BPO Services Market Overview
BPO stands for Business Process Outsourcing, which is the practice of contracting out specific business processes to a third-party service provider. There are several BPO services available, including back-office support operations such as accounting, payment processing, IT services, and human resources. Other BPO services include customer interaction services, voicemail services, appointment schedule management, email services, and marketing. BPO service providers harness talent, data, AI, and human ingenuity to optimize processes, drive engagement, and improve experiences. Ascend BPO Services, Patra, and TaskUs are some of the leading BPO service providers in the market.
Business Process Outsourcing (BPO) Services Market Growth was valued at USD 254.18 billion in 2021. The Business Process Outsourcing (BPO) Services market industry is projected to grow from USD 282.46 Billion in 2022 to USD 586.92 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 9.6% during the forecast period (2022 – 2030). Increasing adoption of BPO services in the IT and telecommunication sector, increasing investments by enterprises for BPO.
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BPO is the process of contracting with outside service providers to handle the duties and operations of various business processes. BPO services are in high demand because of their advantages, including lower prices, more flexibility, and higher service quality.
One of the key elements driving the expansion of BPO services is the rising use of cloud computing in business process outsourcing. BPO providers benefit from cloud computing by having a faster time to market, better quality control, and lower expenses. Furthermore, cloud computing in BPO enables immediate system and computer support, flexible provisioning, and all-access whenever necessary to satisfy corporate needs.
Regional insights:
Over 36% of the market’s revenue was generated in North America in 2021, and this region is anticipated to continue expanding over the course of the forecast period. As more IT giants require BPO services, it is anticipated that the area would continue to dominate. Regional expansion is also anticipated to be supported by the customization of service offerings to better fit individual demands and the rising demand for cloud computing.
Due to the rising need for skilled workers, falling labour costs, and major investments in digital technology by top vendors like HCL Technologies Limited, Infosys LtdAccenture, and Wipro, the Asia Pacific market are anticipated to grow at the fastest CAGR between 2022 and 2030.
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Market segmentation:
With a revenue share of almost 30%, the customer services category led the market in 2021. With the quickest CAGR throughout the forecast period, the market sector is anticipated to maintain its leadership. A growing number of service centres worldwide that require both online and offline technical help are to blame for the segment’s dominance.
BPO firms with a focus on customer service are experts in managing requests and questions from customers that come in through email, phone calls, chats, social media platforms, and other methods. The majority of them also provide self-service assistance, guaranteeing that clients may obtain responses to their questions whenever they need to.
During the projected period, the finance and accounting segment is anticipated to increase significantly. The necessity for outsourcing services that can significantly lower operational costs can be attributed to the growing number of banking facilities and strict regulatory requirements in the banking industry.
Due to the increased demand for resources in a variety of areas, including payment processing, recruitment and relocation, administration, and other employee benefits services, it is also anticipated that the human resource services segment will expand significantly over the course of the forecast period.
Key Players
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Accenture
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Amdocs
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Capgemini
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CBRE Group Inc.
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HCL Technologies Limited
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Infosys Limited (Infosys BPM)
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NCR Corporation
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Sodexo
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TTEC Holdings, Inc.
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Wipro Limited
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