Business Process Outsourcing (BPO) Services Market 2022 Key Players, Regions, Company Profile, Growth Opportunity and Challenges by 2030 | Says Report Ocean

Business Process Outsourcing (BPO) Services market report contains detailed information on factors influencing demand, growth, opportunities, challenges, and restraints. It provides detailed information about the structure and prospects for global and regional industries. In addition, the report includes data on research & development, new product launches, product responses from the global and local markets by leading players. The structured analysis offers a graphical representation and a diagrammatic breakdown of the Business Process Outsourcing (BPO) Services market by region.

The Global Business Process Outsourcing (BPO) Services Market is projected to develop at 10.8% CAGR with 335.23 billion in the year 2024 during the forecast period.

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According to Statista, as of 2022 data, the United States held over ~36% of the global market share for information and communication technology (ICT). With a market share of 16%, the EU ranked second, followed by 12%, China ranked third. In addition, according to forecasts, the ICT market will reach more than US$ 6 trillion in 2021 and almost US$ 7 trillion by 2030. In today’s society, continuous growth is another reminder of how ubiquitous and crucial technology has become. Over the next few years, traditional tech spending will be driven mainly by big data and analytics, mobile, social, and cloud computing.

This report analyzes the global primary production, consumption, and fastest-growing countries in the Information and Communications Technology(ICT) market. Also included in the report are prominent and prominent players in the global Information and Communications Technology Market (ICT).

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Business Process Outsourcing (BPO) Services Market Research Report – Global Forecast till 2024
Global Business Process Outsourcing (BPO) Services Market Research Report: by type (IT outsourcing, finance and accounting outsourcing, back office outsourcing, e-commerce support services, training & development outsourcing, human resource and recruitment, procurement outsourcing and others), Deployment (On-Premise, Cloud), Organization Size (Large Enterprises), Industry Vertical (BFSI, IT & telecom, retail and consumer goods, manufacturing, healthcare & life sciences, government & defense and others) by Region – Forecast till 2024

Market Analysis

The process of outsourcing various business processes including IT, finance & accounting, back-office, e-commerce support, and other services is known as Business process outsourcing (BPO). Firms around the globe are outsourcing these business processes to focus on their core business efficiently. To make the offering more comprehensive, service providers are offering advanced technology-based BPO services. Presently the providers to make BPO services more effective are using the improved technologies like analytics, artificial intelligence (AI), and cloud processing. Throughout the years, firms have enhanced their investment in BPO services. Both large-, small- and medium-sized enterprises have been assigning budget for outsourcing their business process services. Companies are widely spending in outsourcing services.

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For the same, they are reviving their present contracts or switching towards new BPO service providers. Different investments in BPO services are underway and anticipated to take place during the year 2019-2020. For an example, Saudi Telecom is going to reinstate its contract for BPO services for worth USD 2 billion. Likewise, Bharti Airtel also revived a contract worth USD 2 billion for its BPO services for application development, maintenance, and infrastructure. Due to the rising competition, and the need to have an efficient business process, enterprises are inclined towards adopting BPO services which play a significant role in reducing capital and operational expenditure. BPO services help enterprises to focus on their core operation. Moreover, the introduction of advanced technology-based BPO services like AI, analytics, and cloud processing is further helping enterprises to gather up-to-date real-time data for taking accurate and enhanced business decisions. BPO services are also helping enterprises to save the cost related to infrastructure and technology. Outsourcing eliminates the need to invest in technology and infrastructure since outsourcing companies take the responsibility of various business processes and develop infrastructure for the same

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The Global Business Process Outsourcing (BPO) Services Market is projected to develop at 10.8% CAGR with 335.23 billion in the year 2024 during the forecast period. The global business process outsourcing (BPO) service market has been segmented on the basis type, deployment, organization size, vertical, and region. By type, the business process outsourcing (BPO) Service has been segmented into IT outsourcing, finance and accounting outsourcing, back office outsourcing, e-commerce support services, training & development outsourcing, human resource and recruitment, procurement outsourcing and others. The IT outsourcing segment is responsible for the largest market share of 44.6% in the year 2018, growing at a CAGR of 9.4%, during the forecast period, 2019-2024. On the basis of deployment, Global Business Process Outsourcing (BPO) Services Market has been segmented into cloud and on-premise. The on-premise segment responsible for the greater market share in the year 2018; it is anticipated to register the higher CAGR during the forecast period.

On the basis of organization size, the business process outsourcing (BPO) service market has been divided into small- and medium-sized enterprises and large enterprises. the larger market share in 2018 is held by the large enterprise segment and expected to register the higher CAGR of 8.5% during the forecast period. By industry vertical, the business process outsourcing (BPO) service has been categorized as BFSI, IT & telecom, retail and consumer goods, manufacturing, healthcare & life sciences, government & defense, and others. The BFSI segment was responsible for the major market share in the year 2018, with a market value of USD 59.28 billion, it is anticipated to register a CAGR of 9.6% during the forecast period. The IT & telecommunication segment was the second-major market in the year 2018; it is projected to register a CAGR of 9.8%.

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Market Segmentation

Global Business Process Outsourcing (BPO) Services Market has been segmented into different segments. It is divided by type, by deployment, by organization size and by industry vehicle. By type the Global Business Process Outsourcing (BPO) Services Market can be divided into IT outsourcing, finance, and accounting outsourcing, back office outsourcing, e-commerce support services, training & development outsourcing, human resource and recruitment, procurement outsourcing, and others. Based on deployment the global business process outsourcing services market can be divided into cloud and on-premise. On the basis of organization size the Global Business Process Outsourcing (BPO) Services Market can be divided into small- and medium-sized enterprises and large enterprises. On the basis of industry vertical the market is segmented into BFSI, IT & telecom, retail and consumer goods, manufacturing, healthcare & life sciences, government & defense, and others.

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Regional Analysis

Geographically, the global business process outsourcing (BPO) services market can be split into different regions like Asia-Pacific, North America, Europe, and the Middle East & Africa, and South America. North America leads the market in terms of market share in the business process outsourcing (BPO) service market. The market growth is motivated by the existence of several business process outsourcing (BPO) service providers that offer their services to regional as well as international end-users. The prominent players in the region are ADP, LLC, LP, IBM Corporation and TTEC Holdings, Inc. The third-largest market in the business process outsourcing (BPO) service market in the year 2018 was Europe. As per the MRFR analysis, Europe has been divided into the UK, Germany, France, and the rest of Europe. The UK is projected to responsible for the greatest market share, followed by Germany, France, and the rest of Europe. Factors responsible for market growth include rising number of small- and medium-sized enterprises who are changing towards adopting outsourcing services. In Europe, business process outsourcing (BPO) services are progressively being utilized by enterprises specifically in the IT and telecommunication, retail, and BFSI industries.

Major Players:
WNS (Holdings) Ltd, IBM Corporation, Capgemini, Genpact, Aegis Limited, HCL Technologies Limited, eNoah, and TTEC Holdings, Inc. , ADP, LLC, Conduent Inc., Accenture PLC, Conneqt, Tech Mahindra Limited, Tata Consultancy Services Limited and Infosys BPM Limited are some of the major players in the the global business process outsourcing (BPO) service market.

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What is the goal of the report?

The market report presents the estimated size of the ICT market at the end of the forecast period. The report also examines historical and current market sizes. During the forecast period, the report analyzes the growth rate, market size, and market valuation. The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets. The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.

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