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Business Process Outsourcing Services Market Size, Historical Analysis, Emerging Technologies, Global Trends and Industry Set For Rapid Growth with Great CAGR by Forecast 2023

Market Highlights

The global business process outsourcing (BPO) services has found that the market is expected to value USD 52 billion by the end of 2023 and grow at an impressive CAGR of 11% during the forecast period 2017 to 2023.

Increasing adoption of the latest technologies in developed countries is prompting companies to outsource processes which are not essential to their core business operations. Administration and other back-office needs have been outsourced to areas where labor is cheaper such as developing countries. Adoption of BPO services allows employees to be more productive as they are better able to focus on the task at hand. This has increased the demand for BPO services.

Technological innovations play an important role in the growth of the global market. The growth of the IT & Telecommunication is anticipated to influence the proliferation of the IT & Telecommunication market positively over the next few years.

BPO has paved its way across different industry verticals such as BFSI, manufacturing, retail, etc. The expansion of the end-user industries is poised to dictate the growth trajectory of the business process outsourcing services market in the upcoming years.

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Major Key players

  • ADP, LLC. (U.S.)
  • Xerox Corporation (U.S.)
  • Accenture PLC (Ireland)
  • Aon Hewitt (U.S.)
  • Capgemini (France)
  • Infosys BPO Ltd. (India)
  • IBM Corporation (U.S.)
  • Syntel, Inc. (U.S.)
  • Tata Consultancy Services Limited (India)
  • Wipro Limited (India)

Segmentation:

Segmentation of the global business process outsourcing services market has been done by service type, vertical and region.

By service type, the market has been segmented to include finance & accounting, customer services, human resource, KPO, procurement and others. Finance and accounting are expected to have the largest share, while the human resource segment is expected to grow at the highest CAGR during the forecast period.

By vertical, the market has been segregated into BFSI, healthcare, manufacturing, IT & telecommunication, retail, and others.

By region, the global market has been divided into North America, Asia-Pacific, Europe and the Rest of the World (RoW).

Regional Analysis:

Regional analysis of the global market allows insight into what regions are expected to grow with the most significance over the forecast period. MRFR’s report has found that North America presently possesses the largest market share of the global market due to the rapid growth of businesses which choose to focus on core business practices while outsourcing them to various countries where there is cheap skilled labor for the same.

The report indicates that the U.K. is likely to lead the growth of the business process outsourcing services market in the region. Meanwhile, Asia Pacific resonates immense growth potential and is presumed to thrive at the highest CAGR over the review period. In addition, the availability of skilled personnel at comparatively lower cost is favoring the inflow of investments in the business process outsourcing services market of Asia Pacific. The regional market is projected to remain highly lucrative through the assessment period.

Latest Industry News

VXI Global Solution Inc., has opened a $3 million BPO facility in Clark Freeport Zone in Philippines, which is expected to create 2000 jobs for the local labor market.

Government incentives are attracting many BPO companies to smaller cities of India such as Ranchi, Jamshedpur and Bokaro. Jharkhand is witnessing an influx of BPO units of big brand name companies such as Concentrix, MICA, Kraft Outdoor and Routmobile. This is expected to generate employment for 7,500 people in the next few months.

The threat of artificial intelligence replacing BPO jobs for thousands of people in the Philipines has prompted the government to use augmented intelligence as a way to save jobs. The Department of Information and Communications Technology is teaming up with tech company AI Pros to train workers on the use of augmented intelligence.

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List of Tables

TABLE 1 BUSINESS PROCESS OUTSOURCING SERVICES MARKET, BY SERVICE TYPE

TABLE 2 BUSINESS PROCESS OUTSOURCING SERVICES MARKET, BY VERTICAL

TABLE 3 BUSINESS PROCESS OUTSOURCING SERVICES MARKET, BY REGIONS

TABLE 4 NORTH AMERICA BUSINESS PROCESS OUTSOURCING SERVICES MARKET, BY SERVICE TYPE

TABLE 5 NORTH AMERICA BUSINESS PROCESS OUTSOURCING SERVICES MARKET, BY VERTICAL

TABLE 6 U.S. BUSINESS PROCESS OUTSOURCING SERVICES MARKET, BY SERVICE TYPE

TABLE 7 U.S. BUSINESS PROCESS OUTSOURCING SERVICES MARKET, BY VERTICAL

TABLE 8 CANADA BUSINESS PROCESS OUTSOURCING SERVICES MARKET, BY SERVICE TYPE

TABLE 9 CANADA BUSINESS PROCESS OUTSOURCING SERVICES MARKET, BY VERTICAL

TABLE 10 MEXICO BUSINESS PROCESS OUTSOURCING SERVICES MARKET, BY SERVICE TYPE

Continued…………

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

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About Peter Ron

Peter is a Regular contributor to Tribune updates, he specializes in industry research, He also contributes to various online blogs

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