Image

Global Business Process Outsourcing (BPO) Market – Industry Trends and Forecast to 2029

  • ICT
  • Published Report
  • Feb 2022
  • Global
  • 350 Pages
  • No of Tables: 788
  • No of Figures: 57
  • ICT
  • Published Report
  • Feb 2022
  • Global
  • 350 Pages
  • No of Tables: 788
  • No of Figures: 57

Global Business Process Outsourcing (BPO) Market, By Outsourcing Type (Offsource, Nearshore Onshore), Service (Voice Processing, Telemarketing Services, 3D Visualization Services, Image Edition Services, Virtual Staffing Services), Application (Human Resource, Sales & Marketing, Finance & Accounting, Procurement & Supply Chain, Facilities & Administrations, Customer Care, Training, Product Engineering), Deployment Model (Cloud, On Premise), Organization Size (Large Enterprises, SMEs), Ownership (Captive, Third Party), Outsourcing Approach (Best Shore, Bundled Services, Contract Based, Fee for Service), End-User (BFSI, IT & Telecom, Healthcare, Manufacturing, Retail & E-Commerce, Government & Defense, Transportation & Logistics, Travel & Hospitality, Education, Energy & Utilities, and Others), Country (U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, Turkey, Belgium, Netherlands, Switzerland, Rest of Europe, China, India, Japan, South Korea, Australia, Singapore, Indonesia, Thailand, Malaysia, Philippines, Vietnam, Rest of Asia-Pacific, South Africa, Egypt, Saudi Arabia, U.A.E, Israel, Rest of Middle East & Africa) Industry Trends and Forecast to 2029.

Business Process Outsourcing (BPO) Market

Market Analysis and Insights: Global Business Process Outsourcing (BPO) Market

The business process outsourcing (BPO) market is expected to gain market growth in the forecast period of 2022 to 2029. Data Bridge Market Research analyses that the market is growing with the CAGR of 7.9% in the forecast period of 2022 to 2029 and expected to reach USD 422,605.53 million by 2029. Growing necessity for business agility and scheduling multi-workflow for improving business efficiency are the prominent factors that drive growth of the market.

Business process outsourcing (BPO) is the practice of contracting or outsourcing a specific work process or processes 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, 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 daily basis and need freeing your internal resources to focus on your core competency. As organizations streamline and improve their services or products, they can gain business and scale up their operations, which then help them to increase their revenue.

Penetration of automation in household appliances is the major driving factor in the market. Lack of skilled workforce and high attrition rate can prove to be a challenge however focus on multi-workflow scheduling of business prove to be an opportunity. The restraint is growing concerns regarding data security and privacy concern. Also challenges faced due to the impact of Covid-19 on the supply chain of the raw materials are the restraining factors.

This business process outsourcing (BPO) market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographical expansions, and technological innovations in the market. To understand the analysis and the market scenario contact us for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.

Business Process Outsourcing (BPO) Market

Global Business Process Outsourcing (BPO) Market Scope and Market Size

Business process outsourcing (BPO) market is segmented on the basis of outsourcing type, service, application, deployment mode, organisation size, ownership, outsourcing approach and end-user. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.

  • On the basis of outsourcing type, global business process outsourcing (BPO) market is segmented into offshore, nearshore and onshore. In 2022, offshore segment dominates the overall market with largest market share owing to the factor such as proper communication skills requirement, quality service and others.
  • On the basis of service, global business process outsourcing (BPO) market is segmented into voice processing, telemarketing services, 3D visualization services, image edition services, virtual staffing services and others. In 2022, voice processing segment augments the market with largest market share due to the due to rapidly growing customer support based industries among others
  • On the basis of application, global business process outsourcing (BPO) market is segmented into human resource, sales & marketing, finance & accounting, procurement & supply chain, facilities & administrations, customer care, training, product engineering and others. In 2022, customer care segment held the largest share due to rising need of technical assistance amongst varied industries.
  • On the basis of deployment mode, global business process outsourcing (BPO) market is segmented into on premise and cloud. In 2022, cloud segment will dominate the market as due to cost reduction feature and efficient scalability.
  • On the basis of organization size, the global business process outsourcing (BPO) market is segmented into large enterprises and SMEs. In 2022, large enterprise segment is dominating the market owing to the several factors such as flexible staffing solutions, comprehensive service offering and others.
  • On the basis of ownership, the global business process outsourcing (BPO) market is segmented into third party and captive. In 2022, captive segment augments the market with largest market share due to long term commitment and optimum level of control.
  • On the basis of outsourcing approach, the global business process outsourcing (BPO) market is segmented into best-shore, bundled services, contract based and fee for services. In 2022, contract based segment holds the largest market share owing to the rising need of higher work flexibility in the market.
  • On the basis of end-user, the global business process outsourcing (BPO) market is segmented into BFSI, IT & telecom, healthcare, manufacturing, retail & ecommerce, government & defense, transportation & logistics, travel & hospitality, education, energy & utilities and others. In 2022, IT and telecommunication segment dominates the overall market owing to rising number of IT services companies.

Business Process Outsourcing (BPO) Market

Business Process Outsourcing (BPO) Market Country Level Analysis

Business process outsourcing (BPO) market is segmented on the basis of outsourcing type, service, application, deployment mode, organisation size, ownership, outsourcing approach and end-user.

The countries covered in business process outsourcing (BPO) market report are U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, Turkey, Belgium, Netherlands, Switzerland, Rest of Europe, China, India, Japan, South Korea, Australia, Singapore, Indonesia, Thailand, Malaysia, Philippines, Vietnam, Rest of Asia-Pacific, South Africa, Egypt, Saudi Arabia, U.A.E, Israel, Rest of Middle East & Africa.

The U.S. accounted for the largest market share for the business process outsourcing (BPO) offsource segment due to the growing adoption of offshoring in developing countries due to low labor costs. The U.K. accounted for the largest market share in Europe due to the increasing business agility in every organisation. However, Japan accounted for the largest market share in Asia-Pacific owing to lower labour costs and enhancing business process efficiency.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.

Rising Demand of Agility Among Business Operations

Business process outsourcing (BPO) market also provides you with detailed market analysis for every country growth in industry with sales, components sales, impact of technological development in business process outsourcing (BPO) and changes in regulatory scenarios with their support for the business process outsourcing (BPO) market. The data is available for historic period 2011 to 2019.

Competitive Landscape and Business Process Outsourcing (BPO) Market Share Analysis

Business process outsourcing (BPO) market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the companies’ focus related to business process outsourcing (BPO) market.

The major players covered in the report are IBM Corporation, Cognizant, Capgemini, Genpact, ADP, Inc., Wipro Limited, Accenture, Tata Consultancy Services Limited, HCL Technologies Limited, NTT DATA, Inc., WNS (Holdings) Ltd., NCR Corporation, Tech Mahindra Limited., Infosys Limited, Triniter, Concentrix Corporation, TTEC, SunTec Web Services Pvt. Ltd., Invensis Technologies Pvt. Ltd., Plaxonic Technologies, Sodexo, ExlService Holdings, Inc. and Affiliates, AMDOCS, CBRE, Unity Communications, eNoah, Helpware and Octopus Tech, and Conduent Inc. among others . Many product developments are also initiated by the companies worldwide which are also accelerating the growth of business process outsourcing (BPO) market.

For instance,

  • In August 2020, Concentrix Corporation, has come up with advanced biometric solution SecureCX, the CX BPO industry’s newest Work-at-Home (WAH) platform, which will provide next generation security features for Work-at-home environments. With this new launch company has expanded and enhanced their solution offerings.
  • In November 2020, Conduent, Inc. announced an agreement with Vaya Health to simplify and manage care organizations to benefit the Medicaid recipients in North Carolina. The preparations allowed over here required to coordinate payment of benefits with prepaid health plans (PHPs). The partnership has strengthened the revenue sector for the company delivering more profit for the organization.

Production expansion, new product development and other strategies enhances the company market share with increased coverage and presence. It also provides the benefit for organisation to improve their offering for business process outsourcing (BPO).


SKU-
Why Choose Us


Frequently Asked Questions

Business Process Outsourcing (BPO) Market is growing with the CAGR of 7.9% by 2029
Business Process Outsourcing (BPO) Market is expected to reach USD 422,605.53 million by 2029.
This business process outsourcing (BPO) market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographical expansions, and technological innovations in the market.
The U.K. accounted for the largest market share in Europe due to the increasing business agility in every organisation. However, Japan accounted for the largest market share in Asia-Pacific owing to lower labour costs and enhancing business process efficiency.