DUBLIN, IRELAND – Research and Markets recently released an analysis report stating that the Asia Pacific’s BPO market is projected to reach USD 178.74B by 2023 (from USD 77.88B in 2024) with a CAGR of 9.67% during 2025–2033.
The growth is driven by:
- Cost savings. The Philippines, India, and Vietnam are top destinations for affordable wages, especially with favorable currency exchange rates.
- Digital transformation. AI, RPA, and cloud tools enable firms to work faster and offer more advanced services. The strong IT ecosystem also supports complex tasks like finance and data analytics.
- Government support. The Philippine, Indian, and Malaysian governments support the BPO industry through tax benefits, skills training programs, and IT infrastructure.
The State of APAC BPO Markets
According to the R&M’s report, APAC’s BPO markets show signs of good business health and performance.
Clients from these industries continue to partner with BPO firms for these reasons:
- Finance and accounting process outsourcing market
- To lower operational work and improve efficiency
- To leverage AI and automation tools for more accurate services that adhere to global compliance
- Knowledge process outsourcing market
- To gain expert insights and make faster decisions
- To stay competitive globally
- Procurement outsourcing market
- To manage the supply chain and cut spending
- To use digital tools and analytics for transparency and decision-making
- Banking, financial services, and insurance outsourcing market
- To save costs and comply with strict financial regulations
- To increase efficiency and accuracy with AI and automation tools
- Healthcare outsourcing market
- To maintain compliance with regulations like HIPAA more easily
- To reduce mistakes and lower costs with AI and automation tools
