The business process outsourcing (BPO) services market witnesses a rapid revenue growth. The growing adoption of BPO services in major industries to improve productivity, customer satisfaction, and team morale and the spurring rise in the IT & telecommunications sectors worldwide drive the market growth. Besides, rapidly growing banking, financial services, healthcare, manufacturing sectors substantiate the market growth.
With the increasing uptake of BPO services and solutions to meet digital transformation, the market is expected to garner significant traction during the next few years. In this regard, Market Research Future (MRFR) asserts that the global business process outsourcing (BPO) services market is forecasted to reach 381.62 Billion by 2030, growing at a 9.6 % CAGR during the assessment period (2020-2030).
The rise in exercising of BPO services across the booming IT and telecommunication sector can promote the expansion of the BPO service market across the analysis period. The increase in investments made by different enterprises in outsourcing business processes can support the rise of the BPO services market. On the other side, the increase in issues associated with data privacy and integrity can pose major threat to the expansion of the global business process outsourcing (BPO) market rise.
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Players leading in the BPO services market are ADP, LLC., Accenture PLC, Conduent Inc., WNS (Holdings) Ltd., IBM Corporation, Capgemini, Infosys BPM Limited, Tata Consultancy Services Limited (TCS), TTEC Holdings, and Conneqt Business Solution Limited, among others.
Global Business Process Outsourcing Services Market – Segmentation
The BPO services market is segmented into types, deployments, organization size, verticals, and regions. The type segment is sub-segmented into IT outsourcing, back office outsourcing, finance & accounting outsourcing, E-commerce support services, training & development outsourcing, and others. The deployment segment is sub-segmented into on-cloud and on-premise.
The organization size segment is sub-segmented into small and medium-sized enterprises and large enterprises. Similarly, the vertical segment is sub-segmented into BFSI, IT & telecommunications, retail & consumer goods, manufacturing, healthcare and life sciences, government & defense, and others. The region segment is bifurcated into North America, Europe, Asia-Pacific, and the-rest-of-the-world.
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Business Process Outsourcing Services Market – Geographical Analysis
North America leads the global business process outsourcing services market. The largest market share attributes to the increasing adoption of cloud enablement and digital services. Besides, the growing demand due to the growing demand for assistance to improve business operations, productivity, and efficiency boosts the region’s market shares.
The strong presence of BPO services providers in the region impacts market revenues positively. Canada and the US contribute exponentially to the BPO services market in this region. Furthermore, the spurring rise in BFSI and IT & telecommunications sectors across the region increases market value.
Global BPO Services Market – Competitive Landscape
Highly competitive, the BPO services market appears fragmented due to the presence of several well-established players. Industry players adopt various strategies such as collaborations, mergers & acquisitions, and product/technology development to gain a larger competitive share. Substantial investments are poured into developing products and expanding global footprints. Most players adopt organic business strategies, whereas tier I & II companies emphasize inorganic business strategies to achieve their goals.
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Table Of Content
1 Executive Summary
1.1 Market Attractiveness Analysis
2 Market Introduction
2.2 Scope Of The Study
2.3 Market Structure
3 Research Methodology
3.1 Research Process
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
3.5 Forecast Model
3.6 List Of Assumptions
4 Market Insights
5 Market Dynamics
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