Analysis of Business Process Outsourcing (BPO) market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global business process outsourcing market will grow at an impressive 8.5% CAGR to touch the US$ 620 Bn mark through 2032. North America is likely to capture a lion’s share in the overall BPO market.
Market Size (2022)
US$ 273.3 Bn
Value CAGR (2022-2032)
Market Share of North America
Key Companies Profiled
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Organizations are increasingly looking for specialized companies that provide the much-needed support services to business processes that can be outsourced without the direct investment of dedicated time and human resources. Hence, the demand for BPO services experienced a spike in the past half-decade and reached US$ 232.3 Bn in 2021, growing at a 7% CAGR throughout the historic period.
The market is anticipated to benefit from the swelling focus of organizations on enhancing business agility, surviving the constantly changing business dynamics. Owing to this, the market valuation is projected to touch the US$ 620 Bn mark by the end of 2032, expanding at a CAGR of 8.5%.
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The shift of focus from monopolistic business strategies to shared workload business culture is spurring demand for business process outsourcing for improved results and continued success.
With remote working becoming a possibility, BPOs are likely to benefit a lot. First bigger organizations will rely on them and secondly, they will be open to hiring the best employees from across the country or globe. The COVID-induced pandemic has introduced new normal and opened boundaries for BPOs.
Varied organizations including Facebook have announced that “if remote working continues, they will revise salaries, hire more proficient employees available in less expensive economies”. BPO sales processes are likely to follow suit and have employees that are well-educated and are available at a lesser cost.
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The adoption of robotic process automation has completely transformed the BPO industry. Special software robots i.e., bots are coded and assigned to the existing workstream wherein they start performing tasks with greater speed, accuracy, and precision.
Artificial Intelligence or AI is becoming an increasingly vital feature in every industry and the outsourcing business is no different. AI is being increasingly employed to automate several data entry and processing functions including accounts payable processing, invoice management, and utility bill processing. AI streamlines all these processes by identifying and segregating data and even automatically filling in missing details.
North America dominates the BPO market with a majority market share of over 3/5th of the overall market value. The growth is largely attributed to the presence of prominent tech firms and start-ups in the region.
Firms operating in the province are profoundly capitalizing on the progress of advanced technologies like analytics, big data, cloud computing, and artificial intelligence (AI) to provide comprehensive BPO services to their clients.
In the U.S alone, the total count of global BPO companies is 265,679, an upsurge of 4.1% from 2021. After North America, Europe follows with the second-largest share of more than 1/4th of the global market value.
The Asia Pacific displays remarkable growth throughout the forecast period. The thriving digital economy with the advent of customer care technologies such as automated chatbots generates augmenting demand for dedicated customer care. Participants in emerging economies of Asian countries are leveraging inter-connected business process outsourcing services to make sure quality of service and subsequent competitive edge. The region is likely to cultivate at a compounded annual growth rate of over 11% from 2022 to 2032.
Countries like China, India and the Philippines are among the fastest-growing economies owing to the convenience of the low-cost talent pool of IT process outsourcing. Companies in developed economies outsourced their business processes to emerging economies such as India and China to invest in their affordable talent pool.
Early adopter segments such as IT & Telecommunications are at the forefront of BPO practices. IT & Telecommunications account for over 57% of the total business process outsourcing (BPO) market value. Currently, the commencement of big data analytics, process automation, and the likes has shaped more competitiveness in the field of BPO. Though, there’s also an upsurge in the demand for talent in the BPO and IT sectors. The advance of e-commerce and health industries combined with the pre-existing IT industries has led to generating a high demand for BPOs.
Further, constant advancements in data management technologies such as servers, storage, and virtualization compel IT & Telecommunication companies to outsource their IT infrastructure or processes to gain a competitive edge. Industry verticals such as travel, transportation, and government-held companies are buckling up and integrating BPO services.
Accounting outsourcing service establishes a significant function in the global finance and accounting market. The total economic crisis is projected to substitute the demand for F&A BPO activities, as the service needs less customization when the process and technology are outsourced (in comparison to customer care and HR BPO).
Growing demand for transparency and increased regulations are driving companies to standardize their F&A (Finance and Accounting) BPO activities. The move towards standardization is also pouring the incorporation of best practices in financial management, which is a chief propelling factor for the acceptance of F&A BPO services.
Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advancements, mergers, and acquisitions to expand their market ground
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As of 2022, sales of Business Process Outsourcing are estimated to reach nearly US$ 273.3 Bn.
From 2017 to 2021, sales of business process outsourcing services expanded at 7% CAGR.
According to fact.MR, the business process outsourcing industry is projected to grow at a CAGR of 8.5% to reach US$ 620 Bn by 2032 end.
Across North America, the business process outsourcing domain is expected to accumulate a revenue share of 60%
Europe is anticipated to accumulate 1/4th of the global business process outsourcing market revenue
Across Asia-Pacific, the business process outsourcing market is poised to surge at an 11% CAGR
The IT & telecommunications industry is expected to be highly lucrative, comprising 57% of business process outsourcing applications
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