Global Business Process Outsourcing (BPO) Market

Global Business Process Outsourcing Market Size, Share, Growth Analysis, By Service Type(Customer Services, Finance & Accounting), By End Use(IT & Telecommunication, BFSI) - Industry Forecast 2023-2030


Report ID: SQMIG45B2086 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 61 | Figures: 76

Global Business Process Outsourcing Market Insights

Business Process Outsourcing Market size was valued at USD 239.3 billion in 2021 and is poised to grow from USD 261.9 billion in 2022 to USD 525.2 billion by 2030, growing at a CAGR of 9.4% in the forecast period (2023-2030).

The Business Process Outsourcing market is fueled by elements including the growing emphasis placed by businesses on enhancing productivity and adaptability, reducing operating expenses, and emphasizing core competencies to survive the ever-changing business dynamics. Several organizations are also concentrating more on lowering the cost of doing business to access global resources to fulfill the expanding Business Process Outsourcing industry demands. These factors have promoted the adoption of business process outsourcing (BPO) services across several firms that concentrate on technological advancements like AI and cloud computing for enhancing organizational efficiency. The COVID-19 pandemic's effects in 2021 also increased demand for standardized platform services, which give BPOs the ability to handle complicated business procedures and open up new opportunities for Business Process Outsourcing market expansion. BPO is the practice of assigning duties and operations for several business functions to outside service providers. Due to their advantages, including lower prices, more flexibility, and higher service quality, BPO services are in high demand. Additionally, BPO enables businesses to emphasize their core business operations so that they can provide customers with additional value. Due to its advantages, BPO services are in demand throughout end-use industries, including IT & telecommunication, BFSI, and healthcare.

One of the key factors driving the expansion of business process outsourcing is the rising popularity of cloud computing. Increased time to market, enhanced quality control and cost savings are all made possible by cloud computing for BPO providers. Additionally, cloud computing in BPO ensures immediate access to systems and support for computing, flexible provisioning, and all-access whenever necessary to meet business needs. During the forecast period, it is expected that these advantages will have a positive influence on the adoption of cloud computing in the business process outsourcing market. The growth prospects of the Business Process Outsourcing market are, however, expected to be constrained during the forecast period by concerns about confidentiality and intellectual property rights. The need to cut operational costs frequently forces the outsourcer to operate in nations without a well-established legal system to safeguard it against confidentiality and intellectual property rights violations. Due to the possibility that even a small mistake could permanently harm the outsourcing company's position in the market, outsourcing companies frequently worry about how the outsources handle the information shared. Additionally, Business Process Outsourcing market growth is expected to benefit from the growing number of government initiatives being carried out to encourage the use of cloud computing in the Business Process Outsourcing industry.

Beginning in 2021, there were social and economic disruptions brought on by the sharp rise in COVID-19 cases, and outsourcing tasks became more difficult. However, it is expected that the modifications made to business operations as a result of these disruptions will ultimately fuel the Business Process Outsourcing market. Business Continuity Plans (BCP) have been restructured by BPO companies to accommodate distributed workforces, which has altered their business models. Businesses now understand the value of disaster recovery and continuous operations planning for creating more dependable business models that can withstand unforeseeable disruptions like the COVID-19 pandemic. For instance, the major Business Process Outsourcing market players, such as Accenture and Infosys Limited (Infosys BPM), claimed that more than 80–90% of their staff members were working from remote locations as a result of the COVID-19 pandemic in 2021. The subsequent disruption to the workforce management process resulted in a lack of infrastructure equipment and increased data security risks, which in turn caused decreased work efficiency and delays in project completion in the Business Process Outsourcing market.

US Business Process Outsourcing Market is poised to grow at a sustainable CAGR for the next forcast year.

Market snapshot - 2023-2030

Global Market Size

USD 239.3 billion

Largest Segment

BFSI

Fastest Growth

BFSI

Growth Rate

9.4% CAGR

Global BPO Market 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
Global BPO Market Size by End-User, 2021-2028 ($ Bn)
Global BPO Market Size by End-User, 2021-2028 (%)

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Global Business Process Outsourcing Market Segmental Analysis

Business Process Outsourcing (BPO) Market is segmented based on Service Type, End Use, and Region. Based on Service Type the Business Process Outsourcing market is further sub-segmented into Customer Services, Finance & Accounting. Based on End Use the Business Process Outsourcing market is further sub-segmented into IT & Telecommunication, and BFSI. Based on Region the Business Process Outsourcing market is further sub-segments into North America, Europe, Asia Pacific, Latin America, and MEA.

Business Process Outsourcing Market Analysis by Service Type

In 2021, the Business Process Outsourcing market was dominated by the customer services segment, which had a revenue share of over 30%. The Business Process Outsourcing market is expected to continue to lead, with the fastest CAGR during the forecast period. The overwhelming Business Process Outsourcing market share can be attributed to the rising number of service centers around the world that require both online and offline technical support. BPO companies with a focus on customer service are experts at handling requests and questions from customers that come in through various channels, including emails, phone calls, chats, social media, and other channels. Most of them also offer self-service assistance, ensuring that clients can find solutions to their questions whenever they need them.

During the forecast period, it is expected that the finance and accounting segment will expand significantly. This can be attributed to the growing number of banking facilities and strict regulatory requirements in the banking industry, which have led to the requirement for outsourcing services that can significantly lower operation costs. In addition, it is expected that the human resource services segment will expand significantly throughout the forecast period due to the increased demand for resources in a variety of fields, including payment processing, recruitment and relocation, administration, and other employee benefits services.

Business Process Outsourcing Market Analysis by End Use

The IT & telecommunications sector, which accounted for about 34.0% of the Business Process Outsourcing market as a whole, had the highest revenue share in 2021. One of the main factors driving the demand for BPO services across IT and telecommunication companies is the increase in the number of IT companies and the rapid industrialization of the world. IT and telecom BPO services meet the rising demand for connectivity, deal with security concerns, and develop fresh products for the newest gadgets and technological advancements. Call center outsourcing, billing operations, finance, and accounting are just a few of the business tasks that telecom companies outsource. By outsourcing, telecom companies can lower their capital expenditures, develop flexible customer acquisition and retention strategies, gain access to specialized resources, maximize their current investments, and control cost pressures.

Global BPO Market Share By End-User, 2021 (%), 2021 (%)

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Global Business Process Outsourcing Market Regional Insights

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.

Global BPO Market By Geography, 2021 - 2028, 2023-2030
  • Largest
  • Fastest

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Global Business Process Outsourcing Market Dynamics

Business Process Outsourcing Market Driver

  • The main driver of business process outsourcing services is the growing use of BPO services in the IT and telecommunications industries. The Business Process Outsourcing market is being strengthened by the BPO services' adaptability to a variety of end-use sectors, such as banking, financial services, healthcare, and manufacturing. The use of BPO services is increasing due to decreased operating expenses and enhanced efficiency of support and customer service tasks. BPO services can provide consistent, pertinent, and round-the-clock support for crucial business activities because of their interconnection to organizations. Focusing on shared workloads will help businesses succeed going forward by increasing the demand for business process outsourcing. Businesses are putting more money into BPO, which is fueling Business Process Outsourcing market expansion.

Business Process Outsourcing Market Restraint

  • However, it is projected that concerns about confidentiality and intellectual property rights will limit the growth possibilities of the BPO business within the expected time frame. When operating expenses must be cut, outsourcing companies frequently choose locations in nations without a developed legal system to safeguard them from data breaches and infringements of intellectual property rights. Because even a tiny mistake could result in a long-term setback for the company's market position, outsourcing organizations are frequently worried about how the outsources handle the information shared. It is also expected that the rising number of government initiatives to encourage the use of cloud computing in the Business Process Outsourcing industry will be positive for Business Process Outsourcing market expansion.

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Global Business Process Outsourcing Market Competitive Landscape

Accenture, Amdocs, Infosys Limited, HCL Technologies Limited, CBRE Group Inc., Wipro Limited, and Capgemini are some of the major market participants that will control the world Business Process Outsourcing market in 2021. To survive in the fiercely competitive market, businesses employ inorganic growth tactics like mergers and acquisitions, collaborations, and global expansion. Amdocs and VEON Ltd., a connectivity and internet service provider, entered a seven-year collaboration in October 2021 to provide cutting-edge digital services to VEON's consumers in Uzbekistan and Kazakhstan.

Business Process Outsourcing Market Top Player’s Company Profiles

  • Accenture
  • Accenture
  • IBM Corporation
  • Infosys Limited
  • Tata Consultancy Services (TCS)
  • Wipro Limited
  • Capgemini
  • Genpact
  • ADP
  • Conduent
  • NTT DATA
  • HCL Technologies
  • Cognizant Technology Solutions
  • WNS Global Services
  • EXL Service
  • Sutherland Global Services
  • Xerox Corporation
  • CGI Group
  • Tech Mahindra
  • Teleperformance
  • Serco Group

Business Process Outsourcing Market Recent Development

  • In March 2021, One of the industry's top leaders, Exela Technologies, partnered with Vocalink, a Mastercard company, to offer a "Request to Pay" solution that is a crucial part of the new PAY.UK payment architecture. The retail payment authority for "PAY.UK" aids in providing payment infrastructure.
  • In October 2021, the Confirmation of Payee ("CoP") system solution is a new payment detection and verification system introduced by Exela Technologies that aids in fraud detection, payment process verification, and security.

Global Business Process Outsourcing Key Market Trends

  • The business process outsourcing market is most prevalent in the Americas. Compared to Europe, the Middle East, and Africa combined, North America had the largest Business Process Outsourcing market. Robotic process automation (RPA), one of the new technologies that emerged in recent years, has started to affect the BPO sector. Using bots and artificial intelligence on a user interface, robotic process automation (RPA) completes tasks more quickly and affordably. RPA, with its cost savings, speed, and efficiency benefits is slowly making its way into all industries and all types of business processes. Although many BPO service providers face obstacles in this endeavor, the leading companies in the sector are already making efforts to incorporate robotic process automation into their standard client service offerings.

Global Business Process Outsourcing Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.

According to the analysis, the customer services segment dominated the global Business Process Outsourcing (BPO) Market in 2021 and is expected to maintain its dominance throughout the forecast period. In 2021, North America dominated the global Business Process Outsourcing (BPO) Market owing to the region's highly aware and economically stable population.

Report Metric Details
Market size value in 2021 USD 239.3 billion
Market size value in 2030 USD 525.2 billion
Growth Rate 9.4%
Base year 2021
Forecast period 2023-2030
Forecast Unit (Value) USD Billion
Segments covered
  • Service Type
    • Customer Services, Finance & Accounting
  • End Use
    • IT & Telecommunication, BFSI
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Accenture
  • Accenture
  • IBM Corporation
  • Infosys Limited
  • Tata Consultancy Services (TCS)
  • Wipro Limited
  • Capgemini
  • Genpact
  • ADP
  • Conduent
  • NTT DATA
  • HCL Technologies
  • Cognizant Technology Solutions
  • WNS Global Services
  • EXL Service
  • Sutherland Global Services
  • Xerox Corporation
  • CGI Group
  • Tech Mahindra
  • Teleperformance
  • Serco Group
Customization scope

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Business Process Outsourcing Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Business Process Outsourcing Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Global Business Process Outsourcing Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Business Process Outsourcing Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Business Process Outsourcing Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Business Process Outsourcing Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Business Process Outsourcing Market size was valued at USD 239.3 billion in 2021 and is poised to grow from USD 261.9 billion in 2022 to USD 525.2 billion by 2030, growing at a CAGR of 9.4% in the forecast period (2023-2030).

Accenture, Amdocs, Infosys Limited, HCL Technologies Limited, CBRE Group Inc., Wipro Limited, and Capgemini are some of the major market participants that will control the world Business Process Outsourcing market in 2021. To survive in the fiercely competitive market, businesses employ inorganic growth tactics like mergers and acquisitions, collaborations, and global expansion. Amdocs and VEON Ltd., a connectivity and internet service provider, entered a seven-year collaboration in October 2021 to provide cutting-edge digital services to VEON's consumers in Uzbekistan and Kazakhstan. 'Accenture', 'Accenture', 'IBM Corporation', 'Infosys Limited', 'Tata Consultancy Services (TCS)', 'Wipro Limited', 'Capgemini', 'Genpact', 'ADP', 'Conduent', 'NTT DATA', 'HCL Technologies', 'Cognizant Technology Solutions', 'WNS Global Services', 'EXL Service', 'Sutherland Global Services', 'Xerox Corporation', 'CGI Group', 'Tech Mahindra', 'Teleperformance', 'Serco Group'

The main driver of business process outsourcing services is the growing use of BPO services in the IT and telecommunications industries. The Business Process Outsourcing market is being strengthened by the BPO services' adaptability to a variety of end-use sectors, such as banking, financial services, healthcare, and manufacturing. The use of BPO services is increasing due to decreased operating expenses and enhanced efficiency of support and customer service tasks. BPO services can provide consistent, pertinent, and round-the-clock support for crucial business activities because of their interconnection to organizations. Focusing on shared workloads will help businesses succeed going forward by increasing the demand for business process outsourcing. Businesses are putting more money into BPO, which is fueling Business Process Outsourcing market expansion.

The business process outsourcing market is most prevalent in the Americas. Compared to Europe, the Middle East, and Africa combined, North America had the largest Business Process Outsourcing market. Robotic process automation (RPA), one of the new technologies that emerged in recent years, has started to affect the BPO sector. Using bots and artificial intelligence on a user interface, robotic process automation (RPA) completes tasks more quickly and affordably. RPA, with its cost savings, speed, and efficiency benefits is slowly making its way into all industries and all types of business processes. Although many BPO service providers face obstacles in this endeavor, the leading companies in the sector are already making efforts to incorporate robotic process automation into their standard client service offerings.

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.

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