Business Process Outsourcing (BPO) Market 2019
A new report added to the online inventory of Wise Guys Reports (WGR) reveals that the global business process outsourcing (BPO) market is expected to grow at a compound annual growth rate (CAGR) of 7.4% between 2018 and 2025. By 2025, the global business process outsourcing (BPO) market is expected to be worth more than USD 343.2 billion.
Increased number of companies is outsourcing these operations in order to focus on core competencies and enhance their business thus growing the global business process outsourcing (BPO) market. Outsourcing work has resulted in cost efficiency and effective time utilization as well.
The cost benefits offered by business process outsourcing (BPO) are encouraging companies to outsource the work. Furthermore, companies are considering outsourcing the work in order to meet their back office requirements. Increased flexibility, enhanced customer services and increased productivity are some other benefits of outsourcing which is anticipated to contribute toward market growth of global business process outsourcing (BPO) over the next few years.
Global Business Process Outsourcing (BPO) Market: Segmental Analysis
The segmental analysis of the market has been conducted based on type, application and region. Some of the eminent players in global business process outsourcing (BPO) include
By type, the market has been divided into HR, procurement, F&A, customer care, logistics, sales & marketing, training and product engineering.
Based on application, the market has been segmented into BFSI, manufacturing, healthcare, retail, telecom and others.
Global Business Process Outsourcing (BPO) Market: Regional Analysis
On the basis of region, the market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Rest of the World (RoW). In North America, countries such as the U.S. and Canada are covered. In Europe, countries such as the UK and Germany are covered. In APAC, countries such as Japan, China and India are covered. The Latin American countries that are considered in the report include Brazil and Mexico. Due to surge in establishment of call centers and customer service centers in Asia Pacific and North America regions, the market size of business process outsourcing (BPO) continues to grow. With the advent of next-generation services such as big data analytics, cloud services, and robotic process automation, the market growth is expected to escalate in next few years. North America also holds a significant share in the global business process outsourcing market which is mainly attributed to the rapid expansion of the IT & telecommunication sectors in U.S. The market in Europe is also expected to witness a sound growth during the projection period. Business process outsourcing is an important part of the global outsourcing industry and it is gaining popularity across an array of verticals including banking, financial services, and insurance (BFSI), healthcare, manufacturing, IT & telecommunications among many others.
The report is complied with an objective to study market sizes of different segments & countries in recent years and to forecast the market share of different countries in the coming years as well.
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