According to a new report by Market Research Future (MRFR), the global business process outsourcing services market is anticipated to reach revenue of USD 52 billion by the end of 2023. The market is expected to showcase an impressive CAGR of 11 % over the assessment period (2017-2023) owing to the latest innovations and technologies in the developed countries prompting companies to outsource processes. Global outsourcing service providers are expected to utilize the latest technologies and innovations to address the market challenges effectively and enhance products and services.
Business Process Outsourcing (BPO) involves contracting of responsibilities and operations of certain business-related functions such as IT to a third party service provider.
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.
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Major Key Players
The prominent players operating the global market for business process outsourcing comprise 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), Capgemini (France), Wipro Limited (India), IBM Corporation (U.S.), and others.
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 advent of AI to replace these jobs pose a threat to the future of BPO market globally. Another major restraining factor to the market can be issue of security of valuable data. Client provides sensitive data to the service provider firm which can be misused and prove to be harmful to the client firm. Other factors comprise financial instability of the vendors, loss of control of operations of processes, loss of expertise, 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.
Global Business Process Outsourcing (BPO) Services Segmentation
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.
North America to Hold the Largest Market Share
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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