Business Process Outsourcing (BPO) Services Market Recent Study Including Growth Factors, Regional Analysis and Forecast till 2027 by Key Players

Market Analysis

The global business process outsourcing services market will touch USD 335.2 billion at a 10.8% CAGR between the forecast period 2019- 2024, states the recent Market Research Future (MRFR) analysis. Business process outsourcing (BPO), simply put, is a process where the company contracts the supporting business activities to third-party service companies.

Various factors are propelling the future of outsourcing services market growth. According to the recent MRFR report, such factors include growing adoption of BPO services in IT and telecommunication, growing investments by enterprises for outsourcing business processes, and technological development are adding to the global business process outsourcing industry revenue growth in the region.

On the contrary, integrity and data privacy, and the recent COVID-19 pandemic may limit the global business process outsourcing services market growth in the region.

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Segmental Analysis

The segment evaluation of the Global Business Process Outsourcing (BPO) Services Market is done by Organization Size, Type, Deployment, and Vertical.

The type based segments of the BPO services market are back office outsourcing, finance & accounting outsourcing, procurement outsourcing, human resource & recruitment outsourcing, e-commerce support services, IT outsourcing, training & development outsourcing, and others. The IT outsourcing segment can rise at 9.4% CAGR and generate about USD 82.99 billion by 2024. The finance & accounting outsourcing segment can rise at 10.0% CAGR and earn about USD 30.58 Billion in the years to come. The procurement outsourcing segment can rise at 17.1% CAGR by 2024.

The deployment based segments of the market are cloud and on-premise. The on-premise segment can rise at 7.5% CAGR and value above USD 107.59 billion in the years to come. The cloud segment can generate USD 78.63 billion at 14.6% CAGR across the analysis period.

The organization size based segments of the Business Process Outsourcing Market Size are SME enterprises and large enterprises. The large enterprise segment can rise at 8.5% CAGR to earn USD 126.62 billion revenue for the global market. The SME segment can valued at USD 59.60 Bn at 14.9% CAGR across the review period.

The vertical based segments of the market are IT and telecommunications, life sciences, BFSI, retail, manufacturing, consumer goods, government and defense, healthcare, and others. The BFSI segment can rise at 9.6% CAGR across the forecast period and value at USD 59.28 billion in the years to come. The IT & telecom segment can generate USD 41.32 billion revenue at 9.8% CAGR in the years to come. The government & defense segment can rise at 13.1% CAGR in the analysis period.

Regional Analysis

By region, the global business process outsourcing services market covers the growth opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), South America, and the Middle East and Africa (MEA). Of these, North America will spearhead the market over the forecast period. Technological advances, growing demand for such services, shift towards the adoption of BPO services to focus on core business by business enterprises, the presence of well-established infrastructure, and implementation of advanced technologies are adding to the global business process outsourcing services market growth in the region. Canada and the US have the utmost share in the market.

In Europe, the global business process outsourcing services market is predicted to have the second-largest share over the forecast period. Provision of customization and flexibility of service offerings to better meet individual needs, growing demand for cloud computing technology, the availability of skilled workforce, and the availability of the quality of service and operational efficiency are adding to the global business process outsourcing services market growth in the region.

In the APAC region, the global business process outsourcing services market is predicted to have healthy growth during the forecast period and at a positive CAGR. The consolidation of prominent players is adding to the global business process outsourcing services market growth in the region.

In the MEA and South America, the global business process outsourcing services market is predicted to have sound growth over the forecast period.

Competitive Analysis

Infosys BPM Limited, Accenture PLC, Capgemini, ADP, LLC, Conduent Inc., WNS (Holdings) Ltd, IBM Corporation, TTEC Holdings, Inc. Tata Consultancy Services Limited (TCS), and Conneqt Business Solution Limited are some prominent players in the Business Process Outsourcing (BPO) global Market as revealed by MRFR.

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Posted by Publisher on 14. May 2021. Filed under Networking. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry