New York US, May 04, 2022 (GLOBE NEWSWIRE) -- BPO Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “BPO Services Market” information by Type, by Deployment, by Vertical and Region – Forecast to 2030” market size to reach USD 381.62 billion, growing at a compound annual growth rate of 9.6% by 2030.
BPO Services Market Scope:
Over the past couple of decades, the BPO services market has garnered significant traction, mainly due to the rising popularity of BPOs among enterprises of all sizes. However, the market witnessed a drastic surge, especially from Dec. 2019 onwards, after the outbreak of the COVID-19 pandemic that brought forward the necessity to shift to remote work.
Dominant Key Players on BPO Services Market Covered are:
- ADP LLC
- Conduent Inc.
- Accenture PLC
- WNS (Holdings) Ltd
- Capgemini
- Infosys BPM Limited
- IBM Corporation
- Tata Consultancy Services Limited (TCS)
- TTEC Holdings
- Conneqt Business Solution Limited
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Besides, additional trends brought by the pandemic, such as the rise of social media management, cloud computing services, and omnichannel solutions, alongside the necessity to upskill resources and specialized outsourcing, boosted the market demand. Many growing companies turn to BPO services for business continuity and resiliency during this period.
These specific outsourcing trends are expected to continue to grow further during the next few years, which will allow the BPO industry to grow at a rapid pace continuously. Companies nowadays tend to outsource their non-core tasks to BPO service providers for their business growth. On the other hand, business process outsourcing companies are becoming more competitive and focusing on strategic approaches that can bring more promising results.
Given how much companies depend on BPO companies to cater to clients' needs, business process outsourcing companies are becoming more competitive and focusing on a strategic partnership that brings more promising results. BPO agencies are using advanced analytics to gain deeper insights to manage the resources by staying updated with the current trends and the latest developments in outsourcing this year.
Market USP Exclusively Encompassed:
BPO Market Drivers
Digital technologies have created new opportunities for business leaders, while traditional operations and business process outsourcing models are being reinvented. On the other hand, proliferating automation, AI, IoT, cloud, and other emerging technologies encouraged enterprises to adopt more intelligent workflows to grow and constantly evolve to become more intelligent.
Also, the need to integrate fully orchestrated processes that can respond to the needs of customers, employees, suppliers, and business partners alike emerged. In these challenging times, business process outsourcing experts strive to create business continuity for better intelligent workflows to transform clients' businesses.
To remain relevant, businesses needed to reinvent workflows and power digital transformation to drive greater impact in modernizing processes. The growing adoption of BPO services in major industries to improve productivity, customer satisfaction, and team morale and the spurring rise in the IT & telecommunications sectors worldwide drive the market growth.
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Besides, rapidly growing banking, financial services, healthcare, and manufacturing sectors substantiate the market growth. Also, with the increasing uptake of BPO services and solutions to meet digital transformation, the market is expected to perceive tremendous growth in the next few years.
One of the growing trends is enhanced focus on strategic business partnerships, which also has been considered a common outsourcing trend that has evolved significantly over the past few years. BPOs are increasingly helping finance organizations to improve the efficiency of their processes to create smart functions with intelligent workflows.
Segmentation of Market Covered in the Research:
The BPO services market is segmented into types, deployments, organization size, verticals, and regions. The type segment is sub-segmented into IT outsourcing, back office outsourcing, finance & accounting outsourcing, E-commerce support services, training & development outsourcing, and others. The deployment segment is sub-segmented into on-cloud and on-premise.
The organization size segment is sub-segmented into small and medium-sized enterprises and large enterprises. Similarly, the vertical segment is sub-segmented into BFSI, IT & telecommunications, retail & consumer goods, manufacturing, healthcare and life sciences, government & defense, and others. The region segment is bifurcated into North America, Europe, Asia-Pacific, and the-rest-of-the-world.
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Regional Analysis
North America leads the global business process outsourcing services market. The largest market share attributes to the increasing adoption of cloud enablement and digital services. Besides, the growing demand due to the growing demand for assistance to improve business operations, productivity, and efficiency boosts the region's market shares.
The strong presence of BPO services providers in the region impacts market revenues positively. Canada and the US contribute exponentially to the BPO services market in this region. Furthermore, the spurring rise in BFSI and IT & telecommunications sectors across the region increases market value.
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Competitive Landscape
Highly competitive, the BPO services market appears fragmented due to the presence of several well-established players. Industry players adopt various strategies such as collaborations, mergers & acquisitions, and product/technology development to gain a larger competitive share. Substantial investments are poured into developing products and expanding global footprints. Most players adopt organic business strategies, whereas tier I & II companies emphasize inorganic business strategies to achieve their goals.
For instance, on Mar. 30, 2022, iQor, a leading provider of technology-enabled BPO solutions and managed services for customer engagement, announced the expansion of its services to South America with a highly integrated new contact center to meet increased demand for digital BPO services.
It has expanded its global presence to 10 countries, and the center is scheduled to open in the third quarter of 2022. This expansion would enable iQor to continue to promote innovation by accessing highly-skilled bilingual workforces to support the growing need for omnichannel customer services for the world's top brands.
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