Market Research Future (MRFR), in its latest Business Process Outsourcing (BPO) Services Market 2020, reveals multiple influencing factors of the market. A complete detail of the effect of COVID 19 on the business outsourcing service market is supplemented along with the report. As per MRFR analysis, the BPO Services Market is expected to rise at 10.8% CAGR in the analysis period 2019–2024. On the conclusion of the review period, the business process outsourcing service market can value at USD 335.2 Billion.
The rise in exercising of BPO services across the booming IT and telecommunication sector can promote the expansion of the BPO service market across the analysis period. The increase in investments made by different enterprises in outsourcing business processes can support the rise of the Business Process Outsourcing (BPO) Services Market. On the other side, the increase in issues associated with data privacy and integrity can pose major threat to the expansion of the global business process outsourcing (BPO) market rise.
The segment evaluation of the Global Business Process Outsourcing (BPO) Services Market is done by Organization Size, Type, Deployment, and Vertical.
The type based segments of the BPO services market are back office outsourcing, finance & accounting outsourcing, procurement outsourcing, human resource & recruitment outsourcing, e-commerce support services, IT outsourcing, training & development outsourcing, and others. The IT outsourcing segment can rise at 9.4% CAGR and generate about USD 82.99 billion by 2024. The finance & accounting outsourcing segment can rise at 10.0% CAGR and earn about USD 30.58 Billion in the years to come. The procurement outsourcing segment can rise at 17.1% CAGR by 2024.
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The deployment based segments of the market are cloud and on-premise. The on-premise segment can rise at 7.5% CAGR and value above USD 107.59 billion in the years to come. The cloud segment can generate USD 78.63 billion at 14.6% CAGR across the analysis period.
The organization size based segments of the business process outsourcing market are SME enterprises and large enterprises. The large enterprise segment can rise at 8.5% CAGR to earn USD 126.62 billion revenue for the global market. The SME segment can valued at USD 59.60 Bn at 14.9% CAGR across the review period.
The vertical based segments of the market are IT and telecommunications, life sciences, BFSI, retail, manufacturing, consumer goods, government and defense, healthcare, and others. The BFSI segment can rise at 9.6% CAGR across the forecast period and value at USD 59.28 billion in the years to come. The IT & telecom segment can generate USD 41.32 billion revenue at 9.8% CAGR in the years to come. The government & defense segment can rise at 13.1% CAGR in the analysis period.
The business process outsourcing service market is studied across North America, EU, APAC, MEA, and South America. North America BPO services market is anticipated to gain global foothold across the analysis period. The expansion of Asia Pacific business process outsourcing can be attributed to the increase in industries in the region. In Europe, the BPO services market can thrive at considerable growth rate in the analysis period.
Infosys BPM Limited, Accenture PLC, Capgemini, ADP, LLC, Conduent Inc., WNS (Holdings) Ltd, IBM Corporation, TTEC Holdings, Inc. Tata Consultancy Services Limited (TCS), and Conneqt Business Solution Limited are some prominent players in the Business Process Outsourcing (BPO) global Market as revealed by MRFR.
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