Product ID: SQMIG45B2086
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 Insights
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).
The Business Process Outsourcing market is fueled by elements including the growing emphasis placed by businesses on enhancing productivity and adaptability, reducing operating expenses, and emphasizing core competencies to survive the ever-changing business dynamics. Several organizations are also concentrating more on lowering the cost of doing business to access global resources to fulfill the expanding Business Process Outsourcing industry demands. These factors have promoted the adoption of business process outsourcing (BPO) services across several firms that concentrate on technological advancements like AI and cloud computing for enhancing organizational efficiency. The COVID-19 pandemic's effects in 2019 also increased demand for standardized platform services, which give BPOs the ability to handle complicated business procedures and open up new opportunities for Business Process Outsourcing market expansion. BPO is the practice of assigning duties and operations for several business functions to outside service providers. Due to their advantages, including lower prices, more flexibility, and higher service quality, BPO services are in high demand. Additionally, BPO enables businesses to emphasize their core business operations so that they can provide customers with additional value. Due to its advantages, BPO services are in demand throughout end-use industries, including IT & telecommunication, BFSI, and healthcare.
One of the key factors driving the expansion of business process outsourcing is the rising popularity of cloud computing. Increased time to market, enhanced quality control and cost savings are all made possible by cloud computing for BPO providers. Additionally, cloud computing in BPO ensures immediate access to systems and support for computing, flexible provisioning, and all-access whenever necessary to meet business needs. During the forecast period, it is expected that these advantages will have a positive influence on the adoption of cloud computing in the business process outsourcing market. The growth prospects of the Business Process Outsourcing market are, however, expected to be constrained during the forecast period by concerns about confidentiality and intellectual property rights. The need to cut operational costs frequently forces the outsourcer to operate in nations without a well-established legal system to safeguard it against confidentiality and intellectual property rights violations. Due to the possibility that even a small mistake could permanently harm the outsourcing company's position in the market, outsourcing companies frequently worry about how the outsources handle the information shared. Additionally, Business Process Outsourcing market growth is expected to benefit from the growing number of government initiatives being carried out to encourage the use of cloud computing in the Business Process Outsourcing industry.
Beginning in 2019, there were social and economic disruptions brought on by the sharp rise in COVID-19 cases, and outsourcing tasks became more difficult. However, it is expected that the modifications made to business operations as a result of these disruptions will ultimately fuel the Business Process Outsourcing market. Business Continuity Plans (BCP) have been restructured by BPO companies to accommodate distributed workforces, which has altered their business models. Businesses now understand the value of disaster recovery and continuous operations planning for creating more dependable business models that can withstand unforeseeable disruptions like the COVID-19 pandemic. For instance, the major Business Process Outsourcing market players, such as Accenture and Infosys Limited (Infosys BPM), claimed that more than 80–90% of their staff members were working from remote locations as a result of the COVID-19 pandemic in 2019. The subsequent disruption to the workforce management process resulted in a lack of infrastructure equipment and increased data security risks, which in turn caused decreased work efficiency and delays in project completion in the Business Process Outsourcing market.
US Business Process Outsourcing Market is poised to grow at a sustainable CAGR for the next forcast year.
Global Business Process Outsourcing Market Report Snapshots
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