Global Business Process Outsourcing (BPO) Market

Business Process Outsourcing Market Size, Share, Growth Analysis, By Service(Finance & Accounting, Customer Services), By End Use(Banking, Financial Services and Insurance (BFSI), Healthcare), By Outsourcing Type(Onshore, Nearshore, Offshore), By Region(North America, Europe, Asia-Pacific, Latin America) - Industry Forecast 2024-2031


Report ID: SQMIG45B2086 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 118 | Figures: 78

Business Process Outsourcing Market Dynamics

Business Process Outsourcing Market Driver

  • 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.

Business Process Outsourcing Market Restraint

  • However, it is projected that concerns about confidentiality and intellectual property rights will limit the growth possibilities of the BPO business within the expected time frame. When operating expenses must be cut, outsourcing companies frequently choose locations in nations without a developed legal system to safeguard them from data breaches and infringements of intellectual property rights. Because even a tiny mistake could result in a long-term setback for the company's market position, outsourcing organizations are frequently worried about how the outsources handle the information shared. It is also expected that the rising number of government initiatives to encourage the use of cloud computing in the Business Process Outsourcing industry will be positive for Business Process Outsourcing market expansion.
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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 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 Services', 'EXL Service', 'Sutherland 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.

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 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 Services', 'EXL Service', 'Sutherland 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.

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Global Business Process Outsourcing (BPO) Market

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