To know the impact of COVID-19 On Business Process Outsourcing (BPO) Market 2020 By Deployment (Cloud, On-Premise), By Organization Size: - (Small and medium-sized enterprises, Large enterprises), By Vertical:- (BFSI, IT and telecommunications, Retail and consumer goods, Manufacturing, Healthcare and life sciences, Government and defense), Forecast to 2025 Market
Market Size Forecast Scenarios (Optimistic, Baseline and Pessimistic) 2021-2027
Business Process Outsourcing (BPO) Market is valued at USD 187.91 Billion in 2018 and expected to reach USD 314.81 Billion by 2025 with a CAGR of 7.65% over the forecast period.
Rise in corporate profit, availability of a low-cost talent pool in emerging economies and technological transformations in the retail and e-commerce verticals are some factors driving the growth of the market.
Top 10 Business Process Outsourcing Companies are,
- ADP, LLC
- Conduent Inc.
- Accenture PLC
- WNS (Holdings) Ltd
- Infosys BPM Limited
- IBM Corporation
- Tata Consultancy Services Limited (TCS)
- TTEC Holdings, Inc.
- Conneqt Business Solution Limited among
Scope of Business Process Outsourcing (BPO) Market-
Business process outsourcing (BPO) is a process of subcontracting various business-related operations to third-party merchants. Although BPO originally useful solely to manufacturing entities, such as soft drink manufacturers that outsourced large segments of their supply chains, BPO now applies to the outsourcing of services, as well. Business process outsourcing (BPO) services are delivered to IT, finance & accounting, back-office process, e-commerce and support, procurement, human resource & recruitment process among others, by third-party providers to various organizations. A BPO service provider usually administers and manages a particular business process for another company. BPOs either use new technology or apply an existing technology in a new way to improve a particular business process. It is the contracting of non-primary business activities and functions to a third-party provider. BPO services include payroll, human resources (HR), accounting and customer/call center relations. BPO is also called as information technology enabled services (ITES).
Business Process Outsourcing (BPO) market report is segmented based on type, deployment, organization size, vertical and by regional & country level. Based upon type, Business Process Outsourcing (BPO) market is classified into IT outsourcing, finance and accounting outsourcing, back office outsourcing, E-commerce support services, training & development outsourcing, and others. Based upon deployment, Business Process Outsourcing (BPO) market is classified into cloud and on-premise. Based upon organization size, Business Process Outsourcing (BPO) market is classified into small and medium-sized enterprises and large enterprises. Based upon vertical, Business Process Outsourcing (BPO) market is classified into BFSI, IT and telecommunications, retail and consumer goods, manufacturing, healthcare, and life sciences, government and defense and others.
The regions covered in this Business Process Outsourcing (BPO) market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of Business Process Outsourcing (BPO) is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Business Process Outsourcing (BPO) market report covers prominent players like ADP, LLC, Conduent Inc., Accenture PLC, WNS (Holdings) Ltd, Capgemini, Infosys BPM Limited, IBM Corporation, Tata Consultancy Services Limited (TCS), TTEC Holdings, Inc., and Conneqt Business Solution Limited among others.
Business Process Outsourcing (BPO) Market Dynamics –
The growing need to increase operational efficiency in order to remain competitive in the market is one of the key factors that enterprises are turning to third-party BPO service providers. This factor drives the growth of the market. Additionally, services such as training and recruitment require additional efforts and time. Owing to this, some companies prefer to outsource human resource services. For instance, Accenture is one of the pioneers engaged in offering human resources and finance and accounting services. The company’s human resource services include workforce performance, recruitment, payroll, benefits and compensation, and other learning and employee services. The company’s human resource services cater to clients such as Microsoft, General Motors, IBM, and Goodyear. However, lack of skilled professionals, a reduction in free trade and a rising attrition rate in the BPO services industry are some factors hindering the growth of the market. For instance, the Bring Jobs Home Act, the American bill introduced in July 2014, aimed at discouraging outsourcing outside the USA by granting business taxpayers a tax credit for up to 20% of insourcing expenses incurred for eliminating a business located outside the USA and relocating it within the country . The introduction of regulations discouraging outsourcing and offshoring activities outside the parent country limited the growth of the BPO services market in emerging economies.
Business Process Outsourcing (BPO) Market Regional Analysis –
North America is dominating the Business Process Outsourcing (BPO) market. The growth is mainly attributed to the presence of major tech firms and startups in the country. Companies operating in the region are heavily investing in the development of advanced technologies like analytics, big data, cloud computing, and artificial intelligence (AI) in order to provide comprehensive BPO services to their clients.
Furthermore, Asia-Pacific Business Process Outsourcing (BPO) market is growing at a highest CAGR due to countries such as China and India are among the fastest-growing economies in the world. Recently, India is the number one destination for business process outsourcing, as most companies in the US and UK outsource IT-related business processes to Indian service providers. Convenience of the low-cost talent pool in emerging market such as India, China and the Philippines supported the growth of the BPO services market. Companies in developed economies outsourced their business processes to emerging economies such as India and China to capitalize on their affordable talent pool. In 2016, the minimum wage per month in the UK equaled to USD 1,724 while the minimum wage in the USA equaled to USD 1,257 around 8.5 and 6 times higher than the minimum wage in India respectively, which made India attractive in the BPO services sector.
Key Benefits for Business Process Outsourcing (BPO) Market Reports –
Global Market report covers in depth historical and forecast analysis.
Global Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
Global Market report helps to identify opportunities in market place.
Global Market report covers extensive analysis of emerging trends and competitive landscape.
By Type:- IT outsourcing, Finance and accounting outsourcing, Back office outsourcing, E-commerce support services, Training & development outsourcing, Others
By Deployment:- Cloud, On-Premise
By Organization Size: - Small and medium-sized enterprises, Large enterprises
By Vertical:- BFSI, IT and telecommunications, Retail and consumer goods, Manufacturing, Healthcare and life sciences, Government and defense
By Regional & Country Analysis
North America, US, Mexico, Chily, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, South Korea, Japan, India, Southeast Asia, Latin America, Brazil, The Middle East and Africa, GCC, Africa, Rest of Middle East and Africa
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