Dublin, Dec. 12, 2023 (GLOBE NEWSWIRE) -- 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
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 902 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $292.3 Billion |
| Forecasted Market Value (USD) by 2030 | $477.7 Billion |
| Compound Annual Growth Rate | 6.3% |
| Regions Covered | Global |
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/qbvkk4
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