The study, Market Trends: How to Profit From BPO Services in Asia Pacific, 2012, also predicts that the market is on pace to total US$6.45 billion in 2012.

"This presents opportunities to BPO service providers that are willing to invest in the region. Key drivers for BPO buyers in Asia Pacific are scalability, quality, best-of-breed process and technology infusion, and improved service levels," said T.J. Singh, research director at Gartner.

"Cost continues to be a consideration in all deals. Asia Pacific is an immature market for BPO services. No one provider dominates every type of BPO service, and very few BPO providers can successfully demonstrate true regional or Pan- Asia Pacific BPO capabilities for multiple processes," added Singh.

The fastest-growing BPO markets within Asia Pacific will continue to be led by China and India. By vertical industry, banking and financial services, communications, government (both local and federal), technology, retail, and travel and transportation continue to be the largest consumers of BPO services in the region.

Asia Pacific continues to present service providers with lucrative high growth and profitable markets that are still relatively underdeveloped and untapped.