Asia Pacific holds the dominant global services market share, but it is declining; Nearshore Europe and Latin America / Caribbean continue to grow
In the current day and age, we have moved into the “Talent Era,” where human capital is a top priority for organisations across the globe. With the fast-changing global economic landscape, wherein the emerging economies of Asia Pacific (APAC), such as China and India, are moving towards global economic supremacy, it is only natural that their talent needs are on the rise. This has consequently led to a steep demand for talent acquisition and talent management-related services in APAC.
The concept of recruitment process outsourcing (RPO) and managed service provider (MSP) programmes is picking up pace in these markets. Historically pioneered by West-headquartered organisations that had a presence in APAC, the RPO and MSP markets have reached a tipping point where many locally headquartered buyers have started embracing these solutions.
Global IT services market: Key geographies in North America, Europe, Asia Pacific, and Latin America
While North America will continue to be a key buyer geography, EMEA and Asia Pacific are likely to drive the next wave of growth in the analytics BPS market
Although North America has traditionally been the primary MSP market, EMEA has gained significant importance and Asia Pacific is fast emerging
Although Asia Pac maintains the majority share of new center setups, its share has declined as other regions, particularly Nearshore Europe, have grown
Asia Pacific dominates global services market share; nearshore Europe and Latin America / Caribbean are growing