Business process outsourcing (BPO) involves delegating specific work processes to external service providers, enabling companies to focus on their core functions. These services include payroll, accounting, telemarketing, data management, social media marketing, and customer support. BPO spans multiple domains, including talent and HR services, sales and marketing, supply chain, finance and accounting, education and training, and payment processing. The outsourcing non-core tasks like recruitment and procurement management, organizations can optimize their resources, improve efficiency, and drive revenue growth.
According to Data Bridge Market Research, the Business Process Outsourcing (BPO) Market is expected to grow with a CAGR of 8.3% in the forecast period of 2023 to 2030.
“Rising customer focus towards cost efficiency”
Business process outsourcing (BPO) has emerged as a cost-effective solution in the digital era, enabling businesses to streamline their operations and focus on core aspects. Developed countries like Japan, the U.K., and the U.S. often opt for outsourcing to leverage wage differences. The shift from traditional business process services (BPS) to business process as a service (BPaaS) reflects the digital revolution. BPO offers workforce flexibility, eliminates recruitment expenses, and reduces legal obligations associated with employment contracts.
What restraints the growth of the business process outsourcing (BPO) market?
“Growing concerns regarding data security and privacy concern”
With the increasing significance of data security, there is a growing curiosity surrounding how BPO companies manage and protect sensitive information. Although business process outsourcing is gaining popularity, concerns arise among organizations about potential risks to their data when partnering with third-party BPO providers. Addressing these concerns and ensuring robust data security measures is crucial to establish trust and fostering successful collaborations in the BPO industry.
Segmentation: North America Business Process Outsourcing (BPO) Market
The business process outsourcing (BPO) market is segmented on the basis of outsourcing type, service, application, deployment mode, organization size, ownership, outsourcing approach, and end user.
- On the basis of outsourcing type, the business process outsourcing (BPO) market is segmented into offshore, nearshore, and onshore.
- On the basis of service, the business process outsourcing (BPO) market is segmented into voice processing, telemarketing services, image editing services, virtual staffing services, 3d visualization services, and others.
- On the basis of application, the business process outsourcing (BPO) market is segmented into customer care, finance and accounting, talent and HR services, sales and marketing, sourcing, procurement and supply chain, facilities and administration, product engineering, training, and others.
- On the basis of deployment mode, the business process outsourcing (BPO) market is segmented into on premise, and cloud.
- On the basis of organization size, the business process outsourcing (BPO) market is segmented into large enterprises, and SMES.
- On the basis of ownership, the business process outsourcing (BPO) market is segmented into captive, and third party.
- On the basis of outsourcing approach, the business process outsourcing (BPO) market is segmented into best-shore, bundled services, contract based, and fee for service.
- On the basis of end user, the business process outsourcing (BPO) market is segmented into BFSI, IT and telecommunication, healthcare, manufacturing, retail and e-commerce, government and defense, transportation and logistics, travel and hospitality, education, energy and utilities, and others.
Regional Insights: U.S. is expected to dominate the Business Process Outsourcing (BPO) Market
U.S. is expected to dominate the North America business process outsourcing (BPO) market due to the rising number of startups and new businesses entering the market, leading to increased competition and opportunities for growth.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/north-america-business-process-outsourcing-market
Recent Developments
- In January 2023, Macau's CTM collaborated with Amdocs to launch its Commercial 5G Services across the Region. The commercial launch of CTM 5G is evidence of coordinated efforts to hasten the city's digital transformation.
The Prominent Key Players Operating in the Business Process Outsourcing (BPO) Market Include:
- DISYS (U.S.)
- Xterna (U.S.)
- Grupo CMC (Spain)
- CPM International (U.K.)
- Bukit BPO by BC (U.S.)
- TDCX (Singapore)
- Webhelp (France)
- IBM Corporation (U.S.)
- Cognizant (U.S.)
- Capgemini (France)
- Genpact (U.S.)
- ADP, Inc. (U.S.)
- Wipro Limited (India)
- Accenture (Ireland)
- Tata Consultancy Services Limited (India)
- HCL Technologies Limited (India)
- NTT DATA, Inc. (Japan)
- WNS (Holdings) Ltd. (India)
- Conduent, Inc. (U.S.)
- NCR Corporation (U.S.)
- Tech Mahindra Limited (India)
- Infosys Limited (India)
- Triniter (U.S.)
- Concentrix Corporation (U.S.)
- TTEC (U.S.)
- SunTec Web Services Pvt. Ltd. (India)
- Invensis Technologies Pvt. Ltd. (India)
- Plaxonic Technologies (India)
- Sodexo (France)
- ExlService Holdings, Inc. and Affiliates (U.S.)
- Intetics Inc. (U.S.)
- AMDOCS (U.S.)
- CBRE (U.S.)
- Unity Communications (U.S.)
- eNoah (U.S.)
- Helpware (U.S.)
- Octopus Tech (U.S.)
- Aidey (U.S.)
- Intersa (U.S.)
- CBRE (U.K.)
Above are the key players covered in the report, to know about more and exhaustive list of business process outsourcing (BPO) market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: North America Business Process Outsourcing (BPO) Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, North Americavs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
