Business Process Outsourcing Market size, Analysis & Forecast 2028
Business Process Outsourcing Market
The Business Process Outsourcing (BPO) Market was valued around USD 232 billion in 2020 and is expected to grow at a CAGR of 8.5% over the forecast period (2021-2028).
The factors driving growth of Business Process Outsourcing Market includes growing focus by businesses on reducing the operational cost, engaging business agility, and improving efficiency, rise in the English-speaking population across the globe, and increasing demand for BPO services in the end-use industries such as Healthcare, BSFI and Manufacturing. In addition, growing adoption of advanced technologies such as Artificial Intelligence (AI), Machine Learning (ML), SaaS-based solutions by organizations, strategic mergers and collaborations between key players and rapid industrialization, are some of the additional factors supplementing the Business Process Outsourcing Market size. In addition, the increasing investments by leading players on research and development, rising disposable incomes and growing population growth rates, are further contributing towards the market growth.
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However, growth of the Business Process Outsourcing Market is hindered due to rising issues related to confidentiality and intellectual property rights.
The leading players operating in the market are HCL Technologies Limited, CBRE Group, Inc., NCR Corporation, Accenture Plc, Amdocs Limited, Infosys Limited, Wipro Limited, Capgemini SE, TTEC Holdings, Inc., and Sodexo, among others.
Based on Application, the Customer Services segment is predicted to grow at a significant CAGR during the forecast period
Rise in the number of customer service centers around the world and growing demand for online technical support, are some of the factors pushing the growth of the segment.
Based on End-User, the BSFI segment is projected to grow at a robust CAGR over the forecast period
As per the Business Process Outsourcing Market Industry Analysis, increasing demand for BPO services by banking companies for supporting business acquisition services and human resources services, are some of the factors propelling growth of the segment.
Based on Region, the North American region is anticipated to expand at a remarkable CAGR during the forecast period
According to the Business Process Outsourcing Market Report, presence of the leading players such as Amdocs Limited, CBRE Group, Inc., and NCR Corporation, growing adoption of advanced technologies by major IT companies’ and high per capita incomes, are some of the important factors augmenting the market growth in North American region.
Key Development
In 2019, Accenture Plc, collaborated with Inversis, a Spain based company providing outsourcing and technology solutions for investment services for global financial institutions. Through this collaboration both the company’s plans to develop an outsourcing solution, which will help financial institutions across Europe to manage their financial asset distribution processes. This outsourcing solution will help financial institutions facing regulatory pressure and compressed margins replace fixed cost structures with flexible variable cost models.
Market Segmentation
Segmentation by Application
Finance & Accounting
Human Resource
KPO
Procurement
Customer Services
Others
Segmentation by End-User
BFSI
Healthcare
Manufacturing
IT and Telecommunication
Retail
Others
Segmentation by Region
Asia PacificChina
Japan
India
Rest of APAC
North AmericaUnited States of America
Canada
EuropeUnited Kingdom
Germany
France
Spain
Rest of Europe
RoWBrazil
South Africa
Saudi Arabia
UAE
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