The global business process outsourcing market will expand at an impressive 8.5% CAGR to reach US$ 620 billion by 2032. North America is expected to dominate the overall BPO market. Organizations are increasingly looking for specialized firms that can provide much-needed support services to business processes that can be outsourced without requiring a direct investment of dedicated time and human resources. As a result, demand for BPO services has increased over the last half-decade, reaching US$ 232.3 billion in 2021, growing at a 7% CAGR over the previous five years.
Business Process Outsourcing (BPO) is the practice of outsourcing non-core business processes to a third-party service provider. BPO can help companies focus on core business activities while reducing costs, improving efficiency, and enhancing customer service. BPO services can include customer service, human resources, accounting, and data processing, among others. BPO is a common strategy for companies looking to streamline operations, reduce costs, and access specialized expertise and technology.
Major players in the market that could influence the competitive landscape are, but not limited to
Key Takeaways of Business Process Outsourcing Market Study
North America stands at the frontline of the market with a majority value share of over 60%. Countries such as the US have been proponents of the benefits of business process outsourcing. The promising 7% CAGR growth in this region can be attributed to surging demand for cost effective outsourcing.
Europe comes second with more than 1/4th share of the total market value. Prevalence of lean business models in European organizations is a central factor for the region’s high growth during the forecast period.
Asia Pacific offers the most remunerative opportunities on the back of a booming digital economy. Developing nations such as India, and Indonesia are witnessing an emerging need for customer support services, a forte function of business process outsourcing companies.
IT & Telecommunications account for the largest market share of the total revenues with a robust 7% CAGR through 2029. This is attributed to the need to leverage the latest IT infrastructure and ensure regular maintenance of server facilities.
Banking, Financial Services, and Insurance (BFSI) offer the most gainful prospects on the back of innovative financial technologies that require a strong customer support partner for smooth adoption of the latest products and services.
Retail is another end-use segment that is surging the demand for business process outsourcing owing to digitization initiatives to compete with online retailers.
Customer services are the most demanded BPO service with more than 1/3rd of total market demand. The segment will grow at a strong 7% CAGR during the forecast period.
Knowledge process outsourcing will generate highest growth prospects with a 9% CAGR from 2019 to 2029. Prevalence of information based industries such as market research, and business analytics are set to drive the demand for this BPO service
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Market Survey of Business Process Outsourcing
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