The Global Business Process Outsourcing Market Size accounted for USD 241.7 Billion in 2021 and is estimated to achieve a market size of USD 512.4 Billion by 2030 growing at a CAGR of 8.9% from 2022 to 2030. An increasingly competitive environment from new outsourcing sites, along with the emphasis on firms running more cost-effectively, will fuel the business process outsourcing market growth. Furthermore, the business process outsourcing market value is being propelled by aspects such as businesses' increased attention on enhancing efficiency and business agility, lowering operational costs, and stressing core capabilities in order to withstand the continuously shifting business dynamics.
Business Process Outsourcing Market Report Key Highlights
Business process outsourcing (BPO) is a way to offer a third-party service provider control over a range of business functions in return for a fixed payment. The fast expansion of the BPO industry's scope and size is linked to multinational firms' greater need to lower costs and deal with issues such as skilled labor scarcity. The multiple benefits offered by BPO, including cost reductions, increased customer satisfaction, better concentration on core markets, competitive capacity, and rapid time to market, have motivated operations to embrace the outsourcing model.
Global Business Process Outsourcing Market Trends
Business Process Outsourcing Market Report Coverage
|Market||Business Process Outsourcing Market|
|Business Process Outsourcing Market Size 2021||USD 241.7 Billion|
|Business Process Outsourcing Market Forecast 2030||USD 512.4 Billion|
|Business Process Outsourcing Market CAGR During 2022 - 2030||8.9%|
|Business Process Outsourcing Market Analysis Period||2018 - 2030|
|Business Process Outsourcing Market Base Year||2021|
|Business Process Outsourcing Market Forecast Data||2022 - 2030|
|Segments Covered||By Service, By End-User, And By Geography
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Infosys Limited, CBRE Group Inc., Accenture, NCR Corporation, HCL, Sodexo, Capgemini, TTEC Holdings, Inc., Wipro, and Amdocs.|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
BPO is rapidly gaining momentum across an array of verticals such as banking, financial services, and insurance (BFSI), healthcare, manufacturing, IT & telecommunications, retail, and others, which is driving the BPO market value. Demand to decrease operational costs is a main factor expected to boost the BPO market size. Any further expenditure spent on a device or business that is not among the major capabilities of a company is called operational costs. A growing numeral of businesses has been outsourcing these operations, allowing them to emphasize core capabilities and improve their business. This results is shown in cost competence and real-time as well as resource management.
Business activities of any association are characterized into basic, critical, core, and non-core activities. Core exercises are an organization's essential capabilities that give it a key favorable position, while basic tasks require a specific range of abilities. Non-core activities are supporting tasks that to a great extent include relationships with the executives among shoppers and items. Grouping these exercises is essential so as to distribute assets fittingly to guarantee opportune conveyance administrations. These days, organizations have started putting more noteworthy accentuation on core activities with a view to keeping up their market nearness and growing their client base. This has brought about higher redistributing of non-core activities.
Business Process Outsourcing Market Segmentation
The worldwide business process outsourcing market segmentation is based on the service, end-user, and geography.
Business Process Outsourcing Market By Service
According to a business process outsourcing industry analysis, the customer services segment can lead the global market in 2021 and is predicted to grow significantly in the coming years. The segment's dominance can be due to the growing number of service centers throughout the world that require both online and offline technical help. Client service-based BPO firms specialize in addressing customer requests and inquiries via email, chatrooms, social media platforms, phone calls, as well as other channels.
Business Process Outsourcing Market By End-User
According to the business process outsourcing market forecast, the BFSI segment would continue growing in the market over the next few years. Financial organizations have traditionally viewed BPO as a tool for increasing cost efficiency. To improve their customer service, BFSI firms are choosing for outsourcing activities in numerous fields of the BFSI sector, particularly asset management as well as investment management.
Business Process Outsourcing Market Regional Outlook
The Middle East & Africa
North America Is Expected To Record Dominant Market Share For The Global Business Process Outsourcing Market
North America region held the largest market share in the BPO market in 2021. Development in the regional market is credited to flexibility and customization of service delivery in order to develop the efficient and efficient solutions, paired with the increasing need for cloud computing technology.
The Asia-Pacific BPO market growth is expected to exhibit the highest CAGR during the forecast timeframe. This development is ascribable to the speedy growth of the manufacturing and (CPG) consumer packaged goods industries in this region. Moreover, growing support from the government to promotion of English language learning programs in to gain fascination from global service providers is expected to push business process outsourcing market growth.
Business Process Outsourcing Market Players
Some of the top business process outsourcing market companies offered in the professional report includes Infosys Limited, CBRE Group Inc., Accenture, NCR Corporation, HCL, Sodexo, Capgemini, TTEC Holdings, Inc., Wipro, and Amdocs.
Strategic partnerships and associations are a significant strategy among foremost players to merge their presence in the market. For instance, Capgemini entered into a partnership with NetSuite in October 2014, the company NetSuite delivers cloud computing solutions internationally. The objective of this partnership is to enable Capgemini to launch its new virtual company, which delivers business process outsourcing solutions. The numerous business solutions offered comprise human resources, accounting and finance, and a host of technology solutions.
The estimated value of global business process outsourcing market in 2021 was accounted to be USD 241.7 Billion.
The projected CAGR business process outsourcing market during the analysis period of 2022 to 2030 is 8.9%.
The prominent players of the global business process outsourcing market are Infosys Limited, CBRE Group Inc., Accenture, NCR Corporation, HCL, Sodexo, Capgemini, TTEC Holdings, Inc., Wipro, and Amdocs.
North America held the dominating business process outsourcing during the analysis period of 2022 to 2030.
Asia-Pacific region exhibited fastest growing CAGR for business process outsourcing during the analysis period of 2022 to 2030.
Increased emphasis on improving business agility by businesses and growing use of cloud computing drives the growth of global business process outsourcing market.
Based on end-user, IT & telecommunication segment is expected to hold the maximum share of the business process outsourcing market.