Business Process Outsourcing Services Market, By Service Type (Finance & Accounting, Customer Services, Human Resource, KPO, Procurement) and By Vertical (BFSI, Healthcare, IT & Telecommunication, Manufacturing, Retail) – Forecast 2023
Pune, India – November 6, 2018 —
As per Market Research Future (MRFR)’s latest study, the global business process outsourcing (BPO) services market is projected to expand at a CAGR of 11% during the forecast period 2017 to 2023. The valuation of the global market is poised to reach USD 52 Bn by the end of the assessment period. The adoption of the services across different industry verticals has accelerated the revenue creation for the market participants. The rapid increase in the adoption of BPO services in IT and telecommunication sector is a major factor responsible for the proliferation of the business process outsourcing (BPO) market. Furthermore, the adoption of BPO services across banking, finance and human resource services is gaining momentum. This, in turn, is prognosticated to favor the growth of the business process outsourcing (BPO) services market over the assessment period.
Business process outsourcing enables an organization to focus on core business activities while other services are outsourced without compromising on productivity. This is a significant factor that has catalyzed the adoption of these services across different industry verticals. It is likely to keep benefitting the expansion of the business process outsourcing (BPO) services market in the forthcoming years.
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Major Key Players
Some of the key players profiled in this report are ADP, LLC. (U.S.), Accenture PLC (Ireland), Aon Hewitt (U.S.), Capgemini (France), Xerox Corporation (U.S.), Infosys BPO Ltd. (India), Syntel, Inc. (U.S.), Tata Consultancy Services Limited (India), IBM Corporation (U.S.), and Wipro Limited (India).
In September 2018, Access Healthcare, healthcare BPO service provider, has acquired Pacific BPO, India. Its operations will span across 19 delivery centers across the U.S., India and the Philippines after the transaction.
In October 2018, Atento S.A., a provider of business process outsourcing services and customer relationship management in Latin America, has announced the opening of a new customer relationship center in the city of Santiago de Chile.
In October 2018, Telekom Romania, a Romanian telecommunications company, has opened a new BPO (Business Process Outsourcing) center in Braila. The new center is dedicated to companies belonging to different industry verticals.
According to MRFR, The global Business Process Outsourcing Services Market is expected to grow at approx. USD 52 Billion by 2023, at 11% of CAGR between 2017 and 2023.
By service type, the global business process outsourcing (BPO) services market has been segmented into finance & accounting, customer services, human resource, KPO, procurement, and others.
By vertical, the business process outsourcing (BPO) services market has been segmented into BFSI, healthcare, manufacturing, IT & Telecommunication, retail, and others.
By region, the global business process outsourcing (BPO) services market has been segmented into Asia Pacific, North America, Europe and the Rest of the World. North America is the largest market for business process outsourcing and is likely to retain a dominant share of the market towards the end of the forecast period. The growth of the business process outsourcing (BPO) services market in the region is attributable to the technological advancements and increasing demand for the services in the region. The shift towards the adoption of BPO services for focusing on core business by business enterprises has fueled demand in the market. The trend is expected to perpetuate during the assessment period. Led by the U.S. and Canada, the well-established infrastructure of the region has also facilitated the implementation of advanced technologies. This is projected to have a positive influence on the expansion of the business process outsourcing (BPO) services market.
Europe is the second largest market for BPO services. The regional business process outsourcing (BPO) services market is likely to witness tremendous growth over the next couple of years. The U.K. is expected to lead the growth of the region. Meanwhile, Asia Pacific business process outsourcing (BPO) market is estimated to exhibit a relatively higher CAGR over the projection period. The consolidation of some of the prominent players of the market is forecasted to aid the proliferation of the regional market in the foreseeable future.
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