Business Process Outsourcing Services Market Size | BPO Global Industry Demand, Solutions, Services Review, Emerging factors, Trend, Segmentation and Forecast to 2023

“Business Process Outsourcing Services (BPO) 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

Market Highlights:

Business process outsourcing services market is estimated to exhibit high growth potential during the forecast period owing to rapid adoption of business process outsourcing services across various industry verticals like automotive, manufacturing, healthcare among others. Major driving factor in the growth of business process outsourcing services market is the growing need for reduction in operational costs. Owing to this, organizations are compelled to outsource the back office needs and focus on the core business operations. Increasing technological advancements is another major factor responsible for the growth of business process outsourcing services market. Outsourcing of business processes helps in redirecting the focus to core business processes and also proves to be cost efficient.

ADP, Xerox, Accenture, TCS, Wipro and Infosys are the major players in the business process outsourcing services market among others. Outsourcing of business processes helps in increasing productivity of the organization by reducing the workload. ADP is named a leader in outsourcing services of payroll activities. Outsourcing of payroll is gaining increasing importance in order to shift the focus to core business activities and reduce extra overheads. BFSI and IT sector has more applications of business process outsourcing services Increasing demand for outsourcing of human resource activities is another major factor fueling the growth of business process outsourcing services market.

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Major Key Players

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)

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.

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.

Segmentation:

Business process outsourcing services market can be segmented on the basis of service type and vertical. The service type segment is further bifurcated into finance & accounting, customer services, human resource, KPO, procurement and others. Out of which, human resource sub segment holds almost 30% of the overall business process outsourcing market. Growing need for customer services and enhancing the customer service experience has led to an increase in the number of KPOs and business processing operations. Procurement is also expected to witness steady growth during the forecast period. This is owing to the increasing need for digitalization of procurement processes in order to improve efficiency of the business processes.

Regional Analysis

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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Intended Audience

  • Technology Investors
  • Research/Consultancy Firms
  • Government Bodies
  • Consumers
  • IT & Telecommunication Companies
  • Software Providers
  • Technology Providers
  • Software Vendors

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