Global BPO Market

Global BPO Market Size, Share, Growth Analysis, By Service type(Finance & Accounting, Human Resource), By End-user(BFSI, Healthcare), By Location(Onsite, Offsite) - Industry Forecast 2024-2031

Report ID: SQMIG50B2008 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 99 | Figures: 76

Global BPO Market News

  • In May 2022, Capgemini opens new centres specialized in Cybersecurity and Cloud services in Malaga, Spain
  • In April 2022, TTEC Completes Acquisition of Public Sector and Smart City Assets
  • In March 2022, CBRE launches specialized healthcare real estate services in India
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FAQs

Global BPO Market size was valued at USD 53.61 billion in 2019 and is poised to grow from USD 57.67 billion in 2023 to USD 110.74 billion by 2031, growing at a CAGR of 9.1% in the forecast period (2024-2031).

The global markets are characterized by a fragmented landscape and fierce competition among industry participants. The players have focused their efforts on bolstering their market position through mergers and acquisitions, alliances, and global development. These techniques assist businesses in expanding their geographic reach and improving their service offerings in both domestic and foreign markets. Accenture, for example, teamed with Inversis in December 2020 to develop outsourced solutions for financial institutions across Europe. The collaboration also allows the former to update the latter's technology platform. 'Accenture', 'IBM Corporation', 'Wipro Limited', 'Genpact Limited', 'Tata Consultancy Services Limited', 'Capgemini SE', 'Cognizant Technology Solutions Corporation', 'Infosys Limited', 'EXL Service Holdings, Inc.', 'HCL Technologies Limited', 'NTT DATA Corporation', 'DXC Technology Company', 'Concentrix Corporation', 'Sykes Enterprises, Incorporated', 'Teleperformance SE', 'WNS (Holdings) Limited', 'Sitel Group', 'Alorica Inc.', 'Serco Group plc', 'Sutherland Global Services Inc.'

For many company leaders, digital technologies are creating profitable prospects. Long-standing operations and business process outsourcing (BPO) paradigms are being revitalized by more intelligent workflows that use cloud, AI, automation, and the Internet of Things (IoT). Businesses are required to constantly adapt to fully organized and intelligent processes that include employees, consumers, business partners, and suppliers alike to grow and remain relevant.

Artificial Intelligence and Robotics to Handle Business Processes: The use of artificial intelligence and robotic process automation has been the core process of BPO companies since the blended approach is the most effective solution. With the use of AI and RPA along with human intervention, these companies can produce great results. Advances in areas such as robotic process automation, artificial intelligence, machine learning, social media browsing, and big data analytics bode well for the market's future.

North America was the most dominant regional market in 2022, accounting for over 40% of sales. In part, this growth can be attributed to the increasing adoption of cloud technology and digital services that require frequent assistance and maintenance. The North America BPO market will retain its leading position throughout the forecast years due to the presence of tech giants and legislative & regulatory pressures within the region. In addition to the customization of service offerings to better meet individual needs, cloud computing is also expected to contribute to regional growth.

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