Market Research Future’s newest report on the global business process outsourcing (BPO) services has found that the market is expected to value USD 52 billion by the end of 2023 and grow at an impressive CAGR of 11% during the forecast period 2017 to 2023.
Increasing adoption of the latest technologies in developed countries is prompting companies to outsource processes which are not essential to their core business operations. Administration and other back-office needs have been outsourced to areas where labor is cheaper such as developing countries. Adoption of BPO services allows employees to be more productive as they are better able to focus on the task at hand. This has increased the demand for BPO services.
It is more affordable for companies to outsource various non-essential business services while it is beneficial for developing countries to set up BPOs due to the presence of a large population and a lack of appropriate employment, thus creating a symbiotic relationship which is anticipated to fuel robust growth for this market.
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Major Key Players
Syntel Inc. (U.S.),
Xerox Corporation (U.S.),
Infosys BPO Ltd. (India),
ADP LLC. (U.S.),
Accenture PLC (Ireland),
Aon Hewitt (U.S.),
Tata Consultancy Services Limited (India),
Wipro Limited (India), IBM Corporation (U.S.), and others.
According to MRFR, The global Business Process Outsourcing Services Market is expected to grow at approx. USD 52 Billion by 2023, at 11% of CAGR between 2017 and 2023.
Tata Consultancy Services (TCS), a leading global consulting and business solutions and IT services organization have been recognized as a leader in the IDC MarketSpace for Worldwide Life Science R&D BPO Services.
Accenture has been recognized a leader in an IDC Health Insights IDC MarketScape vendor assessment covering business process outsourcing across life sciences R&D industries. This is the third successive time Accenture has achieved this ranking.
Drivers and Constraints Affecting the Market Growth
Owing to the increasing adoption of human resource, finance, and banking, business process outsourcing is expected to gain importance over the assessment period. Also, the growing adoption of BPOs in telecommunication and IT sector is another major driving the market. Moreover, the presence of market giants like TCS, Accenture, ADP, Infosys, Wipro, and Xerox due to the rising demand from industry verticals like IT, retail, healthcare, BFSI, and telecommunication are fuelling the market growth.
With the increasing adoption of latest technologies in developed countries, several countries are outsourcing processes which are not required for their core business operations. Back-office and other administrative needs have been outsourced to areas where labor charges are cheaper compared to other developed countries. Adoption of BPO services allow employees to be more productive as they are able to focus on the task. This has further fuelled the demand for BPO services.
The global business process outsourcing (BPO) services has been segmented on the basis of vertical, service type, and region.
The market has been segmented into customer services, finance and accounting, human resources, procurement, KPO, and others based on service type. Among these, finance and accounting segment has been anticipated to hold the largest market share. The human resources segment is expected to grow at the highest CAGR during the assessment period.
The market has been segmented into manufacturing, healthcare, BFSI, retail, IT and telecommunication, and others.
Geographically, the market for business process outsourcing has been spanned across regions like Europe, North America, Asia Pacific, and Rest-of-the-World (RoW).
North America has been projected to hold the largest market share due to increasing demand for business process outsourcing services across several industry verticals and technological advancements.
It has been observed that Asia Pacific market is anticipated to show the fastest growth rate during the assessment period owing to the requirement for employment for its high population. Country like India has BPO centers for several international companies like Amazon and IBM due to the high availability of educated people at a lower salary.
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