Business Process Outsourcing (BPO) Market Research: Size and Projections

Business Process Outsourcing (BPO) Market, by Service Type (Finance & Accounting, Human Resource, KPO, Procurement & Supply Chain, Customer Services, Others), End-use (BFSI, Healthcare, Manufacturing, IT & Telecommunications, Retail, Others), Outsourcing Type (Offshore, Nearshore, and Onshore), region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).

Business Process Outsourcing (BPO) Market Overview

The Business Process Outsourcing (BPO) Market size was estimated at USD 285.86 billion in 2023 and is projected to reach USD 527.63 billion in 2030 at a CAGR of 9.15% during the forecast period 2023-2030.

Business process outsourcing (BPO) is a method of conducting business in which a company hires an outside service provider to carry out a crucial duty or activity. After identifying a procedure that, while important for its operations, is not part of its core value offering, an organization often contracts with another company for these services. Strong business process management and a thorough grasp of organizational processes are necessary for this level. Enterprise leaders frequently decide there is no benefit in having their own people do these commodity operations since they typically do not distinguish one firm from another. Companies estimate that outsourcing these procedures to an expert source might result in better outcomes. Payroll and accounting are two examples of procedures that are frequently considered to be ideal candidates for BPO by many firms.

The market for business process outsourcing (BPO) is expanding as a result of factors such as businesses' increasing emphasis on enhancing productivity and organizational agility, cutting costs, and accelerating key capabilities to survive the rapidly changing business dynamics. Additionally, a lot of businesses are concentrating on lowering their operating expenses so they can access global resources to satisfy the rising market needs. These factors have promoted the use of market services by a number of companies that concentrate on utilizing technical developments like cloud computing and Artificial Intelligence (AI) to increase corporate productivity.

In the projected term, security and intellectual property rights worries are anticipated to limit market expansion. The need to lower operating costs drives the outsourcer to locations without a legislative framework in place to guard against confidentiality breaches and infringement of intellectual property rights. Because even a tiny mistake can result in a permanent loss for the company's market position, outsourcing organizations are frequently concerned about how they outsource and handle the information supplied.

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The effects of COVID-19 caused social and economic upheavals and complicated the process of outsourcing tasks. However, it is anticipated that these interruptions' effects on corporate operations would ultimately fuel the industry. By reorganizing their Business Continuity Plans (BCP) to a distributed workforce, BPO organizations have altered their business models. In order to create a more dependable business model that can withstand an unanticipated interruption like the COVID-19 pandemic, businesses have acknowledged the significance of continuous operations planning and disaster recovery. According to Accenture and Infosys Limited (Infosys BPM), two of the largest market suppliers, more than 80–90% of its workers were working remotely as of 2020 as a result of COVID-19.

Delvens Industry Expert's Standpoint

The Business Process Outsourcing (BPO) Market is expected to grow during the forecast period. This growth can be attributed to several factors such as businesses' increasing emphasis on enhancing productivity and organizational agility, cutting costs, and accelerating key capabilities to survive the rapidly changing business dynamics. Moreover, one of the main factors promoting the use of BPO services is the rising popularity of cloud computing in business process outsourcing. However, concerns related to security and intellectual property rights are expected to restrain the growth of the market in the forecast period.

Key Findings

• Based on service type, the market is segmented into finance & accounting, human resource, kpo, procurement & supply chain, customer services, others. The customer services segment dominated the market in this segment. The increase in service centers that require offline and online technical help can be ascribed to this category. Businesses that focus on providing customer service are experts at managing requests and questions from customers that come in via social media platforms, chats, phone calls, emails, and other channels. Additionally, the majority of them offer self-service assistance, allowing clients to get answers to their questions whenever they need to.
• Based on end-use, the market is segmented into bfsi, healthcare, manufacturing, it & telecommunications, retail, others. The IT and telecommunications segment dominated the market in this segment. A few of the causes driving up demand for business process services among IT and telecommunication organizations include the rise in the number of IT enterprises and the rising industrialization of the world. IT and telecom BPO services meet the rising need for connection, deal with security concerns, and develop fresh products for the newest gadgets and technological advancements.
• Based on outsourcing type, the market is bifurcated into offshore, nearshore, and onshore. The offshore BPO dominated the market in this segment. This is due to increasing globalization of businesses and growing demand for BPO services from small and medium-sized businesses.
• The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. North America is estimated to account for the largest market share during the forecast period. Due to the increasing demand for business process outsourcing services from various regional IT behemoths, the area is predicted to maintain its dominance. Regional expansion is also anticipated to be supported by the customization of service offerings to better fit individual demands and the rising demand for cloud computing.

Business Process Outsourcing (BPO) Market Regional Analysis

North America to Dominate the Market

• North America is estimated to account for the largest market share during the forecast period because of the increasing demand for business process outsourcing services from various regional IT behemoths.
• Moreover, the customization of service offerings to better fit individual demands and the rising demand for cloud computing is expected to drive the growth of the market during the forecast period.

Business Process Outsourcing (BPO) Market Competitive Landscape

·       Accenture

·       ADP, Inc.

·       Aidey

·       ALAC ETOILE

·       AMDOCS

·       Capgemini

·       CBRE

·       Cognizant

·       Concentrix Corporation

·       Conduent, Inc.

·       eNoah

·       ExlService Holdings, Inc. and Affiliates.

·       Genpact

·       H2A

·       HCL Technologies Limited

·       Helpware

·       Humania BPO

·       IBM Corporation

·       Infosys Limited

·       INTERSA

·       Intetics Inc.

·       Invensis Technologies Pvt. Ltd.

·       NCR Corporation

·       NTT DATA, Inc.

·       Octopus Tech

·       OUTSOURCIA GROUP

·       Plaxonic Technologies

·       Sodexo

·       SunTec Web Services Pvt. Ltd.

·       Tata Consultancy Services Limited

·       Tech Mahindra Limited

·       Triniter

·       TTEC

·       Unity Communications

·       Wipro Limited

·       WNS (Holdings) Ltd.

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Business Process Outsourcing (BPO) Market Recent Developments

• In June 2023, the TTEC Digital Innovation Studio has opened in Hyderabad, according to a statement from TTEC Holdings. With the help of prominent CX technology platforms like Amazon, Microsoft, and Google, among others, this development is anticipated to increase TTEC's capacity to provide better customer experiences around the globe.
• In June 2023, in order to emphasize the company's dedication on investing and growing its footprint in the nation, Wipro Limited officially opened its new office at Sable Park in Cape Town, South Africa. This is anticipated to hasten the job and skill-development prospects for the rapidly expanding BPO industry in Cape Town, which considerably boosts the local economy, in the near future.

Reasons to Acquire in the Business Process Outsourcing (BPO) Market

• Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
• Gain authentic and granular data access for the Business Process Outsourcing (BPO) Market to understand the trends and the factors involved in changing market situations.
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.

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