Global business process outsourcing market size was US$ 221.5 Bn in 2019 and is expected to reach US$ XX Bn by 2027, at a CAGR of 8% during the forecast period.
Global business process outsourcing market size was US$ 221.5 Bn in 2019 and is expected to reach US$ XX Bn by 2027, at a CAGR of 8% during the forecast period.
Global Business Process Outsourcing Market
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Global business process outsourcing market Definition
Business process outsourcing (BPO) is a subfield of process outsourcing that includes contracting of the responsibilities and operations of a particular business function to an intermediary vendor or third-party service provider. This business function includes marketing, customer support, and many others.
Global business process outsourcing market Dynamics
The business process outsourcing industry is one of the fastest-growing industries in the world today. Growing adoption of BPO by businesses across all industries to improve business growth, to increase business productivity, to solve various customer queries efficiently, and to provide wide range of opportunities to for cost reductions is major driving factor behind the growth of the market. A rising need for BPO services for front-office and back-office operations and growing market for the BPO industry in the APAC region are expected to improve the growth of the market during the forecast period. The BPO services provides some benefits such as time and cost-saving, improved flexibility, productivity and scalability, opportunities to new jobs, and improved customer interaction services, which are ultimately propelling the growth of the market during the forecast period.
However, the possibility of potential data breaches, communication, and quality control issues, lack of strategic alignment, changing political scenarios and over dependency on service providers are major restraining factors that could hamper the growth of the market.
Global Business Process Outsourcing Market: Segmentation Analysis
By service, the customer service segment dominated the market with 30% of market share in 2019 and is expected to maintain its dominance at CAGR of XX% during the forecast period. Customer service is the service provided to the users or clients of a particular business. A growing number of domestic and international BPOs across the world to manage their customer’s queries through phones calls, social media, email, chat, and other communication channels are impelling the growth of the market. Increasing establishments of various customer service centres that require offline and online technical support are further expected to improve the growth of the market during the forecast period.
By service location, the offshore segment dominated the market in 2019 and is projected to witness fast growth at CAGR of XX% during the forecast period. Offshore BPO outsourcing is the process of provides outsourcing to outside countries. India is a leading country in the world for offshore back-office services as large companies in countries like the US and Europe are increasingly shifting their IT services, call centre operations, and other business operations to India. According to MMR study, it is found that nearly 80% of companies in these countries ranked offshoring to India as their priority and India accounted for ~65% of the international offshore BPO market. The Cisco, Ford Motor Company, American Express, General Electronics, and Microsoft are the top five biggest US companies that Offshore to India.
Global Business Process Outsourcing Market: Regional Analysis
Region-wise, Asia Pacific held the largest market share in 2019 and is expected to maintain its dominance at CAGR of XX% during the forecast period. The economies such as India China, Thailand, Malaysia, and Philippines are major key contributors behind the growth of the market. The growth is attributed to growing establishments of BPO service centre across countries like India and the Philippines. Indian BPO industry manages ~56% of the world's business process outsourcing.
Major factors such as business risk mitigation, the economy of scale, cost benefits, better competency, and utilization improvement are driving the growth of the BPO industry across the region. The Growing market for the IT-BPO industry, rising mobile connectivity, and internet adoption and increasing consumption of consumer goods in India is further propelling the growth of the market in the region.
The objective of the report is to present a comprehensive analysis of the Global Business Process Outsourcing Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Business Process Outsourcing Market dynamics, structure by analyzing the market segments and projects the Global Business Process Outsourcing Market. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Business Process Outsourcing Market make the report investor’s guide.
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The Scope of Global Business Process Outsourcing Market: Inquire before buying
Global Business Process Outsourcing Market, By Service
• Finance & Accounting
• Human Resources
• Knowledge Process Outsourcing
• Procurement & Supply Chain
• Customer Services
• Others
Global Business Process Outsourcing Market, By Service Location
• Onsite
• Offsite
• Offshore
Global Business Process Outsourcing Market, By Industry
• Banking, Financial Services and Insurance (BFSI)
• Healthcare
• Manufacturing
• IT & Telecommunication
• Retail
• Others
Global Business Process Outsourcing Market, By Region
• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa
Global Business Process Outsourcing Market, Key Players
• ADP, LLC
• Conduent Inc
• Accenture PLC
• WNS (Holdings) Ltd
• Capgemini
• Infosys BPM Limited
• IBM Corporation
• Tata Consultancy Services Limited (TCS)
• TTEC Holdings, Inc
• Conneqt Business Solution Limited
• HCL Technologies
• Wipro Ltd
• Amdocs
• NCR Corporation
• Sodexo
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