- Press Release -

A recently revamped Fact.MR report establishes that the global business process outsourcing market is expected to reach US$ 620 Bn and expanding at an 8.5% CAGR throughout the 2022-2032 forecast period. Rapid advancement of IT infrastructure components such as servers, and storage is urging organizations to employ business process outsourcing management and ensure a competitive edge in their services.

From 2017 to 2021, the market surged at a CAGR of 7%. Front runners in the business process outsourcing market are innovating methods that reduce the time taken to on-board a client and subsequent execution. Training and development activities are at peak in the business process outsourcing organizations on the back of increasing demand for advanced skill sets.

Cloud computing, Internet of Things (IoT), Machine Learning (ML), and Artificial Intelligence (AI) are emerging as the next phase of business process outsourcing. From hiring customer care executives to hiring a chat bot development company, the business process outsourcing market is set for disruptive innovation that will help inculcate continued sustainability in business process outsourcing.

Key Takeaways from the Market Study

• Global business process outsourcing market to reach US$ 273.3 Bn in 2022
• IT & telecommunications to account for 57% of the total business processing outsourcing market value
• Business process outsourcing for customer services to accumulate over 1/3rd revenue
• North America remains the dominant market, accounting for around 60% BPO revenue
• Europe to accumulate around a quarter of the global market share of business process outsourcing
• Asia-Pacific to exhibit robust growth, flourishing at an 11% CAGR through 2032

“The convenience of low-cost talent and well-developed infrastructure in Asian Countries has laid a strong platform for the BPO services industry,” comments a Fact.MR analyst

Competitive Landscape

Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advancements, mergers, and acquisitions.

• In December 2021, Accenture (NYSE: ACN) has completed the acquisition of Tambourine, an e-commerce customer experience agency with award-winning capabilities in cloud-based technologies in Japan. Tambourine provides integrated commerce services on the Salesforce platform and brings a proven track record in using Salesforce Commerce Cloud to deliver seamless commerce experiences for consumer goods and entertainment companies.
• In January 2022, Genpact Ltd, the business process outsourcing (BPO) company listed on the New York Stock Exchange (NYSE), bought Milpitas, California-based data analytics firm Enquero Inc. in the 14th acquisition.

More Insights Available

Fact.MR, in its new offering, presents an unbiased analysis of the Technology market, presenting historical demand data (2017-2021) and forecast statistics from 2022 to 2032.

The study divulges essential insights on the market based on services (finance & accounting, human resources, knowledge process outsourcing, procurement & supply chain, customer services and others) and end use (banking, financial services, and insurance (BFSI), manufacturing, it & telecommunication, retail and others (travel and transportation, government, education, construction, and utilities)) across six regions (North America, Latin America, Europe, East Asia, South Asia and Oceania and MEA).

About the Technology Division at Fact.MR

Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Technology team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over a thousand reports and 1 million-plus data points, the team has analyzed the technology market across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.

For more information, refer to our market research report or contact the PR author.

Santosh Kumar

Fact.MR

Sr. Consultant - Technology

E-mail: santosh@factmr.com