Business Process Outsourcing Market Size, Share, Growth Analysis, By Service Type(Finance & Accounting, Human Resource, KPO, Procurement & Supply Chain), By Outsourcing Type(Onshore, Nearshore, Offshore), By End Use(BFSI, Healthcare, Manufacturing, IT & Telecommunications), By Deployment Mode(On-premises, Cloud), By Region - Industry Forecast 2024-2031

Over 36% of the Business Process Outsourcing market's revenue was generated in North America in 2021, and this region is expected to continue expanding throughout the forecast period. As more tech giants require BPO services, it is expected that the region would continue to dominate. Regional expansion is also expected to be supported by the customization of service offerings to better fit individual demands and the rising demand for cloud computing. Similar to the American Business Process Outsourcing industry, the European Business Process Outsourcing market is expected to grow strongly due to the availability of a competent labor force as well as the high quality of services and operational effectiveness.

Due to the rising need for skilled workers, falling labor costs, and major investments in digital technology by top vendors like HCL Technologies Limited, Infosys Ltd., Accenture, and Wipro, the Asia Pacific market is expected to grow at the fastest CAGR between 2022 and 2028. For instance, HCL Technologies Limited began operations in Vietnam in December 2021. The company's ability to hire highly qualified professionals and provide improved IT solutions across the nation was made possible by the business expansion. It additionally enabled the business to increase its Business Process Outsourcing market share in the Asia Pacific.