According to the published article by dataversity.net, increasing dependence on sales and marketing for customer service enhancement boosts the demand of Europe business process outsourcing (BPO) market. According to DCD Intelligence, in 2016, the growth rate for outsourcing facilities for data management was 10.8% over the period of 2015-2020. It shows that outsourcing for data and other IT services, such as analytics, is likely to grow more over the coming years. Therefore, the market is estimated to increase rapidly in the near future.
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Data Bridge Market Research analyzes that the Europe Business Process Outsourcing (BPO) Market is expected to reach USD 132.57 billion by 2031 from USD 72.45 billion in 2023, growing with a CAGR of 7.9% in the forecast period of 2024 to 2031.
Key Findings of the Study
Increasing Need for Business Agility in the Region
Undergoing a cultural change is one of the toughest parts of achieving business agility, as it requires commitment from top leadership. The competition has increased exponentially, and established methods such as scrum and safe which may not be good enough. As a result, companies today are switching to BPO to increase efficiency and reliability while minimizing risk. Thus, the unsettling corporate landscape due to new companies and cutthroat competition for which agility in a business is an essential factor driving the market growth.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2024 to 2031
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Base Year
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2023
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Historic Year
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2021 (Customizable to 2016-2021)
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Quantitative Units
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Revenue in Billion
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Segments Covered
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Outsourcing Type (Offshore, Nearshore, and Onshore), Service (Voice Processing, Telemarketing Services, Image Editing Services, Virtual Staffing Services, and 3D Visualization Services), Application (Customer Care, Finance and Accounting, Talent and HR Services, Sales and Marketing, Sourcing, Procurement & Supply Chain, Facilities and Administration, Product Engineering, Training, and Others), Deployment Mode (Cloud and On Premise), Organization Size (Large Enterprises and SMEs), Ownership (Captive and Third Party), Outsourcing Approach (Best- Shore, Bundled Services, Contract Based, and Fee For Service), End User (IT and Telecommunication, Manufacturing, BFSI, Government & Defense, Transportation and Logistics, Retail & E-Commerce, Travel and Hospitality, Healthcare, Energy and Utilities, Education, and Others)
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Countries Covered
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U.K., Germany, France, Spain, Italy, Netherlands, Switzerland, Russia, Belgium, Turkey, Poland, Sweden, Finland, Norway, Denmark, and Rest of Europe
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Market Players Covered
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IBM Corporation (U.S.), Cognizant (U.S.), Capgemini (Paris), Genpact (U.S.), Wipro (India), Accenture (Ireland), Tata Consultancy Services Limited (India), HCL Technologies Limited (India), NTT DATA, Inc. (U.S.), WNS (Holdings) Ltd. (India), NCR VOYIX Corporation (U.S.), Tech Mahindra Limited (India), Infosys Limited (India), Concentrix Corporation (U.S.), SunTec Web Services Pvt. Ltd. (India), and Invensis Technologies Pvt. Ltd. (India) among others
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Data Points Covered in the Report
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In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
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Segment Analysis
The Europe Business Process Outsourcing (BPO) market is segmented into eight notable segments based on outsourcing type, service, application, deployment mode, organization size, ownership, outsourcing approach, and end user.
- Based on outsourcing type, the market is segmented into offshore, nearshore, and onshore
In 2024, the offshore segment is expected to dominate the Europe Business Process Outsourcing (BPO) market
In 2024, the offshore segment is expected to dominate the market with a market share of 50.48% due to its number of health advantages.
- On the basis of service, the market is segmented into voice processing, telemarketing services, 3D visualization services, image edition services, virtual staffing services
In 2024, the voice processing segment is expected to dominate the Europe Business Process Outsourcing (BPO) market
In 2024, the voice processing segment is expected to dominate the market with a market share of 48.44% due to Upsurge in the capacity of quality enterprise data.
- On the basis of application, the market is segmented into customer care, finance and accounting, talent and HR services, sales and marketing, sourcing, procurement & supply chain, facilities and administration, product engineering, training, others. In 2024, the customer care segment is expected to dominate the market with 35.76% market share
- On the basis of deployment mode, the market is segmented into on premise and cloud. In 2024, the cloud segment is expected to dominate the market with 60.42% market share
- On the basis of organization size, the market is segmented into large enterprises and SMEs. In 2024, the large enterprise segment is expected to dominate the market with 64.62% market share
- On the basis of ownership, the market is segmented into captive, and third party. In 2024, the captive segment is expected to dominate the market with 61.60% market share
- On the basis of outsourcing approach, the market is segmented into contract based, bundled services, best-shore, and fee for service. In 2024, the contract based segment is expected to dominate the market with 48.34% market share
- On the basis of end user, the market is segmented into IT and telecommunication, manufacturing, BFSI, government & defense, transportation and logistics, retail & E-commerce, travel and hospitality, healthcare, energy and utilities, education, and others. In 2024, the IT and telecommunication segment is expected to dominate the overall market with 28.86% market share
Major Players
Data Bridge Market Research analyzes IBM Corporation (U.S.), Capgemini (Paris), Accenture (Ireland), Tata Consultancy Services Limited (India), Infosys Limited (India) as major market players in this market.
Market Developments
- In February 2024, Tata Consultancy Services Limited and Conga, a global leader in Revenue Lifecycle Management, partnered for marking a significant development. Together, they devised customized solutions, drawing on their product expertise and lessons from global implementations. This partnership empowered enterprises to achieve growth by automating processes, ensuring operational, and maximizing revenue through innovative solutions and transformation opportunities
- In December 2023, IBM Corporation announced the acquisition of Octo, an IT consulting company that offers AI, cloud, infrastructure, cybersecurity, data modernization, blockchain and DevSecOps services to U.S. federal government agencies. This helped the company to increase its service portfolio
- In November 2023, Capgemini achieved recognition as a Leader in the 2023 Gartner Magic Quadrant for Finance and Accounting Business Process Outsourcing. This acknowledgment underscored the company's proficiency in delivering top-tier services. It reinforced the company’s status as a key player and highlighted its success in meeting and surpassing industry standards, contributing significantly to its positive reputation and standing in the market
- In October 2023, Accenture completed the acquisition of ON Service GROUP, a prominent business process services provider with expertise in insurance operations. The transaction, with undisclosed terms, bolstered Accenture's capabilities in Germany, particularly in insurance processes such as sales and policy administration. This strategic move empowered the company to efficiently oversee the entire process chain, optimizing operations, fostering agility, and promoting growth through digital services
- In August 2023, Infosys Limited inaugurated its BPM center in Bhubaneswar that significantly expanded the company. The expansion marked a strategic move, enhancing Infosys' operational capabilities and geographical presence. This initiative aimed to strengthen the company's position in the market and foster economic growth in the region. The newly established center contributed to Infosys' commitment to innovation and service
Regional Analysis
Based on geography, the market is segmented into U.K., Germany, France, Spain, Italy, Netherlands, Switzerland, Russia, Belgium, Turkey, and rest of Europe.
As per Data Bridge Market Research Analysis:
U.K.is the Dominant and Fastest-Growing Country in the Europe Business Process Outsourcing (BPO) Market
U.K. is expected to be the fastest growing and dominate the market due to its highly skilled workforce, advanced technological infrastructure, favorable regulatory environment, and strategic geographic location, attracting significant investments and fostering robust growth across various industries within the outsourcing sector.
For more detailed information about the Europe Business Process Outsourcing (BPO) market report, click here – https://www.databridgemarketresearch.com/reports/europe-business-process-outsourcing-market
