by Country, 2024 to 2034
Table 13: North America Market Value (US$ Mn) Analysis, by Service, 2019 to 2023
Table 14: North America Market Value (US$ Mn) Analysis, by Service, 2024 to 2034
Table 15: North America Market Value (US$ Mn) Opportunity Analysis, by Service, 2024 to 2034
Table 16: North America Market Value (US$ Mn) Analysis, by End Use, 2019 to 2023
Table 17: North America Market Value (US$ Mn) Analysis, by End Use, 2024 to 2034
Table 18: North America Market Value (US$ Mn) Opportunity Analysis, by End Use, 2024 to 2034
Table 19: Latin America Market Value (US$ Mn) Analysis, by Country, 2019 to 2023
Table 20: Latin America Market Value (US$ Mn) Analysis, by Country, 2024 to 2034
Table 21: Latin America Market Value (US$ Mn) Opportunity Analysis, by Country, 2024 to 2034
Table 22: Latin America Market Value (US$ Mn) Analysis, by Service, 2019 to 2023
Table 23: Latin America Market Value (US$ Mn) Analysis, by Service, 2024 to 2034
Table 24: Latin America Market Value (US$ Mn) Opportunity Analysis, by Service, 2024 to 2034
Table 25: Latin America Market Value (US$ Mn) Analysis, by End Use, 2019 to 2023
Table 26: Latin America Market Value (US$ Mn) Analysis, by End Use, 2024 to 2034
Table 27: Latin America Market Value (US$ Mn) Opportunity Analysis, by End Use, 2024 to 2034
Table 28: Western Europe Market Value (US$ Mn) Analysis, by Country, 2019 to 2023
Table 29: Western Europe Market Value (US$ Mn) Analysis, by Country, 2024 to 2034
Table 30: Western Europe Market Value (US$ Mn) Opportunity Analysis, by Country, 2024 to 2034
Table 31: Western Europe Market Value (US$ Mn) Analysis, by Service, 2019 to 2023
Table 32: Western Europe Market Value (US$ Mn) Analysis, by Service, 2024 to 2034
Table 33: Western Europe Market Value (US$ Mn) Opportunity Analysis, by Service, 2024 to 2034
Table 34: Western Europe Market Value (US$ Mn) Analysis, by End Use, 2019 to 2023
Table 35: Western Europe Market Value (US$ Mn) Analysis, by End Use, 2024 to 2034
Table 36: Western Europe Market Value (US$ Mn) Opportunity Analysis, by End Use, 2024 to 2034
Table 37: Eastern Europe Market Value (US$ Mn) Analysis, by Country, 2019 to 2023
Table 38: Eastern Europe Market Value (US$ Mn) Analysis, by Country, 2024 to 2034
Table 39: Eastern Europe Market Value (US$ Mn) Opportunity Analysis, by Country, 2024 to 2034
Table 40: Eastern Europe Market Value (US$ Mn) Analysis, by Service, 2019 to 2023
Table 41: Eastern Europe Market Value (US$ Mn) Analysis, by Service, 2024 to 2034
Table 42: Eastern Europe Market Value (US$ Mn) Opportunity Analysis, by Service, 2024 to 2034
Table 43: Eastern Europe Market Value (US$ Mn) Analysis, by End Use, 2019 to 2023
Table 44: Eastern Europe Market Value (US$ Mn) Analysis, by End Use, 2024 to 2034
Table 45: Eastern Europe Market Value (US$ Mn) Opportunity Analysis, by End Use, 2024 to 2034
Table 46: East Asia Market Value (US$ Mn) Analysis, by Country, 2019 to 2023
Table 47: East Asia Market Value (US$ Mn) Analysis, by Country, 2024 to 2034
Table 48: East Asia Market Value (US$ Mn) Opportunity Analysis, by Country, 2024 to 2034
Table 49: East Asia Market Value (US$ Mn) Analysis, by Service, 2019 to 2023
Table 50: East Asia Market Value (US$ Mn) Analysis, by Service, 2024 to 2034
Table 51: East Asia Market Value (US$ Mn) Opportunity Analysis, by Service, 2024 to 2034
Table 52: East Asia Market Value (US$ Mn) Analysis, by End Use, 2019 to 2023
Table 53: East Asia Market Value (US$ Mn) Analysis, by End Use, 2024 to 2034
Table 54: East Asia Market Value (US$ Mn) Opportunity Analysis, by End Use, 2024 to 2034
Table 55: South Asia & Pacific Market Value (US$ Mn) Analysis, by Country, 2019 to 2023
Table 56: South Asia & Pacific Market Value (US$ Mn) Analysis, by Country, 2024 to 2034
Table 57: South Asia & Pacific Market Value (US$ Mn) Opportunity Analysis, by Country, 2024 to 2034
Table 58: South Asia & Pacific Market Value (US$ Mn) Analysis, by Service, 2019 to 2023
Table 59: South Asia & Pacific Market Value (US$ Mn) Analysis, by Service, 2024 to 2034
Table 60: South Asia & Pacific Market Value (US$ Mn) Opportunity Analysis, by Service, 2024 to 2034
Table 61: South Asia & Pacific Market Value (US$ Mn) Analysis, by End Use, 2019 to 2023
Table 62: South Asia & Pacific Market Value (US$ Mn) Analysis, by End Use, 2024 to 2034
Table 63: South Asia & Pacific Market Value (US$ Mn) Opportunity Analysis, by End Use, 2024 to 2034
Table 64: MEA Market Value (US$ Mn) Analysis, by Country, 2019 to 2023
Table 65: MEA Market Value (US$ Mn) Analysis, by Country, 2024 to 2034
Table 66: MEA Market Value (US$ Mn) Opportunity Analysis, by Country, 2024 to 2034
Table 67: MEA Market Value (US$ Mn) Analysis, by Service, 2019 to 2023
Table 68: MEA Market Value (US$ Mn) Analysis, by Service, 2024 to 2034
Table 69: MEA Market Value (US$ Mn) Opportunity Analysis, by Service, 2024 to 2034
Table 70: MEA Market Value (US$ Mn) Analysis, by End Use, 2019 to 2023
Table 71: MEA Market Value (US$ Mn) Analysis, by End Use, 2024 to 2034
Table 72: MEA Market Value (US$ Mn) Opportunity Analysis, by End Use, 2024 to 2034
List Of Figures
Figure 01: Global Market Value (US$ Mn) Historical Analysis, 2019 to 2023
Figure 02: Global Market Value (US$ Mn) Forecast and Analysis, 2024 to 2034
Figure 03: Global Market Value Y-o-Y Growth and Forecast, 2019 to 2034
Figure 04: Global Market Incremental $ Opportunity, 2024 to 2034
Figure 05: Global Market Share and BPS Analysis by Service, 2024 & 2034
Figure 06: Global Market Y-o-Y Growth Projections by Service, 2024 to 2034
Figure 07: Global Market Attractiveness Analysis by Service, 2024 to 2034
Figure 08: Global Market Share and BPS Analysis by End Use, 2024 & 2034
Figure 09: Global Market Y-o-Y Growth Projections by End Use, 2024 to 2034
Figure 10: Global Market Attractiveness Analysis by End Use, 2024 to 2034
Figure 11: Global Market Share and BPS Analysis by Region, 2024 & 2034
Figure 12: Global Market Y-o-Y Growth Projections by Region, 2024 to 2034
Figure 13: Global Market Attractiveness Analysis by Region, 2024 to 2034
Figure 14: North America Market Value (US$ Mn) Historical Analysis, 2019 to 2023
Figure 15: North America Market Value (US$ Mn) Forecast and Analysis, 2024 to 2034
Figure 16: North America Market Value Y-o-Y Growth and Forecast, 2034
Figure 17: North America Market Incremental $ Opportunity, 2024 to 2034
Figure 18: North America Market Share Analysis by Country, 2024 & 2034
Figure 19: North America Market Y-o-Y Growth Projection by Country, 2024 to 2034
Figure 20: North America Market Attractiveness Analysis by Country, 2024 to 2034
Figure 21: North America Market Share and BPS Analysis by Service, 2024 & 2034
Figure 22: North America Market Y-o-Y Growth Projections by Service, 2024 to 2034
Figure 23: North America Market Attractiveness Analysis by Service, 2024 to 2034
Figure 24: North America Market Share and BPS Analysis by End Use, 2024 & 2034
Figure 25: North America Market Y-o-Y Growth Projections by End Use, 2024 to 2034
Figure 26: North America Market Attractiveness Analysis by End Use, 2024 to 2034
Figure 27: Latin America Market Value (US$ Mn) Historical Analysis, 2019 to 2023
Figure 28: Latin America Market Value (US$ Mn) Forecast and Analysis, 2024 to 2034
Figure 29: Latin America Market Value Y-o-Y Growth and Forecast, 2019 to 2034
Figure 30: Latin America Market Incremental $ Opportunity, 2024 to 2034
Figure 31: Latin America Market Share Analysis by Country, 2024 & 2034
Figure 32: Latin America Market Y-o-Y Growth Projection by Country, 2024 to 2034
Figure 33: Latin America Market Attractiveness Analysis by Country, 2024 to 2034
Figure 34: Latin America Market Share and BPS Analysis by Service, 2024 & 2034
Figure 35: Latin America Market Y-o-Y Growth Projections by Service, 2024 to 2034
Figure 36: Latin America Market Attractiveness Analysis by Service, 2024 to 2034
Figure 37: Latin America Market Share and BPS Analysis by End Use, 2024 & 2034
Figure 38: Latin America Market Y-o-Y Growth Projections by End Use, 2024 to 2034
Figure 39: Latin America Market Attractiveness Analysis by End Use, 2024 to 2034
Figure 40: Western Europe Market Value (US$ Mn) Historical Analysis, 2019 to 2023
Figure 41: Western Europe Market Value (US$ Mn) Forecast and Analysis, 2024 to 2034
Figure 42: Western Europe Market Value Y-o-Y Growth and Forecast, 2019 to 2034
Figure 43: Western Europe Market Incremental $ Opportunity, 2024 to 2034
Figure 44: Western Europe Market Share Analysis by Country, 2024 & 2034
Figure 45: Western Europe Market Y-o-Y Growth Projection by Country, 2024 to 2034
Figure 46: Western Europe Market Attractiveness Analysis by Country, 2024 to 2034
Figure 47: Western Europe Market Share and BPS Analysis by Service, 2024 & 2034
Figure 48: Western Europe Market Y-o-Y Growth Projections by Service, 2024 to 2034
Figure 49: Western Europe Market Attractiveness Analysis by Service, 2024 to 2034
Figure 50: Western Europe Market Share and BPS Analysis by End Use, 2024 & 2034
Figure 51: Western Europe Market Y-o-Y Growth Projections by End Use, 2024 to 2034
Figure 52: Western Europe Market Attractiveness Analysis by End Use, 2024 to 2034
Figure 53: Eastern Europe Market Value (US$ Mn) Historical Analysis, 2019 to 2023
Figure 54: Eastern Europe Market Value (US$ Mn) Forecast and Analysis, 2024 to 2034
Figure 55: Eastern Europe Market Value Y-o-Y Growth and Forecast, 2019 to 2034
Figure 56: Eastern Europe Market Incremental $ Opportunity, 2024 to 2034
Figure 57: Eastern Europe Market Share Analysis by Country, 2024 & 2034
Figure 58: Eastern Europe Market Y-o-Y Growth Projection by Country, 2024 to 2034
Figure 59: Eastern Europe Market Attractiveness Analysis by Country, 2024 to 2034
Figure 60: Eastern Europe Market Share and BPS Analysis by Service, 2024 & 2034
Figure 61: Eastern Europe Market Y-o-Y Growth Projections by Service, 2024 to 2034
Figure 62: Eastern Europe Market Attractiveness Analysis by Service, 2024 to 2034
Figure 63: Eastern Europe Market Share and BPS Analysis by End Use, 2024 & 2034
Figure 64: Eastern Europe Market Y-o-Y Growth Projections by End Use, 2024 to 2034
Figure 65: Eastern Europe Market Attractiveness Analysis by End Use, 2024 to 2034
Figure 66: East Asia Market Value (US$ Mn) Historical Analysis, 2019 to 2023
Figure 67: East Asia Market Value (US$ Mn) Forecast and Analysis, 2024 to 2034
Figure 68: East Asia Market Value Y-o-Y Growth and Forecast, 2019 to 2034
Figure 69: East Asia Market Incremental $ Opportunity, 2024 to 2034
Figure 70: East Asia Market Share Analysis by Country, 2024 & 2034
Figure 71: East Asia Market Y-o-Y Growth Projection by Country, 2024 to 2034
Figure 72: East Asia Market Attractiveness Analysis by Country, 2024 to 2034
Figure 73: East Asia Market Share and BPS Analysis by Service, 2024 & 2034
Figure 74: East Asia Market Y-o-Y Growth Projections by Service, 2024 to 2034
Figure 75: East Asia Market Attractiveness Analysis by Service, 2024 to 2034
Figure 76: East Asia Market Share and BPS Analysis by End Use, 2024 & 2034
Figure 77: East Asia Market Y-o-Y Growth Projections by End Use, 2024 to 2034
Figure 78: East Asia Market Attractiveness Analysis by End Use, 2024 to 2034
Figure 79: South Asia & Pacific Market Value (US$ Mn) Historical Analysis, 2019 to 2023
Figure 80: South Asia & Pacific Market Value (US$ Mn) Forecast and Analysis, 2024 to 2034
Figure 81: South Asia & Pacific Market Value Y-o-Y Growth and Forecast, 2019 to 2034
Figure 82: South Asia & Pacific Market Incremental $ Opportunity, 2024 to 2034
Figure 83: South Asia & Pacific Market Share Analysis by Country, 2024 & 2034
Figure 84: South Asia & Pacific Market Y-o-Y Growth Projection by Country, 2024 to 2034
Figure 85: South Asia & Pacific Market Attractiveness Analysis by Country, 2024 to 2034
Figure 86: South Asia & Pacific Market Share and BPS Analysis by Service, 2024 & 2034
Figure 87: South Asia & Pacific Market Y-o-Y Growth Projections by Service, 2024 to 2034
Figure 88: South Asia & Pacific Market Attractiveness Analysis by Service, 2024 to 2034
Figure 89: South Asia & Pacific Market Share and BPS Analysis by End Use, 2024 & 2034
Figure 90: South Asia & Pacific Market Y-o-Y Growth Projections by End Use, 2024 to 2034
Figure 91: South Asia & Pacific Market Attractiveness Analysis by End Use, 2024 to 2034
Figure 92: MEA Market Value (US$ Mn) Historical Analysis, 2019 to 2023
Figure 93: MEA Market Value (US$ Mn) Forecast and Analysis, 2024 to 2034
Figure 94: MEA Market Value Y-o-Y Growth and Forecast, 2019 to 2034
Figure 95: MEA Market Incremental $ Opportunity, 2024 to 2034
Figure 96: MEA Market Share Analysis by Country, 2024 & 2034
Figure 97: MEA Market Y-o-Y Growth Projection by Country, 2024 to 2034
Figure 98: MEA Market Attractiveness Analysis by Country, 2024 to 2034
Figure 99: MEA Market Share and BPS Analysis by Service, 2024 & 2034
Figure 100: MEA Market Y-o-Y Growth Projections by Service, 2024 to 2034
Figure 101: MEA Market Attractiveness Analysis by Service, 2024 to 2034
Figure 102: MEA Market Share and BPS Analysis by End Use, 2024 & 2034
Figure 103: MEA Market Y-o-Y Growth Projections by End Use, 2024 to 2034
Figure 104: MEA Market Attractiveness Analysis by End Use, 2024 to 2034
- FAQs -
How big is the business process outsourcing (BPO) market in 2024?
The global market for business process outsourcing is estimated at US$ 318.8 billion in 2024.
What are the projections for the worldwide BPO market by 2034?
Revenue from BPO services is projected to reach US$ 688.2 billion by 2034.
At what rate is the demand for business process outsourcing services projected to rise?
Worldwide demand for BPO services is forecasted to rise at 8% CAGR from 2024 to 2034.
Which region is a leading shareholder in the global BPO market?
East Asia is estimated to account for 25% share of the global market in 2024.
At what pace is the South Korean market forecasted to expand?
The market in South Korea is projected to expand at 9.3% CAGR from 2024 to 2034.
What is the market scenario for BPO in Canada?
The BPO market in Canada is projected to reach US$ 71.2 billion by 2034-end.
Who are the market leaders in the BPO business?
Leading market players are Accenture Plc., IBM Corporation, Cognizant, Concentrix, and Wipro Limited.
Which type of service accounts for higher revenue generation?
Finance and accounting are projected to account for 22% market share in 2024.
Business Process Outsourcing (BPO) Market