Business Process Outsourcing (BPO) Services Market Size is Projected to Hit USD 586.92 Billion at a 9.6% CAGR by 2030 - Report by Market Research Future (MRFR)
Growing Demand for High-End Outsourcing Solutions Drives the BPO Services Market
New York, US, May 22, 2023 (GLOBE NEWSWIRE) -- According to the research report published by Market Research Future (MRFR), "Business Process Outsourcing (BPO) Services Market - By Service Type, By Operating Model, And By Vertical and Forecast till 2030”, the global business process outsourcing (BPO) services market is expected to escalate from USD 282.46 BN in 2022 to USD 586.92 BN by 2030, growing at a 9.6% CAGR during the assessment period (2023-2030).
Business process outsourcing (BPO) services deliver high-end solutions suitable for changing business needs at reasonable costs. Over the last couple of decades, this market has garnered significant traction, mainly due to the rising popularity of BPOs among enterprises of all sizes. However, the market witnessed a drastic surge, especially after the COVID-19 pandemic that brought forward the need to shift to remote work.
Besides, additional trends brought by the pandemic, such as the rise of social media management, cloud computing services, and omnichannel solutions, alongside the necessity to upskill resources and specialized outsourcing, boosted the market demand. Many growing companies turn to BPO services for business continuity and resiliency during this period.
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Leading BPO services market players are,
HCL Technologies Limited
CBRE Group Inc
Infosys Limited (Infosys BPM)
Business Process Outsourcing (BPO) Services Market Report Scope:
Business Process Outsourcing (BPO) Services Market Size by 2030
USD 586.92 (2030)
Business Process Outsourcing (BPO) Services Market CAGR during 2023-2032
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Key Market Drivers
Increasing Adoption of BPO Services in the IT and Telecommunication Sector Increasing Investments by Enterprises for BPO
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Companies nowadays outsource their non-core tasks to BPO service providers for their business growth. On the other hand, knowledge process outsourcing companies are becoming more competitive and focusing on strategic approaches that can bring more promising results.
Given how much companies depend on BPO companies to cater to clients' needs, business process outsourcing companies are becoming more competitive and focusing on strategic partnerships that bring more promising results. BPO agencies are using advanced analytics to gain deeper insights into managing resources by staying updated with the latest developments and current outsourcing trends.
Increasing adoption of BPO services in the IT and telecommunication sector and investments by enterprises for BPO are specific outsourcing trends expected to continue to boost the BPO industry further. With the growing need to ensure cybersecurity and transparency and build global footprints and strategic partnerships, the market will likely garner significant traction.
The highly competitive BPO services market appears fragmented, with several well-established players. Business process outsourcing industry players adopt collaborations, mergers & acquisitions, and product/technology development strategies to gain a larger competitive share. Substantial investments are poured into developing products and expanding global footprints. Most players adopt organic business strategies, whereas tier I & II companies emphasize inorganic business strategies to achieve their goals.
For instance, on Apr 14, 2023, Bill Gosling Outsourcing (BGO – Canada) announced the acquisition of MattsenKumar, a full-service business process outsourcing firm in India, to expand its foothold in the Indian BPO market. The acquisition enables BGO to offer more services globally by combining its experience in delivering customer experience solutions with MattsenKumar's data analytics, third-party quality, and innovation expertise. Also, the deal gives BGO a stronger foothold in the Indian BPO market.
The BPO services market is segmented into types, deployments, organization size, verticals, and regions. The type segment is sub-segmented into finance & accounting, marketing & sales, customer support, training & development, human resource & recruitment (HR business process outsourcing), document management & processing, and other outsourcing services. The deployment segment is sub-segmented into on-premise (traditional) and cloud-based/business process-as-a-service (BPaaS).
The organization size segment is sub-segmented into small and medium-sized enterprises and large enterprises. Similarly, the vertical segment is sub-segmented into BFSI, IT & telecommunications, retail & consumer goods, manufacturing, healthcare & life sciences, government & defense, and others. The region segment is bifurcated into North America, Europe, Asia-Pacific, and the-rest-of-the-world.
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Growing digitization has created new opportunities for business leaders while traditional operations and business process outsourcing models are being reinvented. On the other hand, increasing business process automation, AI, IoT, cloud, and other emerging technologies encouraged enterprises to adopt more intelligent workflows to grow and constantly evolve to become more intelligent.
Also, the need to integrate fully orchestrated processes to address changing needs of customers, employees, suppliers, and business partners emerged. In these challenging times, business process outsourcing experts strive to create business continuity for better intelligent workflows to transform clients' businesses.
To remain relevant, businesses must reinvent workflows and boost digital transformation to drive greater impact in modernizing processes. The growing adoption of BPO services in major industries to improve productivity, customer satisfaction, and team morale and the spurring rise in the IT & telecommunications sectors drive market growth.
Besides, rapidly growing banking, financial services, healthcare, and manufacturing sectors substantiate the market growth. Also, with the increasing uptake of BPO services and solutions to meet digital transformation, the market will perceive tremendous growth in the next few years.
One of the growing trends is enhanced focus on strategic business partnerships, which also has been considered a common outsourcing trend that has evolved significantly over the past few years. BPOs are increasingly helping finance organizations improve their processes' efficiency to create smart functions with intelligent workflows.
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North America leads the global business process outsourcing services market with the increasing adoption of cloud enablement and digital services. Besides, the growing demand due to the growing demand for assistance to improve business operations, productivity, and efficiency boosts the region's market shares.
The strong presence of BPO services providers in the region impacts market revenues positively. Canada and the US contribute exponentially to the BPO services market in this region. Furthermore, the spurring rise in BFSI and IT & telecommunications sectors across the region increases market value.
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