Business Process Outsourcing Market

Business Process Outsourcing Market witnessed USD 232 billion in 2020, growing at a robust CAGR of 8.5% during forecast period.

Introduction of the Business Process Outsourcing Market Report

Business Process Outsourcing (BPO), refers to the process of contracting a third-party service provider to carry out one or more business functions in a company. The BPO primarily handles back office operations including payment processing, information technology services, quality assurance, and front office operations that includes marketing, sales, customer relations, and grievance compensation.

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Market Dynamic

Key Drivers and Emerging Trends

The increasing focus on improving business agility by organizations, growing need to improve efficiency while reducing operation cost, and rising demand to achieve better results in noncore functions and to concentrate on key functions are some of the major factors expected to drive the growth of the business process outsourcing market size during the forecast period. Additionally, BPO offers several benefits, including lower costs, global expansion, higher efficiency, improved customer satisfaction, and increased profits which further supports the growth of business process outsourcing market share. Moreover, technological advancements and increasing implementation of cloud technology, robotic process automation, AI, machine learning, SaaS-based solutions, Business Process as a Service (BPaaS), and big data analytics for streamlining multiple workflows in an automated manner is expected to provide huge growth opportunities to the market in the coming years.

Restraint in the Business Process Outsourcing Market

However, some of the drawbacks of business process outsourcing includes data security issues, hidden costs, overdependence, communication gap issues that leads to delay project completion is expected to restrict the growth of the BPO market.

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Application – Segment Analysis

Based on the application, the customer service segment is expected to grow at a significant rate over the forecast period. This can be attributed to the increasing number of customer service centres across the world and the rising demand for online technical support and after hour customer services. In addition, Customer service BPO companies offer expertise in handling customer requirements and queries generated via emails, chats, social media platforms, phone calls, messages, and other channels which further supports the market growth.

End-User – Segment Analysis

Based on the end-user, the BFSI segment is projected to witness at a notable CAGR over the forecast period owing to the increasing implementation of BPO services to support business acquisition services, ITO systems and software services, human resources services, finance and accounting outsourcing services, procurement, and training services associated with banking. The business outsourcing in the banking industry helps in increasing operational efficiency through consolidation and centralized functions, ensures improved delivery access to world-class skills and information, and enhanced strategic decision-making.

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Regional – Segment Analysis:

Based on region, North America is anticipated to hold a prominent market share during the forecast period. This can be attributed to the rapidly growing IT and telecom, banking, and retail industries and increasing adoption of advanced technology including cloud computing, digital services, and artificial intelligence in the region. The presence of prominent leaders including Amdocs Limited, CBRE Group, Inc., and NCR Corporation is further expected to propel the market growth.

Top Market Players

Several leading Business Process Outsourcing companies operating in the market, include, Accenture Plc, Amdocs Limited, Infosys Limited, HCL Technologies Limited, CBRE Group, Inc., NCR Corporation, Wipro Limited Capgemini SE, TTEC Holdings, Inc., and Sodexo among others. 

Key Developments: 

• • In 2019, Accenture Plc, partnered with Inversis, a Spain based company providing outsourcing and technology solutions for investment services for global financial institutions. This partnership is to develop an outsourcing solution to help financial institutions across Europe and manage their financial asset distribution processes. This outsourcing solution will help financial institutions facing regulatory pressure and compressed margins replace fixed cost structures with flexible variable cost models.

Segments covered in the Report:

The global Business Process Outsourcing Market has been segmented on the basis of application, end-user, and key regions. Based on application, the market is segmented into finance & accounting, human resource, KPO, procurement, customer services, and others. Based on end-user, the market is segmented into BFSI, healthcare, manufacturing, IT & telecommunications, retail, and others. 

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Key questions answered in this research report:

• • At what pace is global Business Process Outsourcing Market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Business Process Outsourcing Market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Business Process Outsourcing Market?
  • Which application generated maximum revenues in 2020 and identify the most promising application during the forecast period?
  • What are the various end-users of global Business Process Outsourcing Market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Business Process Outsourcing Market by Application

• • Finance & Accounting
  • Human Resource
  • KPO
  • Procurement
  • Customer Services
  • Others

Global Business Process Outsourcing Market by End-User

• • BFSI
  • Healthcare
  • Manufacturing
  • IT and Telecommunication
  • Retail
  • Others

Global Business Process Outsourcing Market by Region

• • North America Business Process Outsourcing Market (Option 1: As a part of the free 25% customization)
    • North America Business Process Outsourcing Market by Application
    • North America Business Process Outsourcing Market by End-User
    • US Business Process Outsourcing Market All-Up
    • Canada Business Process Outsourcing Market All-Up
  • Europe Business Process Outsourcing Market (Option 2: As a part of the free 25% customization)
    • Europe Business Process Outsourcing Market by Application
    • Europe Business Process Outsourcing Market by End-User
    • UK Business Process Outsourcing Market All-Up
    • Germany Business Process Outsourcing Market All-Up
    • France Business Process Outsourcing Market All-Up
    • Spain Business Process Outsourcing Market All-Up
    • Rest of Europe Business Process Outsourcing Market All-Up
  • Asia-Pacific Business Process Outsourcing Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Business Process Outsourcing Market by Application
    • Asia-Pacific Business Process Outsourcing Market by End-User
    • China Business Process Outsourcing Market All-Up
    • India Business Process Outsourcing Market All-Up
    • Japan Business Process Outsourcing Market All-Up
    • Rest of APAC Business Process Outsourcing Market All-Up
  • RoW Business Process Outsourcing Market (Option 4: As a part of the free 25% customization)
    • RoW Business Process Outsourcing Market by Application
    • RoW Business Process Outsourcing Market by End-User
    • Brazil Business Process Outsourcing Market All-Up
    • South Africa Business Process Outsourcing Market All-Up
    • Saudi Arabia Business Process Outsourcing Market All-Up
    • UAE Business Process Outsourcing Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Business Process Outsourcing Market All-Up

Major Players Operating in the Business Process Outsourcing Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Accenture Plc
  • Amdocs Limited
  • Infosys Limited
  • HCL Technologies Limited
  • CBRE Group, Inc.
  • NCR Corporation
  • Wipro Limited
  • Capgemini SE
  • TTEC Holdings, Inc.
  • Sodexo