- May 9, 2023
- Posted by: TAAG
- Category: News
According to a recent report, the business process outsourcing (BPO) sector will continue to grow significantly over the next decade, with the BPO market expected to grow from $245.9 billion in 2022 to $544.8 billion in 2032. This corresponds to a compound annual growth rate (CAGR) of 8.5%. The report examines market performance according to service type, operating model, end-user type, and region.
By 2032, customer service is expected to account for a massive 31% of the BPO industry. Cloud computing will account for 69% of the BPO market share. The IT and telecom sectors will account for 34% of the market share.
Increased government support, access to experienced and skilled workers, and a focus on business continuity planning are identified in the report as additional factors contributing to the expansion of the business process outsourcing sector.
Cybercrime and information security risks, rising labor costs, and regulatory shifts in countries where services are frequently outsourced are just some of the challenges of the BPO market that are highlighted in the report.