Burlingame, Aug. 17, 2023 (GLOBE NEWSWIRE) -- The global business process outsourcing market size is expected to reach US$ 525.23 billion by 2030, growing at a CAGR of 9.4% from 2023 to 2030, according to a new study conducted by Coherent Market Insights, Inc. Business Process Outsourcing (BPO) is a strategic practice where companies delegate specific non-core business functions to external service providers. These functions can include customer service, human resources, accounting, data entry, and more. BPO can be categorized into two main types: back-office and front-office outsourcing. Back-office BPO involves tasks like data entry, payroll, and accounting, while front-office BPO encompasses customer support, telemarketing, and sales. By outsourcing these functions, companies can tap into specialized expertise and economies of scale that may not be feasible in-house. The advantages of BPO include cost savings, access to skilled talent, improved flexibility, and streamlined processes.
Key Trends and Analysis of the Global Business Process Outsourcing Market
Rising competitiveness from new outsourcing destinations, for running businesses cost-effectively are the driving forces behind the enhanced growth in the BPO market. For instance, in September 2020, Infosys McCamish declared the launch of Infosys McCamish NGIN, a new industry platform. This platform is based on an evolutionary architecture and it aims at the global life insurance and annuity industry.
Business process outsourcing (BPO) is an easy and cost-effective practice used globally. It enables business owners in reducing their burden of work and also helps them in focusing on other aspects of their operation. Many developed nations prefer outsourcing for their businesses. BPO allows companies to avoid hiring and also gain flexibility. This also helps an organization in not bearing with any legal obligations and expenses related to recruitment of new candidates. For instance, in May 2023, a new customer experience delivery center was inaugurated by TTEC Holdings, in San Pedro Sula, Honduras. This will enable the company in offering CX services to clients globally.
Read full market research report, "Business Process Outsourcing Market Size, Share & Trends Analysis Report By Service Type (Finance & Accounting, Human Resource, Knowledge Process Outsourcing, Procurement & Supply Chain, Customer Services, and Others), By Region, And Segment Forecasts, 2023 - 2030", published by Coherent Market Insights.
Business Process Outsourcing Market Report Coverage
| Report Attribute | Details |
| Market size value in 2022 | US$ 280.64 billion |
| Forecast Period: | 2023 to 2030 |
| Growth rate | CAGR of 9.4% from 2023 to 2030 |
| Base year for estimation | 2022 |
| Historical data | 2018 - 2021 |
| Forecast period | 2023 - 2030 |
Global Business Process Outsourcing Market– Opportunities
Over the years, BPO has evolved with advancements in technology, giving rise to new models like robotic process automation (RPA) and cloud-based outsourcing. As a result, organizations have been able to further optimize their processes, drive innovation, and adapt to changing market dynamics through strategic BPO partnerships. BPO aims to enhance operational efficiency, reduce costs, and enable organizations to focus on their core competencies.
Key Developments:
In July 2021, a cloud-based end-to-end digital service lifecycle automation solution FieldX, was launched by Wipro Limited. This automation solution was built on ServiceNow’s Now Platform®, and it can help in scaling-up their after-sales customer service operations and minimize costs.
In January 2023, Amdocs and Macau's CTM collaborated for launching their Commercial 5G Services across the region. This launch is an evidence of their coordinated efforts for hastening the digital transformation of the city.
Detailed Segmentation:
- Global Business Process Outsourcing Market, By Service Type:
- Finance & Accounting
- Human Resource
- Knowledge Process Outsourcing
- Procurement & Supply Chain
- Customer Services
- Others
- Global Business Process Outsourcing Market, By End-Use:
- BFSI
- Healthcare
- Manufacturing
- IT & Telecommunication
- Retail
- Others
- Global Business Process Outsourcing Market, By Region:
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Italy
- France
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- ASEAN
- Australia
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East
- GCC
- Israel
- Rest of Middle East
- Africa
- Northern Africa
- Central Africa
- South Africa
- North America
- Company Profile:
- Accenture
- Infosys Limited (Infosys BPM)
- HCL Technologies Limited
- CBRE Group Inc.
- NCR Corporation
- Wipro Limited
- Capgemini
- TTEC Holdings, Inc.
- Sodexo
- AMDOCS
- WNS (Holdings) Ltd.
- Teleperformance SE
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Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
