Data Bridge Market Research analyzes that the Thailand business process outsourcing (BPO) market is expected to grow at a CAGR of 7.1% in the forecast period of 2023 to 2030 and is expected to reach USD 2,429.38 million by 2030. The Offshore segment is projected to propel the market growth due to factors such as low labor cost, proper communication, easy access to highly skilled labor, quality service, and others.
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Business Process Outsourcing (BPO) is the practice of contracting or outsourcing a specific work process or process to an external service provider for the required function. The services can include payroll, accounting, telemarketing, data recording, social media marketing, customer support, and more. BPO can be done for non-core business activities such as recruiting, managing finance and payroll, supervising procurement, and providing training, among others. Business process outsourcing can be provided in various domains, including human resources, sales & marketing, supply chain, finance & accounting, education & training, and payment, among others. Outsourcing necessary processes such as recruiting, accounts payable, managing procurement, or various utility bill processing help take care of important yet repetitive tasks that need to perform very frequently or on a daily basis and need to free the internal resources to focus on core competency. As organizations streamline and improve their services or products, they can gain business and scale up their operations, which then helps them to increase their revenue.
Key Findings of the Study
Increasing Need for Business Agility
In the 21st century, every business is marked with an energy of constant dynamism. Business agility can sustain its maximum potential in terms of profits and employees amidst a dynamic external and internal environment. It enables organizations to innovate and deliver more effectively, thus turning market disruption into a competitive advantage while thriving in complex environments.
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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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015-2020)
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Quantitative Units
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Revenue in Million, Volumes in Units, Pricing in USD
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Segments Covered
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Location (Offshore, Nearshore, and Onshore), Services (Voice Processing, Telemarketing Services, 3D Visualization Services, Image Editing Services, Virtual Staffing Services, and Others) Application (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), Deployment Mode (On Premise, and Cloud), Organization Size (Large Enterprises, Small & Medium Enterprises), Ownership (Captive, and Third Party), Outsourcing Approach (Best-Shore, Bundled Services, Contract Based, and Fee For Service), End-User (BFSI, IT and Telecommunication, Healthcare, Manufacturing, Retail & E-commerce, Government & Defense, Transportation and Logistics, Travel & Hospitality, Education, Energy and Utilities, and Others)
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Country Covered
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Thailand
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Market Players Covered
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Accenture (U.S.), Infosys Limited (India), Capgemini (France), IBM Corporation (U.S.), Cognizant (U.S.), Wipro Limited (India), Genpact (U.S.), HCL Technologies Limited (India), NCR Corporation (U.S.), Amdocs (U.S.), ExlService Holdings, Inc. (U.S.), CBRE(U.S.), Tech Mahindra Limited (India), TTEC (U.S.), Unity Communications (U.S.), Octopus Tech (India), Concentrix Corporation (U.S.), and CGI Inc. (Canada), among others
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework
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Segment Analysis
The Thailand business process outsourcing (BPO) market is segmented into eight notable segments based on location, service, application, deployment mode, organization size, ownership, outsourcing approach, and end-user.
- On the basis of location, the Thailand business process outsourcing (BPO) market is segmented into offshore, nearshore, and onshore.
In 2023, the offshore segment is expected to dominate the Thailand business process outsourcing (BPO) market
- In 2023, the offshore segment is expected to dominate the Thailand business process outsourcing (BPO) market with a market share of 51.72% due to owing to factors such as low labor cost, proper communication, easy access to highly skilled labor, quality service, and others.
- On the basis of service, the Thailand business process outsourcing (BPO) market is segmented into voice processing, telemarketing services, 3D visualization services, image editing services, virtual staffing services, and others. In 2023, the voice processing segment is expected to dominate the Thailand business process outsourcing (BPO) market with a market share of 46.34%.
In 2023, the customer care segment is expected to dominate the Thailand business process outsourcing (BPO) market
- On the basis of application, the Thailand business process outsourcing (BPO) market is segmented into talent & HR services, sales and marketing, finance and accounting, sourcing, procurement & supply chain, facilities and administrations, customer care, training, product engineering, and others. In 2023, the customer care segment is expected to dominate the Thailand business process outsourcing (BPO) market with a market share of 43.71%.
- On the basis of deployment mode, the Thailand business process outsourcing (BPO) market is segmented into on premise and cloud. In 2023, the cloud segment is expected to dominate the Thailand business process outsourcing (BPO) market with a market share of 60.80% and is expected to reach USD 1,519.49 million by 2030, growing with the CAGR of 7.5% in the forecast period of 2023 to 2030.
- On the basis of organization size, the Thailand business process outsourcing (BPO) market is segmented into large enterprises and small & medium enterprises. In 2023, the large enterprises segment is expected to dominate the Thailand business process outsourcing (BPO) market with a market share of 64.05%.
- On the basis of ownership, the Thailand business process outsourcing (BPO) market is segmented into captive and third party. In 2023, the captive segment is expected to dominate the Thailand business process outsourcing (BPO) market with a market share of 61.87%.
- On the basis of outsourcing approach, the Thailand business process outsourcing (BPO) market is segmented into best-shore, bundled services, contract based, and fee for services. In 2023, contract based segment is expected to dominate the Thailand business process outsourcing (BPO) market with a market share of 49.99%.
- On the basis of end-user, the Thailand business process outsourcing (BPO) market is segmented into BFSI, IT and telecommunication, healthcare, manufacturing, retail & e-commerce, government & defense, transportation and logistics, travel and hospitality, education, energy and utilities, education, and others. In 2023, the IT and telecommunication segment is expected to dominate the Thailand business process outsourcing (BPO) market with a market share of 41.54%.
Major Players
Data Bridge Market Research recognizes the following companies as the major business process outsourcing (BPO) market players, which are Accenture (U.S.), Infosys Limited (India), Capgemini (France), IBM Corporation (U.S.), Cognizant (U.S.), Wipro Limited (India), Genpact (U.S.), HCL Technologies Limited (india), NCR Corporation (U.S.), Amdocs (U.S.), ExlService Holdings, Inc. (U.S.), CBRE(U.S.), Tech Mahindra Limited (India), TTEC (U.S.), Unity Communications (U.S.), Octopus Tech (India), Concentrix Corporation (U.S.), and CGI Inc. (Canada) among others.
Market Development
- In December 2022, IBM Corporation announced the acquisition of Octo. This IT consulting company offers artificial intelligence (AI), cloud, infrastructure, cybersecurity, data modernization, blockchain, and DevSecOps services to U.S. federal government agencies. This helps the company to increase its service portfolio.
- In December 2022, Accenture announced the acquisition of Fiftyfive5, customer insights and advisory business. This improves Accenture Song's (formerly Accenture Interactive) capacity to assist clients in utilizing data insights and performance marketing to spur development and innovation. This helps the company to increase its customer base in Australia and New Zealand efficiently.
- In November 2022, Cognizant announced that it had agreed to acquire AustinCSI, a premier digital transformation consultancy specializing in enterprise cloud and data analytics advisory services. This acquisition strengthens Cognizant's technology capability and vertical industry experience, enhancing its advising skills for delivering comprehensive digital strategy and innovative solutions to clients.
- In November 2022, ADP Retirement Services launched Co-Branded Retirement Plan Solution for the HUB International Platform, two new retirement plan solutions — one for HUB International and the second for their affiliate GRP Financial. Small- and mid-sized employers also benefit from the retirement advisory capabilities of HUB and GRP.
- In October 2022, Aidey was named by Clutch as a Top 2021 B2B Company in the Philippines. Clutch is the top platform for IT, marketing, and business service providers to receive ratings and reviews. Simplifying the decision-making process when it comes to collaborations promotes company success.
Regional Analysis
Thailand business process outsourcing (BPO) market is analyzed, and market size insights and trends are provided by location, service, application, deployment mode, organization size, ownership, outsourcing approach, and end user.
COVID-19 Impact Analysis
The Thailand business process outsourcing (BPO) market has been significantly impacted by the COVID-19 pandemic. BPO is a business practice where a company outsources its non-core business functions to a third-party provider who is specialized in that particular function. These functions may include customer service, accounting, human resources, and more.
The pandemic has created a significant impact on the Thailand economy, leading to businesses worldwide reducing their operations, cutting costs, and focusing on their core competencies. As a result, BPO providers have witnessed a shift in demand for services and changes in service requirements from their clients.
Some BPO service providers have seen an increase in demand for services as companies aim to reduce costs and streamline their operations during the pandemic. For instance, the demand for customer service outsourcing has increased as companies try to manage the increased volume of customer inquiries related to COVID-19. On the other hand, some BPO service providers have seen a decline in demand for services as businesses have reduced their non-core functions to focus on their core competencies. For instance, some companies have reduced their HR outsourcing as they focus on workforce management during the pandemic.
Additionally, the pandemic has brought about changes in service requirements from clients. For instance, clients are demanding more flexibility in service delivery, such as remote working capabilities for BPO providers, to ensure business continuity during the pandemic.
Overall, the COVID-19 pandemic has had a mixed impact on the BPO market. While some service providers have witnessed an increase in demand for services, others have seen a decline in demand. As the pandemic continues to evolve, BPO service providers must continue to adapt to changing client requirements to stay relevant in the market.
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