In this rapidly changing world of technology, business process outsourcing services market is projected to show major growth prospects during the forecast period. Major factor driving the business process outsourcing services market is the rising demand for reducing operational costs of back end activities and increase the focus on core business processes. Growing demand from IT and telecommunication sector is one major factor driving the growth of business process outsourcing services market.
In the global business process outsourcing services market, Asia Pacific is anticipated to witness relatively faster adoption and is expected to grow at the highest CAGR during the forecast period as compared to other regions. Within Asia Pacific, business process outsourcing services market is projected to contribute faster to the growth of revenue backed by increasing demand for business process outsourcing services from various industry verticals in countries such as Japan, China, South Korea and India. This is owing to the presence of key players like Infosys, Tata Consultancy Services and Wipro in the region.
Meanwhile, Major giants like ADP, Accenture, Infosys, Wipro, TCS and Xerox are key players in the business process outsourcing services market due to increasing demand from various industry verticals like retail, healthcare, IT and telecommunication and BFSI among others. ADP is considered to be a leader in the outsourcing of business processes of payroll systems. Increasing adoption of business process outsourcing services in IT and telecommunication sector is one major factor fueling the growth of business process outsourcing services market. Business process outsourcing services is gaining importance owing to the increasing adoption in banking, finance and human resource services owing to the growing popularity of outsourcing of services.
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Major Key Players
ADP, LLC. (U.S.),
Xerox Corporation (U.S.),
Accenture PLC (Ireland),
Aon Hewitt (U.S.),
Infosys BPO Ltd. (India),
IBM Corporation (U.S.),
Syntel, Inc. (U.S.),
Tata Consultancy Services Limited (India),
Wipro Limited (India)
The global Business Process Outsourcing Services Market is expected to grow at approx. USD 52 Billion by 2023, at 11% of CAGR between 2017 and 2023.
The regional analysis of business process outsourcing services market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. It has been observed that North America market is estimated to account for the largest share of the market, whereas Asia-Pacific market is projected to grow at the fastest rate during the forecast period. The major growth in business process outsourcing services market in North America market is attributed to technological advancements and increasing demand for business process outsourcing services across various industry verticals in that region.
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Business process outsourcing services market can be segmented on the basis of following:
By Service Type
- Finance & Accounting
- Customer Services
- Human Resource
- IT & Telecommunication
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