The global business process outsourcing market was valued at USD 221.2 billion in 2020 and is projected to reach USD 405.2 billion by 2028, expanding at a CAGR of 7.9 % during the forecast period, 2021 – 2028. The growth of the market is attributed to reduction in international trade barriers and enhanced IT and telecommunication capabilities. Business process outsourcing (BPO) is a method of authorizing various business-related operations to third party vendors.
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Market Trends, Drivers, Restraints, and Opportunities:
- Companies are leveraging the advantages of outsourcing and concentrating on essential abilities, thus generating opportunities for the business process outsourcing market.
- Crucial need to decrease operational costs is projected to fuel the BPO market during the forecast period.
- Outsourcing is anticipated to fulfill back office necessities of companies, resulting in high productivity and efficient workload management. This factor is expected to boost the market.
- Preserving the integrity and confidentiality of the users data is a major concern for organizations.
Market Segment Insights:
The customer service segment held a major share of more than 30% of the total revenue in 2019
Based on services, the global business process outsourcing market is segregated as human resources, finance & accounting, procurement & supply chain, customer service, knowledge process outsourcing, and others. The customer service segment is expected to expand at a substantial CAGR during the forecast period. Customer service BPOs specialize in handling customer enquiries through emails, chats, phones, and social media.
The BFSI segment held a major share of around 30% of global share in 2019
On the basis of end-uses, the global business process outsourcing market is fragmented as healthcare, BFSI, manufacturing, IT & telecommunication, retail, and others. The BFSI segment is expected to expand at a robust CAGR during the forecast period. Rising demand for services such as real-time interactions, service expediency, and quick complaint resolutions is expected to fuel the BPOs market.
The European market held a key share of more than 26% of the total revenue in 2019
In terms of regions, the global business process outsourcing market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The European market is expected to expand at a substantial CAGR during the forecast period. The growth of the regional market is attributed to provision of customization and flexibility of service offerings in order to fulfill individual needs and increasing demand for cloud computing technology. Moreover, availability of professional workforce, high-quality service, and operational efficiency are the key factors encouraging companies to outsource their businesses.
Competitive Landscape
Key players in the global business process outsourcing market include Infosys Limited, Accenture, Amdocs, HCL, Capgemini, and Wipro. Various range of services permits companies to gain a competitive edge in the business process outsourcing market.
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Fact.MR has recently added a new research report on the global Business Process Outsourcing market growth to its repository.
This report aims to help readers in understanding key technologies as well as product developments in this market during the forecast period of 2019 to 2029.
Analysts at Fact.MR highlight that the global Business Process Outsourcing market will show growth at a prominent CAGR of 7.5% during the period of analysis.This report intends to offer an in-depth analysis of various important aspects such as opportunities, drivers, challenges, and restraints of the global Business Process Outsourcing market.
In addition to this, it provides detailed data on various key players working in this market together with important data on their diverse business strategies to maintain their prominent market position.The overall share, volume, and other additional important information of important players is also precisely presented in the latest report on the global Business Process Outsourcing market.
Apart from this, readers get a clear idea about emerging players and the competitive landscape of the market for Business Process Outsourcing during the forecast period of 2019 to 2029.
Thus, the report includes reliable data on partnerships, new product launches, mergers, and acquisitions occurring in the global Business Process Outsourcing market during the period of analysis.To know more about this market – trends, drivers, regional analysis – request a sample @ https://www.factmr.com/connectus/sample?flag=S_id=4599Fact.MR’s latest report delivers a complete study of the impact of COVID-19 on the Business Process Outsourcing market in the present situation.
