Business Process Outsourcing (BPO) Services Market Research Report – Global Forecast till 2024
The growth of the Global Business Process Outsourcing (BPO) Services Market is quiet optimistic as its growth rate is increasing, which is recorded at 10.8% CAGR. At this rate, the market is thus expected to gain a valuation of 335.23 billion during the forecast period by 2024. These figures are accumulated in the study which Market Research Future conducted in-depth. It has also slotted various aspects as well such as regional study, segments and key drivers to understand the future dynamics of the market.
Market Key Trends & Challenges
The profitability of the market has been witnessed cautiously as many enterprises, across the globe, are mainly outsourcing their business processes to bring more business in the ahead of aim. Such a factor is considered to be one of the prime factors considerably driving market growth.
Business process outsourcing is considered as the fastest process of outsourcing various business processes. The work it includes is mainly for IT, finance & accounting, back-office, e-commerce support, and other services. Today, many enterprises across the globe are getting in favor of outsourcing their business processes to concentrate on their core business effectively. Even the service providers are proposing advanced technology-based BPO services to make their offering more all-inclusive. As per this information, currently, advance technologies like artificial intelligence (AI), analytics, and cloud computing are thoroughly being used by the providers to make BPO services more operative. These factors have also been accountable for driving the market’s growth at a steady pace.
At the same time, over the years, many businesses have amplified their investment in BPO services. Both large, small- and medium-sized enterprises have been allocating budget for outsourcing their business process services. Also, various investments in BPO services are underway and likely to take place during 2019–2020. In the case of point, Saudi Telecom is going to renew its contract for BPO services for worth USD 2 billion. Similarly, Bharti Airtel also reintroduced a deal worth USD 2 billion for its BPO services for application development, maintenance, and infrastructure
Other factors, such as rising competition as well as the need to have an efficient business process, the mainstream enterprises are inclined towards adopting BPO services, which play a weighty role in reducing capital and operational expenditure. BPO services are assisting enterprises to focus on their core operation. With the introduction of advanced technology-based BPO services like AI, analytics, and cloud computing is also helping businesses to gather up-to-date real-time data for taking accurate and improved business decisions. Therefore, outsourcing disregards the need for investments in technology and infrastructure as outsourcing companies take the responsibility of various business processes and develop support for efficient work in the future. In this way, the market for BPO service is getting hype and will continue with it for the forecast period as well.
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The global business process outsourcing service market, as per the study, is segmented among type, deployment, organization size, and vertical.
In terms of the type: Finance and accounting outsourcing, human resource and recruitment, IT outsourcing, training & development outsourcing, back office outsourcing, e-commerce support services, procurement outsourcing are the segments. Among these, the IT outsourcing segment held the largest market share of 44.6% in 2018 and now growing at a CAGR of 9.4%.
The deployment segment includes cloud and on-premise. The on-premise segment held the larger market share in 2018, and now it is expected to record the higher CAGR during the assessment period.
The organization size segment includes small and medium-sized as well as large enterprises. Among which, the large enterprise, the segment held the larger market share in 2018, and now it is expected to record a higher CAGR of 8.5% in the growth period.
The industry vertical includes IT & telecom, BFSI, retail and consumer goods, healthcare & life sciences, manufacturing, and government & defense.
Geologically, the global business process outsourcing (BPO) services market is also studied among the critical regions of Asia-Pacific, North America, Europe, and the Middle East & Africa, and South America.
While as per the study, the North America region leads the market by high market share in the business process outsourcing service market. The market’s evolution is mainly driven by the occurrence of many business process outsourcing (BPO) service providers that offer high-end services to regional as well as international end-users to increase their business. The leading players in the region are LLC, LP, ADP, IBM Corporation, and TTEC Holdings, Inc.
At the same time, Europe stood at the third-largest market in the business process outsourcing (BPO) service market in 2018. As per the MRFR analysis, Europe, with its countries such as the UK, Germany, France, and the rest of Europe have accounted to have the highest market share. The factors responsible for the market growth include the snowballing number of small- and medium-sized enterprises that are shifting concerning adopting outsourcing services. In Europe, business process outsourcing services are progressively being explicitly deployed in the IT and telecommunication, retail, and BFSI industries.
The well-known players of the global business process outsourcing (BPO) service market are listed as LLC, HCL Technologies Limited, IBM Corporation, eNoah, Conduent Inc., Genpact, Accenture PLC, WNS (Holdings) Ltd, Capgemini, TTEC Holdings, Inc., Infosys BPM Limited, Tata Consultancy Services LimitedAegis Limited, Conneqt, and Tech Mahindra Limited.
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Global Business Process Outsourcing (BPO) Services Market Research Report: By Type (IT Outsourcing, Finance, and Accounting Outsourcing, Back Office Outsourcing, E-Commerce Support Services, others), Deployment ( Cloud, On-Premise), Vertical (BFSI, IT and Telecommunications, Healthcare and Life Sciences, Others), Region(North America, Europe, Asia Pacific, Middle East, and Africa, South America) – Forecast till 2024
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