Business process outsourcing allows the organization to completely focus on the core business and outsourcing of other services also leads to improved productivity from the employees. Outsourcing of human resource management services also helps in relieving the employees from administrative overheads.
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 rapid increase in the adoption of BPO services in IT and telecommunication sector is a major factor responsible for the proliferation of the business process outsourcing (BPO) market. Furthermore, the adoption of BPO services across banking, finance and human resource services is gaining momentum. This, in turn, is prognosticated to favor the growth of the business process outsourcing (BPO) services market over the assessment period.
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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.
Regional analysis of the global market allows insight into what regions are expected to grow with the most significance over the forecast period. MRFR’s report has found that North America presently possesses the largest market share of the global market due to the rapid growth of businesses which choose to focus on core business practices while outsourcing them to various countries where there is cheap skilled labor for the same.
Meanwhile, the Asia Pacific is anticipated to grow at the most significant CAGR during the forecast period due to the need for employment opportunities for its vast population. Countries such as India have BPO centers for various international companies such as IBM and Amazon; this is due to the availability of educated people at lower salaries than those in developed countries.
Some of the key players profiled in this report are 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.), and Wipro Limited (India).
In September 2018, Access Healthcare, healthcare BPO service provider, has acquired Pacific BPO, India. Its operations will span across 19 delivery centers across the U.S., India and the Philippines after the transaction.
In October 2018, Atento S.A., a provider of business process outsourcing services and customer relationship management in Latin America, has announced the opening of a new customer relationship center in the city of Santiago de Chile.
In October 2018, Telekom Romania, a Romanian telecommunications company, has opened a new BPO (Business Process Outsourcing) center in Braila. The new center is dedicated to companies belonging to different industry verticals.
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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
TABLE 9 CANADA BUSINESS PROCESS OUTSOURCING SERVICES MARKET, BY VERTICAL
TABLE 10 MEXICO BUSINESS PROCESS OUTSOURCING SERVICES MARKET, BY SERVICE TYPE
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