LOS ANGELES , Nov. 02, 2022 (GLOBE NEWSWIRE) -- 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.
Business Process Outsourcing Market Statistics
- Global business process outsourcing market revenue was worth USD 241.7 billion in 2021, with a 8.9% CAGR from 2022 to 2030
- North America region was accounted 36% of business process outsourcing market share in 2021
- Asia-Pacific market is expected to grow at a CAGR of 10% from 2022 to 2030
- Based on service, customer services segment capture over 30% of the overall market share in 2021
- Increasing use of cloud computing, drives the business process outsourcing market value
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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 | |
| Business Process Outsourcing Market 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. | |
| Report Coverage | Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis | |
Business Process Outsourcing Market Overview
Business process outsourcing (BPO) is a critical component of the worldwide outsourcing industry. Furthermore, BPO (Business Process Outsourcing) is rapidly gaining traction across a wide range of industries, including banking, financial services and insurance (BFSI), manufacturing, healthcare, IT & telecommunications, retail, and many others.
Some other sub-segment includes travel and transportation, government, construction, education, and utilities. Banking, financial services, and insurance (BFSI) are expected to be the fastest-growing segments in the future years as Business Process Outsourcing (BPO) handles the market's multiple issues. It also ensures data integrity and administration. It also provides relevant, dependable, and timely data to improve decision-making.
Business Process Outsourcing Market Growth Factors
- Increasing digitization across industry verticals
- Technological developments and innovation to improve business effectiveness and efficiency
- Growing the use of cutting-edge technology
Global Business Process Outsourcing Market Trends
Growing demand to reduce operating expenses is projected to drive the BPO market size. Any additional investment in advice or commerce that is not one of a company's core skills is referred to as operational costs. A rising number of firms are outsourcing these processes, allowing them to focus on core competencies and grow their business. This leads to cost competence, as well as real-time and resource management.
Furthermore, many organizations regard outsourcing as a solution to their back office demands. Some of the additional benefits of outsourcing that are expected to fuels the BPO market growth in the next years include improved service quality, flexibility, increased efficiency, and workload management.
The growing number of call and customer service centers in Asia Pacific and North America is also having a significant impact on market development. Other drivers expected to fuel market development include the rise of next-generation services such as big data analytics, cloud services, as well as robotic process automation (RPA).
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Business Process Outsourcing Market Segmentation
The global Business Process Outsourcing market has been segmented by Acumen Research and Consulting based on service, and end-user. By service, the segment is separated into finance & accounting, human resources, procurement & supply chain, knowledge process outsourcing, customer services, and others. According to the business process outsourcing market forecast, the customer services segment is predicted to develop significantly in the next years.
Moreover, the market is divided into banking, financial services, and insurance (BFSI), healthcare, manufacturing, retail, it & telecommunication, and others, based on the end-user.
Business Process Outsourcing Market Regional Overview
The global business process outsourcing market is separated into several geographic regions: Asia-Pacific, Europe, North America, Latin America, and the Middle East and Africa. According to a business process outsourcing industry analysis, the North America market is predicted to lead the global market throughout the projection period. This growth is owing to the presence of a significant number of market players and the rise in demand for improved business services. During the forecast timeframe, the Asia-Pacific business process outsourcing market is expected to expand at a significant CAGR. The main aspects driving regional market expansion are low labor costs and affordability.
In 2021, Europe could have the second-greatest market share in the business process outsourcing market. The regional market's growth can be attributed to the versatility and personalization of the delivery of services in order to produce efficient and effective solutions, as well as the growing demand for cloud computing technologies.
During the forecast period, the Latin America business process outsourcing market is predicted to grow at the fastest rate in the globe. This expansion can be attributed to the region's rapid growth in the manufacturing & consumer packaged goods industries. Furthermore, rising government assistance for the development of English language learning programs in order to pique the interest of global service providers is predicted to drive global market growth.
Business Process Outsourcing Market Strategies
Strategic alliances and partnerships are important tactics for market leaders to combine their presence. For example, in October 2014, Capgemini formed a relationship with NetSuite, a business that provides worldwide cloud computing solutions. The goal of this collaboration is to enable Capgemini to create its new virtual company, which provides business process outsourcing services. Human resource management, finance, and finance, as well as a variety of technological solutions, are among the several business solutions provided.
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Business Process Outsourcing Market Players
Global players are always spending on R&D and developing new product portfolios in order to attract more commercial opportunities from emerging nations such as India and China. Furthermore, increased R&D investments, together with technical improvements, are expected to provide profitable prospects for industry participants. Some of the prominent business processes outsourcing market companies are Infosys Limited, Accenture, HCL, Capgemini, Wipro, NCR Corporation, Sodexo, TTEC Holdings, Inc., CBRE Group Inc., and Amdocs.
Questions Answered By This Report
- What was the market size of Business Process Outsourcing Market in 2021?
- What will be the CAGR of Business Process Outsourcing Market during the forecast period from 2022 to 2030?
- Who are the major players in Global Business Process Outsourcing Market?
- Which region held the largest share in Business Process Outsourcing Market in 2021?
- What are the key market drivers of Business Process Outsourcing Market?
- Who is the largest end user Business Process Outsourcing Market?
- What will be the Business Process Outsourcing Market value in 2030?
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