London, March 30, 2022 (GLOBE NEWSWIRE) -- The global business process outsourcing market size was valued at US$ 268.21 billion in 2021. The business process outsourcing market is possible to benefit from businesses’ increased attention on enhancing company agility in order to withstand the continuously changing business dynamics, as well as approaches to increase efficiency while lowering operational costs and focusing on core capabilities. Furthermore, in order to satisfy the growing industry demands, businesses are increasingly focusing on lowering the cost of doing business in order to access global resources. As a result, growing number of companies throughout the world are utilizing the advantages of business process outsourcing services to focus on core strengths, thereby opening up new market opportunities.
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The technological developments in areas including artificial intelligence, social media surfing, robotic process automation, machine learning, and big data analytics promise well for the business process outsourcing market’s future growth prospects. The artificial intelligence, cloud technology, and other automation approaches are becoming more popular, which is helping to propel the growth of the business process outsourcing market during the forecast period. In addition, throughout the projection period, increased usage of business process as a service for optimizing various workflows by scheduling them in an automated manner is likely to fuel the expansion of the business process outsourcing market.
| Report Scope | Details |
| Market Size in 2021 | USD 268.21 Billion |
| Growth Rate | CAGR of 8.9% from 2022 to 2030 |
| Largest Market | North America |
| Fastest Growing Region | Asia Pacific |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Companies Covered | Tech Mahindra Limited, HCL Technologies Limited, Tata Consultancy Services Limited, IBM Corporation, Wipro Limited, NCR Corporation, Infosys Limited, Invensis Technologies Pvt. Ltd, Unity Communications, Plaxonic Technologies |
Report Highlights
- Based on the service type, the customer services segment is the fastest growing segment in the global business process outsourcing market. The segment is growing due to a growing focus on customer satisfaction and increased spending on contact centers.
- Based on the end use, the IT and telecommunications segment is the fastest growing segment in the global business process outsourcing market. The growth of the segment is being boosted by a rise in information technology investment in small firms as a result of digital transformation.
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Regional Snapshot
North America is the largest segment for business process outsourcing market in terms of region.The business process outsourcing market is expected to grow due to the increased usage of cloud technology and digital services, which necessitate constant help and maintenance for corporate operations.
Asia-Pacificregion is the fastest growing region in the business process outsourcing market.The business process outsourcing market expansion is likely to be aided by the customization of service offerings to better fit individual demands, as well as the rising demand for cloud computing.
Market Dynamics
Drivers
Cost effectiveness of business process outsourcing
The outsourcing is very trending concept in any field. The business process outsourcing organizations is helping to cut the costs and expenses related to any type of business tasks or processes. The business process outsourcing is very efficient in terms of cost and time savings. The proper management of business processes is possible due to the business process outsourcing market players. These market players are adopting new and innovative technologies for reducing cost burden. Thus, this factor is supporting the growth of the global business process outsourcing market.
Restraints
Security issues
One of the major factors hindering the growth of the global business process outsourcing market is the data privacy and security issues. During the business process outsourcing, lot of information is communicated to third party. This information can be misused or shared with competitors. Moreover, the data from database can also be hacked with the help of hackers. As a result, the security and data privacy concerns are hampering the growth of the global business process outsourcing market over the projected period.
Opportunities
Access to up-to-date technologies
Purchasing a licensed version of the most recent software and other technologies is prohibitively expensive. This proposition is also risky, particularly for small and medium-sized businesses that cannot afford to devote a consistent budget to purchasing the latest technologies. As a result, staying up to date on the latest developments becomes difficult for a company. The global organizations benefit more from outsourcing to companies that already have access to the technology and relevant expertise.Thus, the access to up-to-date technologies is creating lucrative opportunities for the growth of the business process outsourcing market.
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Challenges
Service costs are underestimated
The organizations that use business process outsourcing to handle tasks frequently underestimate their budgets. The operating costs are frequently overlooked. Even so, there are hidden costs associated with selecting a vendor, currency conversion and value fluctuations, hardware and software upgrades, internal transitions, and the possibility of a decrease in worker productivity. As a result, this factor is a major challenge for the growth of the business process outsourcing market during the forecast period.
Market Segmentation
By Service Type
- Finance & Accounting
- Human Resource
- KPO
- Procurement
- Customer Services
- Others
By End Use
- BFSI
- Healthcare
- Manufacturing
- IT & Telecommunications
- Retail
- Others
By Outsourcing Type
- Offsource
- Nearshore Onshore
By Deployment Model
- Cloud
- On Premise
By Organization Size
- Large Enterprises
- SMEs
By Ownership
- Captive
- Third Party
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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