With a compound annual growth rate (CAGR) of 3.0%, the global market for business process outsourcing increased from $269.47 billion in 2017 to $312.21 billion in 2022.
Market size is anticipated to increase from $312.21 billion in 2022 to $374.75 billion in 2027 and then to $460.69 billion in 2032 at a CAGR of 3.7% and 4.2%, respectively.
Strong economic growth in emerging economies, the creation of start-ups, a talent pool with low costs in emerging markets, and growth in the retail and e-commerce verticals were all factors in growth during the historical period.
Rising attrition and cybersecurity worries were two factors that hampered progress during the historical period. The customer relationship management (CRM) BPO, human resources outsourcing (HRO) BPO, and financial BPO segments make up the business processes outsourcing market.