Market Highlights
The global business process outsourcing services market is expected to gain tractions from the presence of the APAC region where the cost-effective yet highly skilled labor can boost the performance of the industry. Well-established infrastructure and outsourcing opportunities are expected to take the global market forward. At the same time, IT & telecommunication, and BFSI industries can inspire the market growth.
Business process outsourcing (BPO) services is a type of practice where an organization secures the provision of a different company to perform a task. This sort of hiring eases performing of tasks. The global business process outsourcing services market is gaining strong grounds and is showing possibilities of earning USD 52 billion as their valuation by the end of 2023. The business process outsourcing services market can also expect a growth by 11% CAGR during the forecast period (2017-2023), reveals Market Research Future (MRFR).
Market Key Trends & Challenges
Business process outsourcing is considered as the fastest process of outsourcing various business processes. The work it includes is mainly for IT, finance & accounting, back-office, e-commerce support, and other services. Today, many enterprises across the globe are getting in favor of outsourcing their business processes to concentrate on their core business effectively. Even the service providers are proposing advanced technology-based BPO services to make their offering more all-inclusive. As per this information, currently, advance technologies like artificial intelligence (AI), analytics, and cloud computing are thoroughly being used by the providers to make BPO services more operative. These factors have also been accountable for driving the market’s growth at a steady pace.
The profitability of the market has been witnessed cautiously as many enterprises, across the globe, are mainly outsourcing their business processes to bring more business in the ahead of aim. Such a factor is considered to be one of the prime factors considerably driving market growth.
At the same time, over the years, many businesses have amplified their investment in BPO services. Both large, small- and medium-sized enterprises have been allocating budget for outsourcing their business process services. Also, various investments in BPO services are underway and likely to take place during 2019–2020. In the case of point, Saudi Telecom is going to renew its contract for BPO services for worth USD 2 billion. Similarly, Bharti Airtel also reintroduced a deal worth USD 2 billion for its BPO services for application development, maintenance, and infrastructure
Regional Analysis:
Asia Pacific (APAC), North America, Europe and Rest of the World (RoW) are regions that have been included in a region-specific analysis of the global business process outsourcing services market. This geographical analysis aims at realizing the potential of the market in a demographically-charged way.
North America accounts for the highest amount of the global market share. The region is benefitting from the presence of countries like the U.S. and Canada. Both countries are technologically advanced and their top-class industrial infrastructure is driving the growth of the regional market. At the same time, consumer-centric approach of the region is providing tailwind to the regional market. In addition, major companies are from this region.
The APAC region is the fastest growing one owing to the presence of countries like India and China. Some of the global bigshots are from India where labor is cheap and easily available. The region fetches a lot of revenue by getting jobs outsourced by developed nations, which is helping in the growth of the regional market.
Segmentation:
The global business process outsourcing market size, as in the reports of MRFR, has been segmented into service type and vertical. These segments are an attempt in deciphering market tactics from close quarters to understand how the market is charting its course.
Based on the service type, the business process outsourcing services market includes finance & accounting, human resource, KPO, customer services, procurement, and others. The finance & accounting segment is expected to garner the highest valuation by 2023, whereas the human resource segment can achieve the highest CAGR during the forecast period.
Based on the vertical, the business process outsourcing services market includes BFSI, healthcare, manufacturing, IT & telecommunication, retail, and others. The IT & telecommunication segment is gaining much from the correct implementation of various strategies by market titans. The BFSI segment is also expecting high growth during the forecast period.
Competitive Landscape:
Several companies are joining the bandwagon of taking the global business process outsourcing services market as they have realized the potential of the market and how much they can profit from the market by investing in it. Their innovative strategic moves are evidence of that. MRFR in their latest report on the business process outsourcing services market profiled several companies and to understand the market growth. These companies are Accenture PLC (Ireland), ADP, LLC. (U.S.), Xerox Corporation (U.S.), Capgemini (France), Aon Hewitt (U.S.), IBM Corporation (U.S.), Infosys BPO Ltd. (India), Wipro Limited (India), Syntel, Inc. (U.S.), Tata Consultancy Services Limited (India), among others.
In July 2019, Atento emerged as one of the most important companies of the business process outsourcing services market in Brazil. Their constant innovation in handling client servicing and BPO jobs have helped them solidify their place. Their success mostly relies on their investment in infrastructure that includes WebRTC, Machine Learning and NLP. They have also implemented new service channels in the Atento ommnichannel platform.
Browse Complete Report @ https://www.marketresearchfuture.com/reports/business-process-outsourcing-services-market-4451
