Business Process Outsourcing Market Segmented by Regions, Types and Applications and Forecast to 2030
- by marketherald
Business Process Outsourcing Industry Overview
The global business process outsourcing market was valued at USD 245.9 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 9.1% from 2022 to 2030.
The market is driven by factors such as the increasing focus of organizations on improving efficiency and business agility, decreasing operating costs, and emphasizing core competencies to survive the constantly changing business dynamics.
Moreover, several organizations are increasingly focusing on reducing the cost of conducting business for accessing global resources to meet the growing industry demands. These factors have encouraged the adoption of Business Process Outsourcing (BPO) services across several organizations that focus on technological trends such as AI and cloud computing for driving business efficiency. In 2020, the impact of the COVID-19 pandemic also increased the demand for standardized platform services that enable BPOs to resolve complex business processes, thereby generating avenues for market growth.
Gather more insights about the market drivers, restrains and growth of the Global Business Process Outsourcing Market
The growing popularity of cloud computing in business process outsourcing is one of the prominent factors influencing the growth of BPO services. Cloud computing assists BPO providers in increasing the time to market, improving the quality control process, and reducing costs. Additionally, cloud computing in BPO ensures instant computing support and system access, flexible provisioning, and universal access whenever needed to meet the business purposes. These benefits are anticipated to positively impact the adoption of cloud computing in the business process outsourcing market during the forecast period.
However, issues related to confidentiality and intellectual property rights are anticipated to restrain the growth prospects of the BPO market during the forecast period. The need to reduce operational costs often lands the outsourcer in countries that do not have an established legal framework that is responsible for protecting the outsourcer from breaches of confidentiality and violations of intellectual property rights. As a result, outsourcing companies are often concerned with the way the outsources handle the information shared and are observed to be reluctant, as even a small error can result in a permanent setback for the company’s market position. The increasing number of government initiatives implemented to promote the adoption of cloud technology in the BPO sector is also expected to bode well for market growth.
The rapid increase in COVID-19 cases at the beginning of 2020 resulted in social and economic disruptions and created challenges in outsourcing functions. However, the changes brought to business activities due to these disruptions are expected to provide impetus to the market in the long run. BPO companies have changed their business models by restructuring their Business Continuity Plans (BCP) to a distributed workforce.
Businesses have realized the importance of continuous operations planning and disaster recovery to build a more reliable business model that can survive an unprecedented disruption like the COVID-19 pandemic. For instance, in 2020, the key vendors of the BPO market, including Accenture and Infosys Limited (Infosys BPM), stated that due to the COVID-19 pandemic, more than 80-90% of their employees were working from remote locations. The resultant disruption caused in the workforce management process led to lack of infrastructure equipment and increased data security risks resulting in dipped work efficiency and delays in project completions in the BPO market.
Browse through Grand View Research’s Communication Services Industry Research Reports.
- Multi-access Edge Computing Market – The global multi-access edge computing market size was valued at USD 1.56 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) exceeding 42% from 2021 to 2028.
- Roaming Tariff Market – The global roaming tariff market size was valued at USD 70.76 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 5.1% from 2021 to 2028.
- Engineering Services Outsourcing Market – The global engineering services outsourcing market size was valued at USD 1.06 trillion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 22.9% from 2021 to 2028.
Business Process Outsourcing Market Segmentation
Grand View Research has segmented the business process outsourcing market based on service type, end use, and region:
- Business Process Outsourcing Service Type Outlook (Revenue; USD Billion; 2018 – 2030)
- Finance & Accounting
- Human Resource
- Procurement & Supply Chain
- Customer Services
- Business Process Outsourcing End Use Outlook (Revenue; USD Billion; 2018 – 2030)
- IT & Telecommunications
- Business Process Outsourcing Regional Outlook (Revenue, USD Billion, 2018- 2030)
- North America
- Asia Pacific
- Latin America
Market Share Insights
- September 2020: Infosys McCamish announced the launch of a new industry platform called Infosys McCamish NGIN. Aimed at the global life insurance and annuity industry, the platform is based on an evolutionary architecture and can be configured to address the regional and global requirements of insurance carriers.
- October 2021: Amdocs signed a seven-year partnership with VEON Ltd., a connectivity and internet service provider, to offer innovative digital services to customers of VEON from Uzbekistan and Kazakhstan.
Key Companies profiled:
Some prominent players in the Business Process Outsourcing market include
- CBRE Group Inc.
- HCL Technologies Limited
- Infosys Limited (Infosys BPM)
- NCR Corporation
- TTEC Holdings, Inc.
- Wipro Limited
Order a free sample PDF of the Business Process Outsourcing Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Corporate Sales Specialist, USA
Grand View Research, Inc.
Toll Free: 1-888-202-9519
Email: [email protected]
Business Process Outsourcing Industry Overview The global business process outsourcing market was valued at USD 245.9 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 9.1% from 2022 to 2030. The market is driven by factors such as the increasing focus of organizations on improving efficiency and business agility,…
Microsoft Office 365
- Arts & Entertainment Press Release
- Automotive Press Release
- Business & Professional Services Press Release
- Education Press Release
- Energy & Environment Press Release
- Fashion Press Release
- Finance Press Release
- Health & Fitness Press Release
- Health Care Services
- Home & Garden Press Release
- Home Health Care
- Industrial Supplies & Services Press Release
- Internet Press Release
- Manufacturing Press Release
- Press Release
- Press Release & News Distribution Center
- Professional Services Press Release
- Real Estate Press Release
- Services Press Release
- Sports Press Release
- Technology Press Release
- Travel & Tourism Press Release