Business Process Outsourcing Market to Record Impressive 7.5% Growth
Cut-throat competition coupled with rise in demand for convenient consumer complaint redressal is set to propel the business process outsourcing (BPO) market. Organizations are increasingly looking for specialized companies that provide the much needed support services to business processes without direct investment of dedicated time and human resources. With the rapid increase in new entrants across industry verticals, the global business process outsourcing market will grow 2.1X during the forecast period (2019-2029). Versatility of BPO applications are strengthening market growth during the forecast period. From banking, financial services, healthcare, to manufacturing, every industry employs business process outsourcing in some capacity. Resultant benefits such as reduced operational costs, improved efficiency of support functions such as customer services is driving growth within this industry. Facilitated by enhanced inter-connectivity of businesses, BPO has amassed C-suite confidence to deliver relevant, reliable, and 24/7 support to essential business processes. 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.
IT & Telecommunications to Witness High Demand Growth
Early adopter segments such as IT & Telecommunications are at the forefront of BPO practices. IT & Telecommunications account for more than 57% of the total market value. Constant advancements in data management technologies such as servers, storage, and virtualization compels IT & Telecommunication companies to outsource their IT infrastructure or processes in order to gain a competitive edge. Industry verticals such as travel, transportation, and government held companies are buckling up and integrating BPO services. Highest growth potential can be attributed to Banking, Financial Services, and Insurance (BFSI). The segment exhibits a stellar growth rate of more than 9% during the forecast period (2019- 2029). Retail could be another area of interest for BPO organizations, as retailers drive digitization initiatives to compete with online retailers. The retail segment will grow at an impressive growth rate of over 8.6% through 2029.
Market Players Eye North America to Capture Opportunities for Value-Addition
North America leads the BPO market with a majority market share of over 3/5th of the total market value. Europe follows with the second largest share of more than 1/4th of the total market value. Countries such as the US, and the UK are witnessing a surge in lean business models deployed by disruptive start-ups. These new age organizations prioritize core business functions and outsource supporting functions to BPO companies. Emergence of workforce trends such as tele-conferencing and gig employment further the preference of outsourced workforce. Asia Pacific exhibits stupendous growth during the forecast period. Booming digital economy with introduction of customer care technologies such as automated chat bots generate multiplying demand for dedicated customer care. Participants in developing economies of APAC are leveraging inter-connected business process outsourcing services to ensure quality of service and subsequent competitive edge. APAC will grow at a compounded annual growth rate of over 11% from 2019 to 2029.
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Efficiency to Remain Key Market Imperative
The market is driven by disruptive innovations that pave the way for seamless integration of BPO services with a varied range of business models. Cost, time, and resource efficiency are top priorities for tier-1 organizations. Industry leaders are focused on capacity expansion by attracting top talent as the success/failure of a BPO venture depends on technical expertise. Major players in the market that could influence the competitive landscape are, but not limited to, Accenture, IBM, Cognizant, Concentrix, Wipro, Genpact, ADP, EXL Service, Invensis, SunTec India, Intetics, Unity Communications, Helpware, Plaxonic Technologies, and Octopus Tech.
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Global Business Process Outsourcing Market – Scope of the Report
The following report provides forecast and analysis of the global business process outsourcing market along with the historical data of 2014, estimated data 2019 and forecast data up to 2029 in terms of value (US$ Mn), according to a Fact.MR study. The research propounds critical trends that are currently influencing growth within the global business process outsourcing market along with several macro-economic indicators. This newly published and insightful report on business process outsourcing sheds light on key dynamics, and their impact on the overall value chain from suppliers to end-users, which are expected to transform the future of the global business process outsourcing market.
The report also comprises the study of current issues with end users and opportunities for business process outsourcing. It also contains value chain analysis, including the key market participants. To provide users of this report with a comprehensive view of the market, we have included a detailed competitive analysis about the key players involved in the market and strategic overviews. The dashboard included in the report provides a detailed comparison of business process outsourcing manufacturers on parameters such as total revenue, product offerings, and key strategies. A list of key companies operating in the business process outsourcing market provided in the report adds to the credibility of this exhaustive research study.
Global Business Process Outsourcing Market: In-Depth Assessment on Key Segments
The global business process outsourcing market is segmented on the basis of service, end use, and region.
|
Service |
End Use |
Region |
|
Finance & Accounting |
Banking, Financial Services, and Insurance (BFSI) |
North America |
|
Human Resources |
Manufacturing |
Latin America |
|
Knowledge Process Outsourcing |
IT & Telecommunication |
Europe |
|
Procurement & Supply Chain |
Retail |
East Asia |
|
Customer Services |
Others (travel and transportation, government, education, construction, and utilities) |
South Asia & Oceania |
|
Others |
Middle East & Africa |
This taxonomy and the detailed TOC prepared are confidential and intended exclusively for the individual or entity with whom it is being shared. Reading, disseminating, distributing, or copying this to any party other than addressee(s) is unauthorized and prohibited.
Country-specific assessment on demand for business process outsourcing has been provided for each regional market, along with the market size valuation and forecast price point assessment, price index and impact analysis of key regional and country-wise dynamics, which were obtained through quotes from numerous business process outsourcing manufacturers, experts, and suppliers. Y-o-Y growth projections have also been offered on all regional markets incorporated in the report. Moreover, future trends, growth prospects, and other possibilities related to the market have been answered in the report.
The report provides company-level market share analysis, which has been derived on the basis of the company’s annual sales and segmental revenue in all the target end-use industries. The market has been forecasted based on constant currency rates. The report provides detailed competitive and company profiles of key participants operating in the global business process outsourcing market. Some of the major competitors operating in the business process outsourcing market are Accenture, IBM, Cognizant, Concentrix, Wipro, Genpact, ADP and others.
Global Business Process Outsourcing Market: Research Methodology
A number of primary and secondary sources were consulted during the course of the study. Secondary sources include Factiva, Morningstar and Hoovers, and company annual reports and publications. Comprehensive interviews have been conducted by our analysts, and the intelligence and insights obtained have been used for validating the information gained through secondary research. The report also includes a description of assumptions and acronyms utilized for research purposes. Data gathered has been validated using the triangulation method to offer useful quantitative and qualitative insights into the business process outsourcing market.
A short market viewpoint offered in the report elucidates the macro-economic aspects that influence the growth of the business process outsourcing market, which includes global GDP growth rate, various industries growth rate such as BFSI, Manufacturing, IT & Telecommunication, Retail and others. This report serves as an authentic resource of intelligence on the business process outsourcing market, enabling the readers to take fact-based decisions on the future direction of their businesses.
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Business Process Outsourcing Market Forecast, Trend Analysis & Competition Tracking - Global Market Insights 2019 to 2029