LOS ANGELES, Nov. 02, 2022 (GLOBE NEWSWIRE) — The Global Business process outsourcing market The size accounted for $241.7 billion in 2021 and is estimated to reach a market size of $512.4 billion by 2030, growing at a CAGR of 8.9% from 2022 to 2030.
Market statistics for business process outsourcing
- Global business process outsourcing market revenue was US$241.7 billion in 2021, growing at a CAGR of 8.9% from 2022 to 2030
- The North America region accounted for 36% of the market share in business process outsourcing in 2021
- The Asia Pacific market is expected to grow at a CAGR of 10% from 2022 to 2030
- Based on service, the customer service segment captures over 30% of the total market share in 2021
- The increasing use of cloud computing is increasing the market value of business process outsourcing
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Business process outsourcing market Report Coverage:
|market||Business process outsourcing market|
|Business process outsourcing market Size 2021||$241.7 billion|
|Business process outsourcing market Forecast 2030||$512.4 billion|
|Business process outsourcing market CAGR over the period 2022-2030||8.9%|
|Business process outsourcing market analysis period||2018 – 2030|
|Business process outsourcing market base year||2021|
|Business process outsourcing market forecast data||2022 – 2030|
|Covered Segments||By service, end user and geography|
|Business process outsourcing market Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Important companies in profile||Infosys Limited, CBRE Group Inc., Accenture, NCR Corporation, HCL, Sodexo, Capgemini, TTEC Holdings, Inc., Wipro and Amdocs.|
|report coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulatory Analysis|
Overview of the Business Process Outsourcing market
Business Process Outsourcing (BPO) is an important part of the global outsourcing industry. In addition, BPO (Business Process Outsourcing) is rapidly gaining traction in a variety of industries including Banking, Financial Services and Insurance (BFSI), Manufacturing, Healthcare, IT & Telecom, Retail and many others.
Some other sub-segments include Travel & Transportation, Government, Construction, Education, and Utilities. Banking, Financial Services and Insurance (BFSI) is expected to be the fastest growing segments in the coming years as Business Process Outsourcing (BPO) addresses the diverse issues of the market. It also ensures data integrity and management. It also provides relevant, reliable and timely data to improve decision making.
Market growth factors for business process outsourcing
- Increasing digitization in all industries
- Technological developments and innovations to improve business effectiveness and efficiency
- Increasing use of cutting-edge technology
Global Business Process Outsourcing Market Trends
Growing demand to reduce operational costs is expected to drive the size of the BPO market. Any additional investment in consulting or trading that is not part of a company’s core competencies is known as an operating expense. More and more companies are outsourcing these processes in order to concentrate on their core competencies and expand their business. This leads to cost competence as well as real-time and resource management.
Additionally, many organizations look to outsourcing as a solution to their back office needs. Additional benefits of outsourcing that are expected to drive the growth of the BPO market over the next few years include improved quality of service, flexibility, increased efficiency and workload management.
The growing number of call and customer service centers in the Asia-Pacific region and North America is also having a significant impact on market development. Other drivers expected to propel the market development are the rise of next-generation services such as big data analytics, cloud services, as well as robotic process automation (RPA).
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Business Process Outsourcing Market Segmentation
The global Business Process Outsourcing market has been segmented by Acumen Research and Consulting based on service and end-user. By Service, the segment is segmented into Finance & Accounting, Human Resources, Procurement & Supply Chain, Knowledge Process Outsourcing, Customer Service, and Others. According to the market forecast for business process outsourcing, the customer service segment is expected to develop significantly over the next few years.
Further, the market is segmented into banking, financial services and insurance (BFSI), healthcare, manufacturing, retail, IT & telecom, and others based on end users.
Regional overview of the Business Process Outsourcing market
The global business process outsourcing market is segmented into several geographic regions: Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa. According to an industry analysis of Business Process Outsourcing, the North American market is expected to lead the global market during the projection period. This growth is due to the presence of a significant number of market participants and increasing demand for enhanced business services. During the forecast period, Asia Pacific Business Process Outsourcing Market is anticipated to grow at a significant CAGR. The main aspects driving regional market expansion are low labor costs and affordability.
In 2021, Europe could have the second largest market share in the business process outsourcing market. The growth of the regional market can be attributed to the versatility and personalization of service delivery to create efficient and effective solutions, as well as the growing demand for cloud computing technologies.
During the forecast period, the Latin American business process outsourcing market is expected to grow at the fastest pace in the world. This expansion can be attributed to the region’s rapid growth in manufacturing and consumer goods industries. Additionally, increasing government support for the development of English language learning programs to attract the interest of global service providers is predicted to drive global market growth.
Market strategies for business process outsourcing
Strategic alliances and partnerships are key tactics for market leaders to pool their presence. For example, in October 2014, Capgemini entered into a relationship with NetSuite, a company providing global cloud computing solutions. The aim of this collaboration is to enable Capgemini to launch its new virtual company offering business process outsourcing services. Human resources management, finance and finance, and a variety of technological solutions are among the various business solutions offered.
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Business Process Outsourcing Market Players
Global players are constantly investing in R&D and developing new product portfolios to attract more business opportunities from emerging markets like India and China. In addition, increased R&D investments along with technical improvements are expected to bring profitable prospects to industry participants. Some of the leading companies in the business process outsourcing market are Infosys Limited, Accenture, HCL, Capgemini, Wipro, NCR Corporation, Sodexo, TTEC Holdings, Inc., CBRE Group Inc. and Amdocs.
Questions answered by this report
- – What was the size of the business process outsourcing market in 2021?
- What will be the CAGR of Business Process Outsourcing market during the forecast period 2022 to 2030?
- Who are the major players in the Global Business Process Outsourcing Market?
- Which region held the largest share of the Business Process Outsourcing market in 2021?
- What are the key market drivers of Business Process Outsourcing Market?
- Who is the Largest End-User Business Process Outsourcing Market?
- What will the market value of Business Process Outsourcing be in 2030?
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