Business Process Outsourcing (BPO) Services Market is Growing Adoption in IT and Telecommunication | Business Process Outsourcing (BPO) Services Market Size, Share, Trends, BPO Services Market Growth, Opportunities, Demand and Impact of COVID-19

Business Process Outsourcing Market Research Report- Forecast till 2027

Market Analysis

The global business process outsourcing services market will touch USD 335.2 billion at a 10.8% CAGR between the forecast period 2019- 2024, states the recent Market Research Future (MRFR) analysis. Business process outsourcing (BPO), simply put, is a process where the company contracts the supporting business activities to third-party service companies. 

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Various factors are propelling the future of outsourcing services market growth. According to the recent MRFR report, such factors include growing adoption of BPO services in IT and telecommunication, growing investments by enterprises for outsourcing business processes, and technological development are adding to the global business process outsourcing industry revenue growth in the region.

On the contrary, integrity and data privacy, and the recent COVID-19 pandemic may limit the global business process outsourcing services market growth in the region.

Market Segmentation

The MRFR report highlights an inclusive segmental analysis of the global BPO industry based on vertical, organization size, deployment, and type.

By type, the global business process outsourcing services market is segmented into training and development outsourcing, e-commerce support services, back office outsourcing, finance and accounting outsourcing, IT outsourcing, and others. Of these, the IT outsourcing will lead the market over the forecast period. It is predicted to develop at a 9.4% CAGR.

By deployment, the global business process outsourcing services market is segmented into on-premise and cloud. Of these, the on-premise segment will dominate the market over the forecast period and at a 7.5% CAGR.

By organization size, the global Business Process Outsourcing (BPO) Services Market is segmented into large enterprises and SMEs. Of these, the large enterprises will spearhead the market over the forecast period at an 8.5% CAGR.

By vertical, the business process outsourcing services market is segmented into government and defense, life sciences, healthcare, manufacturing, retail and consumer goods, IT and telecommunications, BFSI, and others. Of these, the BFSI segment will stay at the forefront in the market over the forecast period at a 9.6% CAGR.

Regional Analysis

By region, the global business process outsourcing services market covers the growth opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), South America, and the Middle East and Africa (MEA). Of these, North America will spearhead the market over the forecast period. Technological advances, growing demand for such services, shift towards the adoption of BPO services to focus on core business by business enterprises, the presence of well-established infrastructure, and implementation of advanced technologies are adding to the global business process outsourcing services market growth in the region. Canada and the US have the utmost share in the market.

In Europe, the global business process outsourcing services market is predicted to have the second-largest share over the forecast period. Provision of customization and flexibility of service offerings to better meet individual needs, growing demand for cloud computing technology, the availability of skilled workforce, and the availability of the quality of service and operational efficiency are adding to the global business process outsourcing services market growth in the region.

In the APAC region, the global business process outsourcing services market is predicted to have healthy growth during the forecast period and at a positive CAGR. The consolidation of prominent players is adding to the global business process outsourcing services market growth in the region.

In the MEA and South America, the global business process outsourcing services market is predicted to have sound growth over the forecast period.

Key Players

Key players profiled in the global business process outsourcing (BPO) services market report include Conneqt Business Solution Limited, TTEC Holdings, Inc., Tata Consultancy Services Limited (TCS), IBM Corporation, Infosys BPM Limited, Capgemini, WNS (Holdings) Ltd, Accenture PLC, Conduent Inc., LLC, and ADP. Industry players have incorporated key strategies to stay at the forefront, such as mergers, geographic expansions, acquisitions, and others.

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