Pune, Jan. 25, 2023 (GLOBE NEWSWIRE) -- Maximize Market Research is a leading market research company that has published a report on the “Business Process Outsourcing (BPO) Market”. The report is beneficial for the industry investors, market players, and stakeholders to plan, and develop key business strategies to maintain their market presence in the global market. According to the analysis, the Business Process Outsourcing (BPO) Market size was valued at USD 169.763 Billion in 2021 and the total Business Process Outsourcing (BPO) revenue is expected to grow at a CAGR of 7.09% from 2022 to 2029, reaching nearly USD 293.650 Billion.
Business Process Outsourcing (BPO) Market Scope and Research Methodology
The Business Process Outsourcing (BPO) market report emphasizes the industry's general dynamics, potential market, challenges, current market trends, and market restrictions, allowing users to identify business opportunities and market strategies to increase their global industry presence. The Business Process Outsourcing (BPO) Market report estimates the revenue growth of the key players at the national and international levels, as well as an analysis of the most recent market trends in each sub-segment throughout the forecast period. The global Business Process Outsourcing (BPO) Market report has been segmented based on Service, Outsourcing Type, Application, Organization Size, Ownership, End-User, and Region by MMR analysis to provide a final and effective conclusion for the market players, investors, and new entrants.
The Business Process Outsourcing (BPO) market report includes strategic profiling of the market's top major players, as well as a comprehensive analysis of their core competencies and business strategies such as advanced services, technologically developed software, new business agreements, joint ventures, partnerships, and acquisitions. MMR analysts also deliver data as excel files and pivot tables to their customers, as well as aid them in generating presentations using the data sets included in the report. For market estimation and forecasting, the bottom-up approach was utilized. Data were collected from a wide sample using both primary and secondary research approaches to validate the findings. The MMR research also includes industry recommendations, absolute opportunities, and investment strategies based on a thorough examination of the present competitive landscape in the Business Process Outsourcing (BPO) market.
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Business Process Outsourcing (BPO) Market Overview
With the assistance of third-party providers, various organizations such as IT, finance & accounting, e-commerce and support, back-office process, procurement, human resource & recruiting process, and others use Business Process Outsourcing (BPO) services. To remain competitive in the market, businesses are turning to third-party (BPO) service providers to boost operational efficiency. Most organizations in the industry are spending heavily on research and development of modern technologies such as big data, analytics, cloud computing, and artificial intelligence in order to deliver extensive BPO services to their clients.
Business Process Outsourcing (BPO) Market Dynamics
The key driver of business process outsourcing services is the increased usage of BPO services in the IT and telecommunications sectors. The industry is being strengthened by the diversity of BPO services, which include banking, financial services, healthcare, and manufacturing. As customer service usage of BPO services grows, so does operational expenses and support function efficiency. BPO services, through their interconnection with organizations, is expected to provide dependable, relevant, and round-the-clock assistance to critical business activities. By prioritizing shared workload, corporate culture is expected to generate demand for business process outsourcing, resulting in continuous success. Enterprises' increasing expenditures in BPO are driving the business process outsourcing (BPO) market growth.
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Business Process Outsourcing (BPO) Market Regional Insights:
By 2029, China and India are expected to create a considerable revenue share and boost regional market growth. Factors such as increasing government spending on BPO, BPO-centric education, an emphasis on enhancing employees' communication skills, and improved infrastructure is expected to drive industry growth in China and India. Because of its attractive geographic position and investor-friendly tax structure, India has been a popular outsourcing market. Multiple BPO organizations in India are establishing their presence in Tier 2 and Tier 3 cities, shifting away from only providing contact center or call center services and toward acquiring high-end expertise and providing a number of extra financial, accounting, and IT services.
| Market Size in 2021 | USD 169.763 Billion. |
| Market Size in 2029 | USD 293.650 Billion. |
| CAGR | 7.09% (2022-2029) |
| Forecast Period | 2022-2029 |
| Base Year | 2021 |
| Number of Pages | 200 |
| No. of Tables | 125 |
| No. of Charts and Figures | 140 |
| Segment Covered | Service, Outsourcing, Application, Organisation Size, Ownership, End-User |
| Regional Scope | North America (U.S., Canada, Mexico), Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, and the Rest Of Europe), Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN, Rest Of APAC), Middle East and Africa (South Africa, GCC, Egypt, Nigeria, Rest Of ME&A), South America (Brazil, Argentina, Rest of South America). |
| Report Coverage | Market Share, Size & Forecast by Revenue, Value | 2022−2029, Market Drivers, Restraints, Investment Opportunities, Major Challenges, and Key Trends, Competitive Landscape, Business Environment, Key Players Benchmarking, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis, PESTLE & PORTER Analysis, Leading Player’s SWOT analysis, Service offerings by Players, Technological Advancements, Growth Strategies, Etc. |
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Business Process Outsourcing (BPO) Market Key Competitors include:
- ADP, LLC. (New Jersey)
- Conduent Inc., (New Jersey)
- Accenture PLC. (Ireland)
- WNS Global Services Ltd. (India)
- Capgemini (France)
- Infosys BPM Limited (India)
- IBM Corporation (New York)
- Tata Consultancy Services Limited (TCS) (India)
- TTEC Holdings, Inc., (Colorado)
- Conneqt Business Solution Limited (India)
- HCL Technologies (India)
- Wipro Ltd. (India)
- Amdocs (Missouri)
- NCR Corporation (Georgia)
- Sodexo (France)
- Genpact (India)
- Concentrix (California)
- Teleperformance (France)
- Plaxonic Technologies (India)
- EXL Service (New York)
- Skyes (Florida)
- OctopusTech Solutions (India)
- Aegis Limited (India)
- CBRE Group, Inc. (Texas)
- Anderson Group BPO Inc. (Philippines)
- Automatic Infotech (India)
- Avaloq (Switzerland)
- Nihon (Japan)
- Nomura Research Institute, Ltd. (Japan)
- NTT Data (India)
- ValueNotes Strategic Intelligence Pvt. Ltd. (India)
- Oracle (Texas)
- TriNet Group, Inc. (California)
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Key Offerings:
- English Proficiency Test Market Variables, Trends & Scope, Value Chain Analysis, Regulatory Framework
- Market Dynamics: Growth Drivers, Market Restraints, Investment Opportunities, Market Challenges and Manufacturing Trends, Technological Trends
- Supplier Power, Buyer Power, Threat Of New Entrants, Threat Of Substitutes, Competitive Rivalry
- Political Analysis, Environmental Analysis, Social Analysis, Technological Analysis, Economical Analysis, Legal Analysis
Key questions answered in the Business Process Outsourcing (BPO) Market are:
- What is Business Process Outsourcing (BPO)?
- What is the compound annual growth rate of the Business Process Outsourcing (BPO) Market?
- Who are the major players in the Business Process Outsourcing (BPO) Market?
- Which player held the largest market share in the Business Process Outsourcing (BPO) Market in 2021?
- Which segment is expected to hold the highest market share in the Business Process Outsourcing (BPO) Market by 2029?
- What are the factors affecting growth in the Business Process Outsourcing (BPO) Market?
- What are the factors restraining the Business Process Outsourcing (BPO) Market growth?
- Which region held the largest market share in Business Process Outsourcing (BPO) Market in 2021?
- What are the opportunities for the Business Process Outsourcing (BPO) Market?
- What are the strategies used by competitors in the Business Process Outsourcing (BPO) Market?
- What are the growth prospects in developing countries for the Business Process Outsourcing (BPO) Market?
- Which segment is expected to witness the fastest growth and why in the Business Process Outsourcing (BPO) Market?
Maximize Market Research is leading Information Technology & Telecommunication research firm, has also published the following reports:
Cloud-Based BPO Market: Global Cloud-Based BPO Market size is expected to reach USD 242.11 Billion in the year 2029, at a CAGR of 18.80% during the forecast period. The technology-enabled transformation offers significant opportunities for the global cloud-based BPO market.
Healthcare BPO Market: Healthcare BPO Market is expected to grow at a CAGR of 10.10% during the forecast period to reach USD 645.82 Billion by 2029. Decreasing reimbursements in the healthcare industry, reductions in overall healthcare costs, and initiatives undertaken by governments for implementing RCM solutions are expected to drive the Healthcare BPO market growth.
Public Cloud in BFSI Market: Public Cloud in the BFSI Market size was valued at USD 51 Billion in 2021 and the total Public Cloud in BFSI revenue is expected to grow by 15 % from 2022 to 2029, reaching nearly USD 156 Billion. The increase in digital transformation across industries is expected to drive the public cloud in the BFSI market opportunity during the forecast period.
Cloud Applications Market: Cloud Applications Market size was valued at USD 327 Billion in 2021 and the total revenue is expected to grow by 19 % from 2022 to 2029, reaching nearly USD 1314 Billion. With the growing demand for data mobility, cost savings in IT infrastructure for businesses, and access to various devices from anywhere, the global cloud-based apps market is expected to grow at a high rate during the forecast period.
Cloud Field Service Management Market: Cloud Field Service Management Market size is expected to reach USD 10.49 Billion by 2029, at a CAGR of 12.67% during the forecast period. The increasing demand for cloud computing among the end-use industries is expected to create various lucrative opportunities for the market.
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