PUNE, India, July 15, 2024 /PRNewswire/ -- The Business
Process Outsourcing Market size was valued at USD 184.93 Billion in 2023 and the
total Business Process Outsourcing Market revenue is
expected to grow at a CAGR of 7.69% from 2024 to 2030, reaching
nearly USD 310.56 Billion.
Reports on competitive analyses encompass company overviews,
financial performances, product portfolios, and strategies of key
players in the Business Process Outsourcing market. To assess
strengths and weaknesses, a comprehensive SWOT analysis was
conducted, while a PESTLE analysis was carried out to understand
the impact of macroeconomic factors on the market. Also, the report
includes detailed analyses of investments made by market players to
enhance their global presence.
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The research methodology utilized in analysing the Business
Process Outsourcing market encompasses a thorough approach that
combines primary data which is often collected through surveys,
interviews, and focus groups with industry experts and stakeholders
such as BPO service providers, client companies, technology
providers, regulatory bodies, investors and shareholders, industry
associations trade groups, consulting firms labour unions and
worker advocacy groups and training and development institutions.
This allows for firsthand insights into market trends, consumer
behaviour, and regulatory challenges and secondary research
utilizing reports from government sources, industry publications,
and financial statements. Market sizing and forecasting techniques
are employed alongside competitive analysis to provide valuable
insights into the market landscape. It also includes trade balance,
market entry strategies, costs in different region, technology
adoption, regulatory framework, compliance requirements and
customer demographics which makes it an investor's guide. The
report encompasses service outsourcing type, application,
organization size, ownership, end user, segments and their
analysis, which elucidates their influence on the market. The
estimation methodology often adopts a bottom-up approach to
accurately determine market sizes.
Global Business Process Outsourcing Market 2023-2030: Key
Highlights
Market Size in
2023:
|
USD 184.93
Bn
|
Market Size in
2030:
|
USD 310.56
Bn
|
CAGR:
|
7.69 %
|
Forecast
Period:
|
2024-2030
|
Base
Year:
|
2023
|
Number of
Pages:
|
229
|
No. of
Tables:
|
138
|
No. of Charts and
Figures:
|
193
|
Regional
Scope:
|
North America, Europe,
Asia Pacific, and Africa, South America
|
Report
Coverage:
|
Market Share, Size and
Forecast by Revenue | 2023−2030, Market Dynamics, Growth Drivers,
Restraints, Investment Opportunities, and Key Trends, Competitive
Landscape, Key Players Benchmarking, Competitive Analysis, MMR
Competition Matrix, Competitive Leadership Mapping, Global Key
Players' Market Ranking Analysis.
|
- Historic Market Size 2017-2023
- CAGR of the market during 2024-2030
- Detailed information on factors that will assist Business
Process Outsourcing market growth during the next seven years
- An estimation of the Business Process Outsourcing market size
and the impact of country's GDP on Business Process Outsourcing
market
- Forecasts on upcoming trends and changes in consumer
behaviour
- The growth of the Business Process Outsourcing market
- Analysis of the competitive landscape and detailed information
on companies
- Comprehensive details of factors that will impede the growth of
Business Process Outsourcing companies
Competitive Landscape
The Business Process Outsourcing Market includes the presence of
several global as well as regional key players. A few prominent
players that offer Business Process Outsourcing in the market are C
Accenture PL, Anderson Group BPO Inc, Avaloq, Capgemini, HCL
Technologies, OctopusTech Solutions, Plaxonic Technologies, Wipro
Ltd, Tata Consultancy Services Limited and others.
What's New: Recent Additions and Updates
- Labour costs of Business Process Outsourcing in different
regions
- Market scenario for Business Process Outsourcing covering the
demand and services
- Analysis and forecast of Business Process Outsourcing market
size
- Segmentation and forecast Business Process Outsourcing market
based on end-use and regional division
- Competing developments such as expansion, investment, mergers
and acquisitions
Maximize Market Research: Insights on How Major players
Achieved Fortune by Business process outsourcing
- Outsourcing: Key Players Manufacturing Backbone
- Leveraging Global Talent and Expertise
- The Design Imperative
- Outsourcing in the Digital Age
- Ethical Considerations and Corporate Responsibility
- Final Verdict: The Outsourcing Symphony
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report.
https://www.maximizemarketresearch.com/request-sample/66545/
Market Overview
Business process outsourcing (BPO) is a method of giving control
of a variety of business operations to a third-party service
provider in exchange for a set payment. The rapid growth of the BPO
industry's size and scope is linked to the increased need of
multinational corporations to reduce costs and handle problems such
a skilled labour shortage. Operations have been affected to adopt
the outsourcing model by the various benefits provided by BPO, such
as cost savings, increased customer services, better concentration
on core businesses, competitive capacities, and speed to Business
Process Outsourcing Market.
The outsourcing of business process management is becoming
increasingly digital, transforming the BPO market for both
customers and suppliers. This shift from traditional outsourcing to
a more collaborative and collaborative approach offers companies
numerous opportunities to take advantage of advanced technology and
sophisticated supply chains, thus increasing their efficiency and
profitability.
Technological Advancements and Service Expansion
A decade ago, companies relied primarily on automating key tasks
and outsourcing business processes as a way to save costs.
Today, this landscape has changed dramatically. Companies are now
outsourcing work to implement customized business solutions and
digital technologies such as AI, machine learning and analytics.
This flexibility enables organizations to implement streamlined
processes that is improving strategic efficiency and delivering
important bottom-line benefits.
The digital outsourcing trend is growing rapidly.
Companies worldwide spend about USD 230
billion annually to manage business processes, from customer
service to back-office operations. While next-generation
technology networks now represent a small fraction of total
spending, their numbers are growing rapidly. An analysis of 53
business-process-outsourcing deals from 2016 to 2020 revealed that
about one-quarter included at least one digital component. This
number has almost doubled in five years, underlining the growing
importance of digital services in the BPO market.
Growth in Digital Services
BPO deals have dramatically increased the contract value (TCV)
of all digital services. Between 2016 and 2020, the share of
digital services in TCV increased from 30 percent to 70 percent.
This growth reflects the growing demand for digital solutions
driven by the significant growth in consumer demand for digital
products and services and the widespread adoption of cloud
technologies. By 2020, cloud-enabled deals will account for 67
percent of TCVs in the private sector and 63 percent in the public
sector. These cloud platforms facilitate the adoption of many
digital data technologies such as accounting and credit processing,
reducing cycle times for data-intensive processes.
Strategic Partnerships and Innovation
Companies that have previously focused on transforming their
business operations through digitization, aligning incentives and
introducing new products. They aim to maximize efficiency through
outsourcing, where providers develop complex processes and are
rewarded based on results. Shared incentives such as
profit-sharing arrangements support continuous improvement and
innovation. This strategic shift enables companies to leverage
advanced technologies and customized solutions, increasing
operational efficiency and delivering greater value. By
adopting these digital outsourcing strategies, companies are
setting themselves up for greater competitive advantage and
long-term success.
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End-to-End Process Transformation
Redesigning digital journeys end to end is essential for
exploiting the impact of digital outsourcing. Providers are
maintaining and transforming entire processes, optimizing,
digitizing, and automating them to eliminate manual work. This
comprehensive approach is enabling providers and buyers to
collaborate closely, generating further value as technological
landscapes evolve.
In conclusion, the demand for Business Process Outsourcing is
constantly increasing worldwide driven by factors such as
Technological Advancements, Focus on Core Competencies and Cost
Efficiency. The Maximize Market Research report captures
these trends in detail across various regions. It provides a
comprehensive analysis of market trends, consumer preferences and
competitive landscape in each category. This comprehensive
perspective provides stakeholders with valuable information to
navigate opportunities and challenges, and ensures strategic
decisions for sustainable growth in the global Business Process
Outsourcing market.
Segment Overview
MMR has segmented the market based on
By
Service
- Voice Processing
- Telemarketing Services
- Customer Care Services
By Outsourcing Type
- Offsource
- Nearshore
- Onshore
By Application
- Sales & Marketing
- Procurement & Supply Chain
- Facilities & Administrations
- Customer Care
- Training
By Organization Size
By Ownership
By End User
- BFSI
- IT & Telecom
- Healthcare
- Manufacturing
- Retail & E-Commerce
- Government & Defense
- Transportation & Logistics
- Travel & Hospitality
- Education
- Energy & Utilities
- Others
Based on End-User, the IT and Telecom segment dominated the
global Business Process Outsourcing Market with the highest market
share of 22% in 2023. The segment is expected to grow at a CAGR of
7.80% and maintain its dominance by 2030. Thanks to rapid
technological developments, the last two decades have seen a
complete transformation in the world of information and
telecommunications. Advanced telecommunications infrastructure is a
necessity for multinational manufacturing as well as service
industries. The increasing number of IT and telecommunications
organizations and global technological advancements are expected to
be the major factors driving the demand for business process
management services in the IT and telecommunications industry.
Detailed segmentation values for each segment and
explanations for growth are provided in the final report.
Geography Overview
The North American region dominated the global business process
outsourcing market with the highest market share of 49.7.69% in
2023. The region is expected to grow at a CAGR of 7.36% and
maintain its dominance by 2030. The North
America business process outsourcing market is expected to
be mature, highly fragmented, and robust. Increasing demand for
business process outsourcing services from several large regional
IT firms is expected to be a key driver for growth in this market.
Customizing service delivery to suit individual needs, coupled with
increasing demand for cloud computing, is expected to fuel the
growth of the region over the forecast period. Cloud
enablement is the most widely used digital services, providing
frequent support and maintenance for corporate operations, thus
increasing the market dynamics of the sector.
China and the Indian market are
expected to generate lucrative revenue share by 2029 and support
regional market growth. Factors such as workforce availability,
increased government expenditures in the BPO business, BPO-centric
education, an emphasis on improving employees' communication
skills, and enhanced infrastructure are expected to increase market
growth in China and India. India
has been a popular outsourcing market due to its favourable
geographic location and investor-friendly tax structure.
In the final report, past and future numbers and explanations
are incorporated seamlessly to provide a comprehensive
understanding of the Global Business Process Outsourcing
market.
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