Table of Contents
Historical Data, Premium Insights, Market Dynamic, Analysis and Projection, By Product, Analysis and Projection, By Application, Analysis and Projection, By End-Use, Analysis and Projection, By Regional Analysis, Competitive Landscape, Company Profiles, Market Revenue, Sale & Price Analysis
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According to a research report published by Spherical Insights & Consulting, the Global Business Process Outsourcing Market Size Expected to Grow from USD 405.11 Billion in 2023 to USD 615.76 Billion by 2033, at a CAGR of 4.28% during the forecast period 2023-2033.
The global business process outsourcing market refers to the industry in which businesses contract out a range of business functions, including finance and accounting, customer service, IT, human resources, and other back-office operations, to third-party service providers, either domestically or globally. The main goals of business process outsourcing (BPO) are to increase efficiency, lower operating costs, and free up businesses to concentrate on their core competencies. Key driving factors for the growth of the business process outsourcing market include cost-effectiveness, as companies may reduce operating costs by outsourcing by taking advantage of reduced labor prices in foreign countries. Furthermore, efficiency and service quality have been greatly enhanced by technical developments such as cloud computing, robotic process automation (RPA), and artificial intelligence (AI). However, businesses that outsource their operations to an outside vendor must pay high migration charges. Expenses could increase as a result of training, technological advancements, and downtime during transitions.
The customer services segment accounted for the largest revenue share in 2023 and is projected to grow at a significant CAGR during the forecast period.
On the basis of service type, the global business process outsourcing market is divided into finance & accounting, human resource, KPO, procurement & supply chain, and customer services. Among these, the customer services segment accounted for the largest revenue share in 2023 and is projected to grow at a significant CAGR during the forecast period. The segment growth is attributed to customer experience, a crucial difference, that is becoming a top priority for businesses. The need for outsourced customer care is increasing due to the growth of omnichannel assistance (social media, chatbots, email, and phone calls).
The onshore segment accounted for the highest revenue share in 2023 and is anticipated to grow at a substantial CAGR during the forecast period.
On the basis of outsourcing type, the global business process outsourcing market is divided into onshore, nearshore, and offshore. Among these, the onshore segment accounted for the highest revenue share in 2023 and is anticipated to grow at a substantial CAGR during the forecast period. This segment growth contributed to market expansion because of regulatory compliance, enhanced interaction, and cultural compatibility. Cost effectiveness, expertise in the industry, scalability, access to trained labor, and the growing need for specialized outsourcing are among the primary drivers of offshore growth.
The cloud segment accounted for the largest market share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period.
On the basis deployment type, the global business process outsourcing market is divided into on-premise and cloud. Among these, the cloud segment accounted for the largest market share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period. The segment growth driven by increased use across industries, cloud migration in financial services, scalability, cost-effectiveness, seamless resource access, AI integration, and improved efficiency.
The IT & telecommunications segment accounted for the highest share in 2023 and is anticipated to grow at significant CAGR during the forecast period.
On the basis of end use, the global business process outsourcing market is divided into BFSI, healthcare, manufacturing, IT & telecommunications, retail, government & defence, and others. Among these, the IT & telecommunications segment accounted for the highest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period. This segment growth contributed to market expansion due to growing IT companies, globalization, cost reduction, security requirements, specialized outsourcing, and the need for telecom services to become economically efficient, retain customers, and provide seamless connectivity.
North America is anticipated to hold the largest share of the global business process outsourcing market over the predicted timeframe.
North America is anticipated to hold the largest share of the global business process outsourcing market over the predicted timeframe. The regional growth can be attributed to the growing cloud use, tailored service offerings, and significant demand from tech giants. The area gains from robust regulatory frameworks, highly qualified labour, and sophisticated digital infrastructure. Outsourcing is importance for businesses. Furthermore, the expansion of the IT, healthcare, and fintech industries increases demand for specialist BPO services, enhancing North America's market dominance.
Asia Pacific is expected to grow at the fastest CAGR in the global business process outsourcing market during the forecast period. The regional growth can be attributed to affordable labour, a highly qualified workforce, and substantial digital investments from major companies like Accenture, Wipro, and Infosys. The region's robust market expansion is further fueled by expanding IT infrastructure, growing outsourcing demand, and government support for digital transformation.
Company Profiling
Major vendors in the global business process outsourcing market are Amdocs, Capgemini, CBRE, Cognizant, Delta BPO Solutions, Go4Customer, HCL Technologies Limited, Infosys Limited (Infosys BPM), International Business Machines Corporation, NCR Corporation, SODEXO, Teleperformance SE, TTEC Holdings, Inc., and Others.
Key Target Audience
Recent Development
In October 2024, Microsoft introduced autonomous AI agents capable of handling tasks such as client inquiries and sales lead identification. These agents aim to improve productivity by automating routine tasks, allowing human employees to focus on more strategic activities.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global business process outsourcing market based on the below-mentioned segments:
Global Business Process Outsourcing Market, By Service Type
Global Business Process Outsourcing Market, ByOutsourcing Type
Global Business Process Outsourcing Market, By Deployment Type
Global Business Process Outsourcing Market, By End Use
Global Business Process Outsourcing Market, Regional
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