Global Business Process Outsourcing (BPO) Market

Global Business Process Outsourcing Market Size, Share, Growth Analysis, By Service Type(Customer Services, Finance & Accounting), By End Use(IT & Telecommunication, BFSI) - Industry Forecast 2024-2031

Report ID: SQMIG45B2086 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 61 | Figures: 76

Global Business Process Outsourcing Market Competitive Landscape

Accenture, Amdocs, Infosys Limited, HCL Technologies Limited, CBRE Group Inc., Wipro Limited, and Capgemini are some of the major market participants that will control the world Business Process Outsourcing market in 2021. To survive in the fiercely competitive market, businesses employ inorganic growth tactics like mergers and acquisitions, collaborations, and global expansion. Amdocs and VEON Ltd., a connectivity and internet service provider, entered a seven-year collaboration in October 2021 to provide cutting-edge digital services to VEON's consumers in Uzbekistan and Kazakhstan.

Business Process Outsourcing Market Top Player’s Company Profiles

  • Accenture
  • Accenture
  • IBM Corporation
  • Infosys Limited
  • Tata Consultancy Services (TCS)
  • Wipro Limited
  • Capgemini
  • Genpact
  • ADP
  • Conduent
  • NTT DATA
  • HCL Technologies
  • Cognizant Technology Solutions
  • WNS Global Services
  • EXL Service
  • Sutherland Global Services
  • Xerox Corporation
  • CGI Group
  • Tech Mahindra
  • Teleperformance
  • Serco Group

Business Process Outsourcing Market Recent Development

  • In March 2021, One of the industry's top leaders, Exela Technologies, partnered with Vocalink, a Mastercard company, to offer a "Request to Pay" solution that is a crucial part of the new PAY.UK payment architecture. The retail payment authority for "PAY.UK" aids in providing payment infrastructure.
  • In October 2021, the Confirmation of Payee ("CoP") system solution is a new payment detection and verification system introduced by Exela Technologies that aids in fraud detection, payment process verification, and security.
$5,300
BUY NOW GET FREE SAMPLE
Want to customize this report?

Our industry expert will work with you to provide you with customized data in a short amount of time.

REQUEST FREE CUSTOMIZATION

FAQs

Business Process Outsourcing Market size was valued at USD 239.3 billion in 2019 and is poised to grow from USD 261.9 billion in 2023 to USD 525.2 billion by 2031, growing at a CAGR of 9.4% in the forecast period (2024-2031).

Accenture, Amdocs, Infosys Limited, HCL Technologies Limited, CBRE Group Inc., Wipro Limited, and Capgemini are some of the major market participants that will control the world Business Process Outsourcing market in 2021. To survive in the fiercely competitive market, businesses employ inorganic growth tactics like mergers and acquisitions, collaborations, and global expansion. Amdocs and VEON Ltd., a connectivity and internet service provider, entered a seven-year collaboration in October 2021 to provide cutting-edge digital services to VEON's consumers in Uzbekistan and Kazakhstan. 'Accenture', 'Accenture', 'IBM Corporation', 'Infosys Limited', 'Tata Consultancy Services (TCS)', 'Wipro Limited', 'Capgemini', 'Genpact', 'ADP', 'Conduent', 'NTT DATA', 'HCL Technologies', 'Cognizant Technology Solutions', 'WNS Global Services', 'EXL Service', 'Sutherland Global Services', 'Xerox Corporation', 'CGI Group', 'Tech Mahindra', 'Teleperformance', 'Serco Group'

The main driver of business process outsourcing services is the growing use of BPO services in the IT and telecommunications industries. The Business Process Outsourcing market is being strengthened by the BPO services' adaptability to a variety of end-use sectors, such as banking, financial services, healthcare, and manufacturing. The use of BPO services is increasing due to decreased operating expenses and enhanced efficiency of support and customer service tasks. BPO services can provide consistent, pertinent, and round-the-clock support for crucial business activities because of their interconnection to organizations. Focusing on shared workloads will help businesses succeed going forward by increasing the demand for business process outsourcing. Businesses are putting more money into BPO, which is fueling Business Process Outsourcing market expansion.

The business process outsourcing market is most prevalent in the Americas. Compared to Europe, the Middle East, and Africa combined, North America had the largest Business Process Outsourcing market. Robotic process automation (RPA), one of the new technologies that emerged in recent years, has started to affect the BPO sector. Using bots and artificial intelligence on a user interface, robotic process automation (RPA) completes tasks more quickly and affordably. RPA, with its cost savings, speed, and efficiency benefits is slowly making its way into all industries and all types of business processes. Although many BPO service providers face obstacles in this endeavor, the leading companies in the sector are already making efforts to incorporate robotic process automation into their standard client service offerings.

Over 36% of the Business Process Outsourcing market's revenue was generated in North America in 2021, and this region is expected to continue expanding throughout the forecast period. As more tech giants require BPO services, it is expected that the region would continue to dominate. Regional expansion is also expected to be supported by the customization of service offerings to better fit individual demands and the rising demand for cloud computing. Similar to the American Business Process Outsourcing industry, the European Business Process Outsourcing market is expected to grow strongly due to the availability of a competent labor force as well as the high quality of services and operational effectiveness.

Request Free Customization

Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.

Click here right-arrow
logo-images

Related Reports

Global Business Process Outsourcing (BPO) Market

Report ID: UCMIR45B2083 | Region: Regional | Published Date: February, 2024 | Pages: 165 | Tables: Figures:

U.S. Workload Scheduling And Automation Market
Buy Now GET FREE SAMPLE
Global Business Process Outsourcing (BPO) Market

Report ID: UCMIG45B2085 | Region: Global | Published Date: February, 2024 | Pages: 165 | Tables: Figures:

Information Technology Service Management (ITSM) Market
Buy Now GET FREE SAMPLE
Global Business Process Outsourcing (BPO) Market

Report ID: UCMIG45B2052 | Region: Global | Published Date: February, 2024 | Pages: 165 | Tables: Figures:

Automotive Engineering Services Outsourcing Market
Buy Now GET FREE SAMPLE
Global Business Process Outsourcing (BPO) Market

Report ID: UCMIG45B2054 | Region: Global | Published Date: February, 2024 | Pages: 165 | Tables: Figures:

Industrial Energy Management Systems Market
Buy Now GET FREE SAMPLE

Feedback From Our Clients

Global Business Process Outsourcing (BPO) Market

Product ID: SQMIG45B2086

$5,300
BUY NOW GET FREE SAMPLE