Visiongain has released a new report titled Asia-Pacific Business Process Outsourcing (BPO) 2023-2033. It includes profiles of Business Process Outsourcing (BPO) in Asia Pacific and Market Segment by Type, (Nearshore, Offsource, Onshore) Market Segment by Service, (Voice Processing, Telemarketing Services, Visualization Services, Other Services) Market Segment by Application, (Customer Service and Demonstrations, Sales and Marketing, Finance and Accounting, Human Resources and Development, Other Application) Market Segment by End User, (IT and Telecom, BFSI, Healthcare Sector, Manufacturing, Retail & e-Commerce, Others Market Segment by Region, (South Asia, Southeast Asia, East Asia, West Asia, Central Asia) plus Impact Analysis COVID-19 and Analysis of Recovery Patterns (“V-Shape”, “W-Shape”, “U-Shape “L”, “L-Shape”), Leader Company Profiles, Region and country.
The Asia-Pacific business process outsourcing (BPO) market was valued at USD 68.8 billion in 2022 and is projected to grow at a CAGR of 8.2% during the forecast period 2023-2033.
An increase in the use of BPO services by start-ups
Facts have caught up with practice and business process outsourcing helps start-ups thrive globally (BPO). The idea that BPO is exclusively reserved for large, established companies is no longer true. Businesses of all shapes and sizes are taking advantage of the new development. Outsourcing, which many start-ups are hesitant to use, could be one of those answers. However, a dynamic assessment of a business might reveal a need to cut costs, add critical human resources, or support specific business processes that lack the required infrastructure. The idea that BPO is exclusively reserved for large, established companies is no longer true. Businesses of all shapes and sizes are taking advantage of the new development. In a 2018 Clutch survey, 37% of small businesses said they outsource at least one key business operation, while 52% said they plan to do so the following year. Growth and scaling must be a top strategic priority if you want to achieve your desired unicorn status (worth over $1 billion).
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How has COVID-19 caused a significant negative impact on the Asia-Pacific Business Process Outsourcing (BPO) Market?
Nearly every industry has been negatively impacted by the COVID19 issue, which has led to disruption of supply chains, nationwide shutdowns, and organizations considering the idea of long-term remote work or even permanent. In the business process outsourcing (BPO) industry, contact center employees take millions of calls daily while working from various locations. China was the first country to require such people to work remotely in response to the COVID-19 outbreak, and other countries quickly followed. The longevity of these workers depends on a variety of factors, including their ability to change and their willingness to collaborate across functional lines.
According to a recent survey, the COVID-19 epidemic could affect our ability to sleep. Since the start of the pandemic, 70% of people have reported experiencing one or more new sleep difficulties. World Sleep Day raises awareness of the need for sleep for physical and mental health. 13,000 people in 13 countries were interviewed for the Royal Philips study, which looked at attitudes, opinions and sleep patterns. People all over the world are aware that they are not getting enough sleep and for some the pandemic has had a detrimental effect on their sleep.
How will this report help you?
Visiongain’s 302-page report provides 157 charts and 158 charts/graphs. Our new study is suitable for anyone who needs in-depth business analyzes for the Asia-Pacific Business Process Outsourcing (BPO) market along with in-depth analysis of market segments. Our new study will help you assess the overall regional business process outsourcing (BPO) market in Asia-Pacific. Obtain financial analysis of the overall market and different segments including type, service, application, end user and company size and capture higher market share. We believe there are strong opportunities in this rapidly growing Asia-Pacific business process outsourcing (BPO) market. Find out how to use the existing and upcoming opportunities in this market to generate revenue in the near future. Moreover, the report will help you improve your strategic decision-making, enabling you to set growth strategies, strengthen analysis of other market players and maximize business productivity.
What are the current market drivers?
Growing demand for cost effective solutions
Companies in the Asia-Pacific region are looking for cost-effective solutions to reduce their operational costs. Business process outsourcing (BPO) services offer a cost-effective way to outsource non-core business functions such as customer service, human resources and finance.
Increased adoption of digital technologies
The adoption of digital technologies such as automation, artificial intelligence and cloud computing is driving the growth of BPO services in the Asia-Pacific region. These technologies allow BPO providers to offer more efficient and effective services to their clients.
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Where are the market opportunities?
Increased skilled labor in the region
The Asia-Pacific region has a large pool of skilled labor, especially in countries like India, the Philippines, and China. This skilled workforce is a major driver of the BPO market in the region.
Growing outsourcing trend and government initiatives
Businesses in the Asia-Pacific region are increasingly outsourcing non-core business functions to focus on their core competencies. This trend is driving the growth of the BPO market in the region. Governments in the Asia-Pacific region are promoting the BPO industry through initiatives such as tax incentives, grants, and infrastructure development. This encourages more businesses to invest in BPO services.
Economic growth in this region is a driving factor for the growth of the BPO market as companies expand and look for cost-effective solutions to operate their business. Key Players operating in the Asia Pacific business process outsourcing (BPO) market are Accenture Plc, IBM Corporation, Cognizant, Capgemini SE, Infosys Limited, ADP Inc., Amdocs, CBRE Group, Inc., Concentrix Corporation , HCL Technologies Limited. These major players operating in this market have adopted various strategies including mergers and acquisitions, R&D investments, collaborations, partnerships, regional business expansion and new product launches.
December 02, 2022, Fiftyfive5, a customer insights and advisory firm, was acquired by Accenture (NYSE: ACN). Accenture Song’s (formerly Accenture Interactive) ability to help clients leverage data insights and performance marketing to accelerate growth and innovation in Australia and New Zealand will be enhanced as a result of this move.
On December 7, 2022, IBM signed an agreement to acquire Octo, a U.S. provider of IT modernization and digital transformation services for the federal government, including defense, healthcare, and civilian agencies. IBM’s acquisition of Octo creates one of the federal government’s most important digital transformation partners.
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