DUBLIN, Dec. 12, 2023 /PRNewswire/ — The “Business Process Outsourcing (BPO) – Global Strategic Business Report” report has been added to ResearchAndMarkets.com’s offering.
Global Business Process Outsourcing (BPO) Market to Reach $477.7 Billion by 2030
The global market for Business Process Outsourcing (BPO) estimated at US$292.3 Billion in the year 2022, is projected to reach a revised size of US$477.7 Billion by 2030, growing at a CAGR of 6.3% over the analysis period 2022-2030.
This report examines the dynamic landscape of the Business Process Outsourcing (BPO) industry in 2023, shedding light on the significant changes influenced by the COVID-19 pandemic. It begins with an introduction to BPO, outlining its various models and service offerings.
The competitive market presence section assesses the strength and activity of key players in the global BPO arena and provides insights into market share trends. The report delves into the diverse business models employed by BPO providers, highlighting the salient features of transactional, niche, and comprehensive BPO models.
Customer Services, one of the segments analyzed in the report, is projected to record 7.2% CAGR and reach US$186 Billion by the end of the analysis period. Growth in the Human Resources segment is estimated at 5.2% CAGR for the next 8-year period.
Furthermore, it analyzes the current state of the BPO market and its outlook, emphasizing the role of customer services as a principal growth driver, with IT & Telecom leading the industry while BFSI exhibits rapid expansion. The report explores market opportunities across developed and developing regions, offering a glimpse into emerging trends and regions like Asia, Europe, and Latin America. It also provides an overview of major outsourcing destinations.
A comprehensive competitive landscape analysis focuses on key players in Finance & Accounting, Procurement, and HR BPO services, showcasing their market dominance and strategies for value chain enhancement. The report underscores the importance of transparency in maintaining a competitive edge. Lastly, it highlights recent market activities and key world brands in the BPO sector, offering a holistic view of the industry’s current state. This report serves as an indispensable resource for stakeholders seeking to navigate the evolving BPO landscape and capitalize on the myriad opportunities it presents in 2023.
The U.S. Market is Estimated at $106.4 Billion, While China is Forecast to Grow at 7.2% CAGR
The Business Process Outsourcing (BPO) market in the U.S. is estimated at US$106.4 Billion in the year 2022. China, the world’s second largest economy, is forecast to reach a projected market size of US$34.9 Billion by the year 2030 trailing a CAGR of 7.2% over the analysis period 2022 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.7% and 5.4% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 6% CAGR.
What’s New?
Special discussions on the global economic climate and market sentiment
Coverage on global competitiveness and key competitor percentage market shares
Market presence analysis across multiple geographies – Strong/Active/Niche/Trivial
Online interactive peer-to-peer collaborative bespoke updates
Access to digital archives and trademarked research platform
Complimentary updates for one year
Access to curated YouTube video transcripts of market sentiments shared by CEOs, domain experts and market influencers via interviews, podcasts, press statements and event keynotes
MARKET TRENDS & DRIVERS
Established Role in Business Process Implementation Across Diverse Sectors to Sustain Long-Term Growth
BPO: A Robust Tool for Enabling Global Expansion
For Creating Truly Global Products
To Drive Satisfaction Levels Among Customers Worldwide
Higher Awareness about Outsourcing Benefits: Another Major Factor Favoring Long-Term Growth
Advanced Technologies Strengthen Capabilities of BPO Model
Internet of Things (IoT) for Effective Delivery of BPO Services
Robotic Automation & Artificial Intelligence (AI) Seek Bigger Role in BPO Operations
Upcoming Changes with AI & Robotic Process Automation
Artificial Intelligence Augments Efficiency of BPO Operations
Social Media Networking Trend Transforms Business Strategies
Growing Popularity of Cloud Computing
Cloud Communication – A Winning Solution for BPO Players
Growing Use of Mobile Based Customer Service Applications
Voice Biometrics: Growing Role in Customer Verification
Big Data Remains in Contention to Streamline Operations
BPO Providers Warm up to Green Computing
Data Analysis Software Bolsters BPO Capabilities
Voice Recognition Improvements to Benefit BPOs
UCaaS Emerges as Low-cost Customer Service Solution
BPOs Turn New Leaf by Offering Social Media Management Solutions and Services
Strategic Innovations Take Center Stage in BPO Industry
Select Latest Innovations in the BPO Market
Commoditization, and Rise of Industry-Specific BPO, MSM & Bundled IT-BPO Services to Reshape the BPO Market
Platform BPO Seeks Opportunities
Platform BPO Vs Traditional BPO
Advantages of Platform BPO
Challenges for Platform BPO
Sourcing Strategy: Means to Achieve Business Process
Sole Sourcing: A Model for Increasing Operational Efficiency
Multi-Source Approach Gathers Steam
The Importance of Impact Sourcing
Offshore BPO Remains Highly Relevant Offering Cost Economies
Nearshoring Finds Favor among Businesses
Trade-off between Quality & Cost Warrants Revamp of the Global BPO Industry
Emphasis on Business Process Improvement to Extend Opportunities
Small and Mid-Size Businesses (SMBs): Expanding Clientele
Cybersecurity Gains Prominence, as Cyberattacks Become Rampant
Novel Opportunities for BPO in New Business Areas
An Insight into Major Horizontal Segments
Customer Services BPO: Largest Product Category
Human Resources BPO (HRO) Remains a High-Profile Segment
Finance and Accounting BPO (FAO): A Thriving Market
Knowledge Process Outsourcing (KPO): A Small yet Growing Market
Procurement BPO: An Overview
Review of Select End-Use Markets
Manufacturing: Noteworthy End-Use Sector
COVID-19 Impact on Manufacturing Sector to Curtail Short-Term Prospects for BPO Services
Telecommunications & Technology
Banking, Insurance & Finance Services
Banking Sector
Insurance
Retail Sector
Other End-Use Sectors
Issues & Challenges
Protectionist Policies Niggle Offshore BPOs
Uncertainties in Politico-Economic Policies Challenge BPO Sector
Re-shoring Strategies Highlight Salary Disparities in Different Regions
Alternate Offshore Locations Challenge Dominance of Traditional Centers
Data Security Issues
Decline in IT Spending & High Inflation
Increasing Automation Requires BPO Providers to rethink Existing Strategies
FOCUS ON SELECT PLAYERS (Total 266 Featured)
Accenture PLC
Atos SE
AMDOCS
ADP, Inc.
API Outsourcing, Inc.
3i Infotech Ltd.
31West Global Services
Allsec Technologies Ltd.
Allzone Management Solutions
Arvato Systems GmbH
Alight Solutions LLC
Access Healthcare
Arise Virtual Solutions Inc.
Angler Technologies
Apdata do Brasil Software Ltd
For more information about this report visit https://www.researchandmarkets.com/r/7rxd49
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