Business process outsourcing (BPO) services are provided to companies belonging to major industries for alleviating their workload. They deal with regulatory compliance, accounting, payment processing, human resources, and quality assurance. Market Research Future’s report on the global business process outsourcing services market provides readers an in-depth analysis on the workings of the industry coupled with various growth indicators for predicting its state for the period of 2019 to 2024 (forecast period). The COVID-19 pandemic and its impact are included in the report.
Various factors are propelling the future of outsourcing services market growth. According to the recent MRFR report, such factors include growing adoption of BPO services in IT and telecommunication, growing investments by enterprises for outsourcing business processes, and technological development are adding to the global business process outsourcing industry revenue growth in the region.
On the contrary, integrity and data privacy, and the recent COVID-19 pandemic may limit the global business process outsourcing services market growth in the region.
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Key players profiled in the global business process outsourcing (BPO) services market report include Conneqt Business Solution Limited, TTEC Holdings, Inc., Tata Consultancy Services Limited (TCS), IBM Corporation, Infosys BPM Limited, Capgemini, WNS (Holdings) Ltd, Accenture PLC, Conduent Inc., LLC, and ADP. Industry players have incorporated key strategies to stay at the forefront, such as mergers, geographic expansions, acquisitions, and others.
The global business process outsourcing (BPO) services market size is expected to reach USD 381.62 billion by the end of 2024. It can display 9.6% CAGR during the forecast period.
The need for scaling business operations and enhancing operational efficiency are major drivers of the market. Rising competition among conglomerates, investments in advanced technologies such as big data, cloud, and AI, and stress to innovate can fuel the market demand. This is facilitated by ease of labor policies in developing economies and subsidies for investments. Rising workload management and focus on productivity can lead to outsourcing of core projects by big companies.
The MRFR report highlights an inclusive segmental analysis of the global BPO industry based on vertical, organization size, deployment, and type.
By type, the global business process outsourcing services market is segmented into training and development outsourcing, e-commerce support services, back office outsourcing, finance and accounting outsourcing, IT outsourcing, and others. Of these, the IT outsourcing will lead the market over the forecast period. It is predicted to develop at a 9.4% CAGR.
By deployment, the global business process outsourcing services market is segmented into on-premise and cloud. Of these, the on-premise segment will dominate the market over the forecast period and at a 7.5% CAGR.
By organization size, the global business process outsourcing services market is segmented into large enterprises and SMEs. Of these, the large enterprises will spearhead the market over the forecast period at an 8.5% CAGR.
By vertical, the business process outsourcing services market is segmented into government and defense, life sciences, healthcare, manufacturing, retail and consumer goods, IT and telecommunications, BFSI, and others. Of these, the BFSI segment will stay at the forefront in the market over the forecast period at a 9.6% CAGR.
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North America led the BPO services market in 2018, whereas Asia Pacific is expected to register the highest growth rate in the market during the forecast period. Availability of workspaces, in-house training of employees, and pressure to lower operational costs are major drivers of the market.
Europe is expected to hold the second spot for the BPO services market in terms of market share during the forecast period. This is attributed to demand for knowledge process outsourcing and cloud technology. Partnerships between large enterprises and contracted firms can augment the size of the BPO services market in the region.
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