Report : Asia-Pacific Customer Care BPO Market Forecast to 2028 - COVID-19 Impact and Regional Analysis - by Solution (Onshore Outsourcing, Offshore Outsourcing, and Nearshore Outsourcing) and End User (BFSI, IT and Telecommunication, Retail and E-Commerce, Manufacturing, Healthcare and Pharmaceutical, Transport and Logistics, Media and Communication, Automotive, and Others)
At 8.9% CAGR, the Asia-Pacific Customer Care BPO Market is speculated to be worth US$ 9,260.66 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia-Pacific customer care BPO market is expected to grow from US$ 6,044.52 million in 2023 to US$ 9,260.66 million by 2028, registering an annual growth rate of 8.9% from 2023 to 2028. Progressive IT and telecommunications sector and emergence of technologies such as artificial intelligence and cloud computing are the critical factors attributed to the Asia-Pacific customer care BPO market expansion.
The term BPO in the IT sector specifically refers to outsourcing non-core business processes such as human resources, finance and accounting, customer relationship management (CRM), and supply chain management. Moreover, the role of IT has changed with the rise of digital transformation and businesses moving online. Instead of merely delivering technology services, IT service providers are now expected to act as strategic partners that can help businesses to enhance their revenues. Business processes such as help desk support, IT infrastructure management, application development and management, business continuity and disaster recovery, digital marketing, data entry and processing, and customer relationship management can be outsourced. With the growing dependence of businesses on technology, the demand for BPO services would continue to grow in the future. There has been a subtle increase in demand of BPO services for IT services after the COVID-19 pandemic. These services ensure business continuity and pliability. BPO service companies provide intelligent solutions by aiding better insights and problem-solving abilities. According to a blog by Shortlister, 57% of companies preferred outsourcing to concentrate on core issues, operations, and activities in 2021. There is a rise in spending on deploying 5G infrastructures due to the shift in customer inclination toward next-generation technologies, and smartphone devices. Therefore, the ongoing proliferation of the IT sector provides lucrative growth opportunities for the customer care BPO market growth.
On the contrary, concerns regarding data security and privacy hurdles the growth of Asia-Pacific customer care BPO market.
On the basis of solution, the Asia-Pacific customer care BPO market is segmented into nearshore outsourcing, onshore outsourcing, and offshore outsourcing. The nearshore outsourcing segment held 48.3% market share in 2023, amassing US$ 2,919.47 million. It is projected to garner US$ 4,611.94 million by 2028 to expand at 9.6% CAGR during 2023–2028.
Based on end user, the Asia-Pacific customer care BPO market is further segmented into oil & gas, IT & telecom, power & utility, and others. The IT & telecom segment held 28.2% market share in 2023, amassing US$ 1,705.48 million. It is projected to garner US$ 2,788.16 million by 2028 to expand at 10.3% CAGR during 2023–2028.
Based on country, the Asia-Pacific customer care BPO market is segmented into China, Japan, India, South Korea, Australia, and the Rest of Asia-Pacific. Our regional analysis states that China captured 32.6% market share in 2023. It was assessed at US$ 1,970.86 million in 2023 and is likely to hit US$ 3,178.11 million by 2028, exhibiting a CAGR of 10.0% during the forecast period.
Key players dominating the Asia-Pacific customer care BPO market are Alorica Inc, Comdata SpA, Concentrix Corp, Foundever Operating Corp, Teleperformance SE, Telus International Cda Inc, TTEC Holdings Inc, and Webhelp Inc among others.
Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@businessmarketinsights.com