Market Research Future’s newest report on the global business process outsourcing (BPO) services has found that the market is expected to value USD 52 billion by the end of 2023 and grow at an impressive CAGR of 11% during the forecast period 2017 to 2023.
Increasing adoption of the latest technologies in developed countries is prompting companies to outsource processes which are not essential to their core business operations. Administration and other back-office needs have been outsourced to areas where labor is cheaper such as developing countries. Adoption of BPO services allows employees to be more productive as they are better able to focus on the task at hand. This has increased the demand for BPO services.
It is more affordable for companies to outsource various non-essential business services while it is beneficial for developing countries to set up BPOs due to the presence of a large population and a lack of appropriate employment, thus creating a symbiotic relationship which is anticipated to fuel robust growth for this market.
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Major Key Players
- ADP, LLC. (U.S.),
- Accenture PLC (Ireland),
- Aon Hewitt (U.S.),
- Capgemini (France),
- Xerox Corporation (U.S.),
- Infosys BPO Ltd. (India),
- Syntel, Inc. (U.S.),
- Tata Consultancy Services Limited (India),
- IBM Corporation (U.S.),
- Wipro Limited (India).
According to MRFR, 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.
VXI Global Solution Inc., has opened a $3 million BPO facility in Clark Freeport Zone in Philippines, which is expected to create 2000 jobs for the local labor market.
Government incentives are attracting many BPO companies to smaller cities of India such as Ranchi, Jamshedpur and Bokaro. Jharkhand is witnessing an influx of BPO units of big brand name companies such as Concentrix, MICA, Kraft Outdoor and Routmobile. This is expected to generate employment for 7,500 people in the next few months.
The threat of artificial intelligence replacing BPO jobs for thousands of people in the Philipines has prompted the government to use augmented intelligence as a way to save jobs. The Department of Information and Communications Technology is teaming up with tech company AI Pros to train workers on the use of augmented intelligence.
By service type, the global business process outsourcing (BPO) services market has been segmented into finance & accounting, customer services, human resource, KPO, procurement, and others.
By vertical, the business process outsourcing (BPO) services market has been segmented into BFSI, healthcare, manufacturing, IT & Telecommunication, retail, and others.
By region, the global business process outsourcing (BPO) services market has been segmented into Asia Pacific, North America, Europe and the Rest of the World. North America is the largest market for business process outsourcing and is likely to retain a dominant share of the market towards the end of the forecast period. The growth of the business process outsourcing (BPO) services market in the region is attributable to the technological advancements and increasing demand for the services in the region. The shift towards the adoption of BPO services for focusing on core business by business enterprises has fueled demand in the market. The trend is expected to perpetuate during the assessment period. Led by the U.S. and Canada, the well-established infrastructure of the region has also facilitated the implementation of advanced technologies. This is projected to have a positive influence on the expansion of the business process outsourcing (BPO) services market.
Europe is the second largest market for BPO services. The regional business process outsourcing (BPO) services market is likely to witness tremendous growth over the next couple of years. The U.K. is expected to lead the growth of the region. Meanwhile, Asia Pacific business process outsourcing (BPO) market is estimated to exhibit a relatively higher CAGR over the projection period. The consolidation of some of the prominent players of the market is forecasted to aid the proliferation of the regional market in the foreseeable future.
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- Technology Investors
- Research/Consultancy Firms
- Government Bodies
- IT & Telecommunication Companies
- Software Providers
- Technology Providers
- Software Vendors
TABLE OF CONTENTS
1 Market Introduction
1.2 Scope Of Study
1.2.1 Research Objective
1.3 Market Structure
2 Research Methodology
2.1 Research Type
2.2 Primary Research
2.3 Secondary Research
2.4 Forecast Model
2.4.1 Market Data Collection, Analysis & Forecast
2.4.2 Market Size Estimation
3 Market Dynamics
LIST OF TABLES
TABLE 1 BUSINESS PROCESS OUTSOURCING SERVICES MARKET, BY SERVICE TYPE
TABLE 2 BUSINESS PROCESS OUTSOURCING SERVICES MARKET, BY VERTICAL
TABLE 3 BUSINESS PROCESS OUTSOURCING SERVICES MARKET, BY REGIONS
TABLE 4 NORTH AMERICA BUSINESS PROCESS OUTSOURCING SERVICES MARKET, BY SERVICE TYPE
TABLE 5 NORTH AMERICA BUSINESS PROCESS OUTSOURCING SERVICES MARKET, BY VERTICAL
TABLE 6 U.S. BUSINESS PROCESS OUTSOURCING SERVICES MARKET, BY SERVICE TYPE
TABLE 7 U.S. BUSINESS PROCESS OUTSOURCING SERVICES MARKET, BY VERTICAL
TABLE 8 CANADA BUSINESS PROCESS OUTSOURCING SERVICES MARKET, BY SERVICE TYPE
LIST OF FIGURES
FIGURE 1 RESEARCH TYPE
FIGURE 2 BUSINESS PROCESS OUTSOURCING SERVICES MARKET, BY SERVICE TYPE
FIGURE 3 BUSINESS PROCESS OUTSOURCING SERVICES MARKET, BY VERTICAL
FIGURE 4 BUSINESS PROCESS OUTSOURCING SERVICES MARKET, BY REGIONS
FIGURE 5 NORTH AMERICA BUSINESS PROCESS OUTSOURCING SERVICES MARKET, BY SERVICE TYPE
FIGURE 6 NORTH AMERICA BUSINESS PROCESS OUTSOURCING SERVICES MARKET, BY VERTICAL
FIGURE 7 U.S. BUSINESS PROCESS OUTSOURCING SERVICES MARKET, BY SERVICE TYPE
FIGURE 8 U.S. BUSINESS PROCESS OUTSOURCING SERVICES MARKET, BY VERTICAL
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