Product ID: SQMIG50B2008
Report ID:
SQMIG50B2008 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
99 |
Figures:
76
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).
BPO is a contracted business support activity with an external service provider. Services offered by BPOs include human resources, payroll, and call centers. Companies are increasingly turning to business outsourcing, as they realize that the partnership is a long-term, cost-effective strategy. Many countries view BPO as an opportunity to create jobs. The market is predicted to benefit from the increasing focus of organizations on improving business agility, in order to survive the changing dynamics of business, as well as ways of increasing efficiency while decreasing operating costs and emphasizing core competencies.
Several end-use industries, including banking, financial services, healthcare, and manufacturing employ BPO services in some capacity, which in return strengthens market growth. Outsourcing business operations offers benefits like reducing operational costs and increasing efficiency in support functions like customer service. A BPO service not only offers increased interconnection for businesses, but it also provides reliable, relevant, and round-the-clock support for essential business processes. Changing business strategies from monopolistic to shared workload cultures is fuelling growth in demand for business process outsourcing.
US BPO Market is poised to grow at a sustainable CAGR for the next forcast year.
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REQUEST FREE CUSTOMIZATIONGlobal 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).
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Product ID: SQMIG50B2008