The report on the global Business Process Outsourcing (BPO) Services market covers historical market trends, current market dynamics, market valuation by segmentation as well as region, key player's market share analysis, competitive landscape and supply chain analysis.
Pune, India - February 18, 2019 /MarketersMedia/ —
Market Highlights:
As per Market Research Future (MRFR)’s latest study, the global business process outsourcing (BPO) services market is projected to expand at a CAGR of 11% during the forecast period 2017 to 2023. The valuation of the global market is poised to reach USD 52 Bn by the end of the assessment period. The adoption of the services across different industry verticals has accelerated the revenue creation for the market participants. 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.
Business process outsourcing enables an organization to focus on core business activities while other services are outsourced without compromising on productivity. This is a significant factor that has catalyzed the adoption of these services across different industry verticals. It is likely to keep benefitting the expansion of the business process outsourcing (BPO) services market in the forthcoming years.
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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.
Industry News:
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.
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.
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.
Drivers and Constraints Affecting the Market Growth
Owing to the increasing adoption of human resource, finance, and banking, business process outsourcing is expected to gain importance over the assessment period. Also, the growing adoption of BPOs in telecommunication and IT sector is another major driving the market. Moreover, the presence of market giants like TCS, Accenture, ADP, Infosys, Wipro, and Xerox due to the rising demand from industry verticals like IT, retail, healthcare, BFSI, and telecommunication are fuelling the market growth.
With the increasing adoption of latest technologies in developed countries, several countries are outsourcing processes which are not required for their core business operations. Back-office and other administrative needs have been outsourced to areas where labor charges are cheaper compared to other developed countries. Adoption of BPO services allow employees to be more productive as they are able to focus on the task. This has further fuelled the demand for BPO services.
Regional Analysis:
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.
Segmentation:
The global business process outsourcing (BPO) services has been segmented on the basis of vertical, service type, and region.
The market has been segmented into customer services, finance and accounting, human resources, procurement, KPO, and others based on service type. Among these, finance and accounting segment has been anticipated to hold the largest market share. The human resources segment is expected to grow at the highest CAGR during the assessment period.
The market has been segmented into manufacturing, healthcare, BFSI, retail, IT and telecommunication, and others.
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Intended Audience
• Technology Investors
• Research/Consultancy Firms
• Government Bodies
• Consumers
• IT & Telecommunication Companies
• Software Providers
• Technology Providers
• Software Vendors
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
Continued….
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
Continued….
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Contact Info:
Name: abhishek Sawant
Organization: Market Research Future
Phone: +1 646 845 9312
Website: https://www.marketresearchfuture.com/reports/business-process-outsourcing-services-market-4451
Source: MarketersMedia
Release ID: 483386
