The global BPO services market is estimated to gain considerable growth during the forecast period, as per the latest report. This report also provides a detailed outlook on top-line qualitative and quantitative aspects of the market. Outsourcing refers to an agreement among two companies where one company is hired by another company for carrying out a planned or existing activity which can be done or is done internally. It also involves the transfer of employees and assets from one organization to another.
The term outsourcing came from the phrase outside resourcing and often involves the contracting of a business process such as payroll processing, claims processing, along with non-core functions such as manufacturing, call-center support, and facility management. Outsourcing can include foreign and domestic contracting and sometimes includes offshoring or nearshoring. Offshoring refers to relocation of a business function to a distant country. Nearshoring means transferring a business process to a nearby country.
BPO services include revenues that are generated both from signed deals with remain under the contract and the annual revenues that are associated with new contracts signed within a particular calendar year. CRM BPO services generally include contact center outsourcing or consumer direct services. Contact center outsourcing also includes sales and marketing, customer care, and technical product support.
Owing to the rising competition and a need to have an efficient business process, organizations have started to incline fast towards the adoption of BPO services. This can be accredited to the significant role played by BPO services in the reduction of capital and operational expenditure. The introduction of the latest technologies in the provision of effective services has encouraged several enterprises to opt for outsourcing non-core operations. BPO services also are known to help enterprises to save the cost-related to technology and infrastructure. All these factors are estimated to aid in the faster ascension of the global BPO services market over the forecast period.
Some of the key players in global BPO Services market are :-
Accenture, Neusoft, Capgemini, Hwwlett packard, Softtek, YMSG, Wicresoft, ISoftStone, Sutherland, CargoSmart, Matrix Communications GmbH, NTT DATA, Fesco
The global market for BPO services has been segmented on the basis of geography to reach a better understanding of the region-specific markets and the global market as a whole. Segments studied in the report, by region, including Asia Pacific, Latin America, North America, Europe, and the Middle East & Africa.
North America is estimated to lead the market, accounting for the largest share. This can be accredited to the growth driven by the presence of many business process outsourcing (BPO) service providers which offer their services to regional and international end-users.
Enterprises all over the world are outsourcing their business processes to focus their resources on their core business effectively. Service providers are offering advanced technology-based BPO services to make their offering encompass all aspects. Presently, advanced technologies like artificial intelligence (AI), analytics, and cloud computing are being integrated into the provision of services by market vendors to make their offering more effective.
Sept 2019: New Mountain Capital recently purchased Emids, a healthcare BPO, leading in digital engineering and transformation solutions. New Mountain Capital is a global investment firm.
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