07 May 2021
Visiongain has published a new report Asia-Pacific Business Process Outsourcing (BPO) Market Report to 2031: Forecasts by services (Finance & Accounting, Human Resources, Sales & Marketing, Procurement Outsourcing & Supply Chain, Others), by industry vertical (Banking, Financial Services, and Insurance (BFSI), Healthcare, Manufacturing, IT & Telecommunication, Retail, Others). PLUS Profiles of Leading Business Process Outsourcing Companies and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
Asia Pacific business process outsourcing market was valued at US$ xx billion in 2020 and is projected to reach at a market value of US$ xx billion by 2031. Business process outsourcing (BPO) is a process of contracting standard business functions via third-party service company. BPO helps in enhancing & accelerating business operations such as application processing, collection & billing, order fulfilment, back-office operations, and other management which contribute towards large accumulation of data of the organizations. Moreover, as BPO provides a huge number of job opportunities, companies are largely depending on business outsourcing as a long-term cost-effective solution.
Increased demand for outsourcing BPO services across several industry verticals, rapid growth in establishment of customer service centers & call centers, and government initiatives & support for the development of business process outsourcing industry in the region are some of the major factors fuelling the market growth. On the contrary, surge in adoption of advance technologies, increased demand for productivity improvement & multiple job openings such as web design, equity research. These factors, as a result expected to boost the demand for BPO market in Asia Pacific region.
COVID-19 Impact on Asia Pacific Business Process Outsourcing Market
The pandemic has a significant impact on business process outsourcing in the region due to increased trend of digital adoption and massive growth in the concept of work from home (WFH). As working remotely provides greater job opportunities and due to several business lockdowns & shutdowns, part time & full time workers have largely switched towards BPO services in the region.
Rapid growth in establishment of customer service centers & call centers
The establishment of call centers & centers continuing to rise due to enhanced business operations with multi-channel offering, improved revenue metric, and increased efficiency to optimize services in the market. Therefore, due to these major benefits under BPO sector is accelerating the growth of customer services centers & call centers, which is fuelling the market growth.
Government initiatives & support for the development of business process outsourcing industry
Due to increased adoption of personal gadgets, rise in internet penetration, and massive growth in BPO services companies, governments in the region are increasingly supporting BPO industry, which is driving the market growth. For instance, in India, in a midst of ongoing pandemic situation, the government has announced simplified guidelines for Business Process Outsourcing (BPO) and IT Enabled Services (ITES) players, by reducing the compliance burden for the industry and facilitating 'Work from Home' and 'Work from Anywhere' initiative in the country.
Increased demand for productivity improvement & multiple job openings such as web design, equity research
Massive growth in adoption & access to internet, rise in awareness towards advance courses, and increased substitutions for career opportunities are accelerating the demand for multiple jobs in the BPO industry. Furthermore, major companies in the industry demanding for rapid production improvements, therefore, these factors expected to provide an immense opportunity to increase & expand BPO services in the region.
Surge in adoption of advance technologies
Rise in adoption of emerging technologies such as artificial intelligence, Robotic process automation (RPA), blockchain, hybrid clouds, advanced analytics, Internet of things, augmented reality, cybersecurity, and others. This, as a result helps in boosting the business operations and is expected to maintain this trends during the forecast period.
Some of the companies profiled in the report include Accenture, Aegis Limited, Capgemini, CBRE Group, Inc., Genpact, HCL Technologies Limited, IBM Corporation, Infosys Limited, Tata Consultancy Services Limited, and Wipro Limited.
In September 2020, BPO council of Fiji has re-shored jobs in Australia & New Zealand and had opened up opportunities for Fiji in the outsourcing industry. In addition, the council has initiated planning to add contact centre courses to their curriculum which are accredited to Australia and New Zealand standards.
In January 2020, in Japan, TOBISHIMA CORPORATION initiated a project to develop a new construction management framework by utilizing business process outsourcing (BPO) services provides by transcosmos inc. in the country. In addition, this expansion in infrastructure would likely to boost the growth of BPO market in the country.
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