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.
The advent and use if AI to potentially replace these jobs pose a threat to the future of the BPO market. Although adoption of AI in these companies could displace some jobs, it is likely to create new avenues for growth as well such as higher paying jobs to manage AI technology.
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Major Key Players
ADP, LLC. (U.S.),
Xerox Corporation (U.S.),
Accenture PLC (Ireland),
Aon Hewitt (U.S.),
Infosys BPO Ltd. (India),
IBM Corporation (U.S.),
Syntel, Inc. (U.S.),
Tata Consultancy Services Limited (India),
Wipro Limited (India)
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.
Latest Industry News
VXI Global Solution Inc., has opened a $3 million BPO facility in Clark Freeport Zone in Philippines, which is expected to create 2000 jobs for the local labor market.
Government incentives are attracting many BPO companies to smaller cities of India such as Ranchi, Jamshedpur and Bokaro. Jharkhand is witnessing an influx of BPO units of big brand name companies such as Concentrix, MICA, Kraft Outdoor and Routmobile. This is expected to generate employment for 7,500 people in the next few months.
The threat of artificial intelligence replacing BPO jobs for thousands of people in the Philipines has prompted the government to use augmented intelligence as a way to save jobs. The Department of Information and Communications Technology is teaming up with tech company AI Pros to train workers on the use of augmented intelligence.
Regional analysis of the global market allows insight into what regions are expected to grow with the most significance over the forecast period. MRFR’s report has found that North America presently possesses the largest market share of the global market due to the rapid growth of businesses which choose to focus on core business practices while outsourcing them to various countries where there is cheap skilled labor for the same.
Meanwhile, the Asia Pacific is anticipated to grow at the most significant CAGR during the forecast period due to the need for employment opportunities for its vast population. Countries such as India have BPO centers for various international companies such as IBM and Amazon; this is due to the availability of educated people at lower salaries than those in developed countries.
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Segmentation of the global business process outsourcing services market has been done by service type, vertical and region.
By service type, the market has been segmented to include finance & accounting, customer services, human resource, KPO, procurement and others. Finance and accounting are expected to have the largest share, while the human resource segment is expected to grow at the highest CAGR during the forecast period.
By vertical, the market has been segregated into BFSI, healthcare, manufacturing, IT & telecommunication, retail, and others.
By region, the global market has been divided into North America, Asia-Pacific, Europe and the Rest of the World (RoW).
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