Business Process Outsourcing Market Size, Key Country Analysis, Frontiers of Growth | Industry Rise in Deployment of BPO Services in IT and Telecommunication Sector with 11% CAGR

BPO Services Market
Business Process Outsourcing Services Market, By Service Type (Finance & Accounting, Customer Services, Human Resource, KPO, Procurement) and By Vertical (BFSI, Healthcare, IT & Telecommunication, Manufacturing, Retail) – Forecast 2023

ADP, LLC. (U.S.), Xerox Corporation (U.S.), Accenture PLC (Ireland), Aon Hewitt (U.S.), Capgemini (France), Infosys BPO Ltd. (India), IBM Corporation (U.S.), Syntel, Inc. (U.S.), Tata Consultancy Services Limited (India), Wipro Limited (India) are some of the prominent players at the forefront of competition in the Global Business Process Outsourcing Market and are profiled in MRFR Analysis.

 

Business Process Outsourcing Market – Overview

The business process outsourcing market is growing at a rapid pace. Rise in deployment of business process outsourcing services in IT and telecommunication sector is one major factor fuelling the growth of business process outsourcing services market. The market is gaining importance owing to the growing demand for outsourcing services in banking, finance and human resource domain. According to a recent study report published by the Market Research Future, the global market of Business Process Outsourcing is booming and expected to gain prominence over the forecast period. 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.

 

The development and emergence of next generation technologies such as cloud services, big data analytics and process automation services are boosting the BPO Market. The aspects such as strict regulatory requirements, high cost pressure and demand from BFSI sector for improvised and innovative techniques are further fuelling the market.

 

The industry experts in BPO sector are focusing on some major factors such as minimizing transaction costs, optimizing process more efficiently and offering a standard size to handle a large volume of transaction processing activities.

 

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Industry News

March 16, 2017– NelsonHall, is recognized as a global business process outsourcing (BPO) and IT services analyst firm. The company has listed ADP® as a “Leader” in payroll business processing outsourcing services. They have designed a tool known as The NelsonHall Evaluation & Assessment Tool (NEAT) that evaluates vendors on two key dimensions. The first dimension check comprise of Ability of enterprises to deliver instant benefits and ability to meet clients for future requirements.

 

JUN 16, 2016 – Xerox Corporation announce the names of the new companies and its separation into two publicly traded companies. The company handling Business Process Outsourcing Services will be named as “Conduent Inc.” and the Document Technology Company will continue to be called under the name Xerox Corporation.

 

Jan. 25, 2018– Accenture is again listed as a leader in business mortgage process outsourcing (BPO) in a recent report from industry analyst firm Everest Group.

 

Business Process Outsourcing Market – Segmentation

Segmentation by Service Type: Comprises finance & accounting, customer services, human resource, KPO, procurement and others.

Segmentation by Vertical: Comprises BFSI, healthcare, manufacturing, it & telecommunication

 Retail and others.

Segmentation by Regions: Comprises Geographical regions – North America, Europe, APAC and Rest of the World.

 

Business Process Outsourcing Market – Regional Analysis

North America region accounts for highest market share in business process outsourcing market owing to well established IT infrastructure, technologically advanced countries and presence of major players in the region. Countries such as US and Canada contributes large amount of revenue in the business process outsourcing market in the region. Asia Pacific region is expected to be growing at the highest CAGR. The increasing IT industry, presence of skilled workforce and emergence of small and medium enterprises in the IT industry are some of the major aspects driving growth in the market. Countries such as India and the Philippines are considered as most prominent destination for BPO services.

 

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Business Process Outsourcing Market – Competitive Analysis

The market of business process outsourcing market appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.

 

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