Business process outsourcing (BPO) refers to outsourcing specific work processes to external service providers. These services include payroll, accounting, telemarketing, data management, customer support, and social media marketing. BPO extends to non-core functions like recruitment, finance management, procurement, and training. It encompasses talent and HR services, sales and marketing, supply chain, finance and accounting, education and training, and payment solutions.
According to Data Bridge Market Research, the Business Process Outsourcing (BPO) Market is expected to grow with a CAGR of 8.1% in the forecast period of 2023 to 2030.
“Growing preference for cloud technology and its significance on process automation”
Digital technologies have unlocked new opportunities for business leaders, transforming conventional operations and business process outsourcing models. Automation, artificial intelligence (AI), the Internet of Things (IoT), cloud computing, and other emerging technologies drive the shift toward intelligent workflows. In order to stay competitive and achieve sustained growth, businesses must continually evolve, embracing intelligent, well-coordinated processes that prioritize clients, employees, suppliers, and business partners while staying updated with the latest industry trends, which expand the market.
What restraints the growth of the business process outsourcing (BPO) market?
“Lack of skilled workforce in business process outsourcing (BPO)”
The shortage of skilled workforce in Business Process Outsourcing (BPO) is a significant challenge. The demand for specialized expertise in customer service, data analysis, and process optimization often surpasses the available talent pool. This scarcity can be attributed to rapid industry growth, evolving job requirements, and the need for domain-specific knowledge, a major factor hindering the market’s growth.
Segmentation: Global Business Process Outsourcing (BPO) Market
The business process outsourcing (BPO) market is segmented on the basis of outsourcing type, service, application, deployment mode, organization size, ownership, outsourcing approach, and end user.
- On the basis of outsourcing type, the business process outsourcing (BPO) market is segmented into offshore, nearshore, and onshore.
- On the basis of service, the business process outsourcing (BPO) market is segmented into voice processing, telemarketing services, image editing services, virtual staffing services, 3d visualization services, and others.
- On the basis of application, the business process outsourcing (BPO) market is segmented into customer care, finance and accounting, talent and hr services, sales and marketing, sourcing, procurement and supply chain, facilities and administration, product engineering, training, and others.
- On the basis of deployment mode, the business process outsourcing (BPO) market is segmented into on premise, and cloud.
- On the basis of organization size, the business process outsourcing (BPO) market is segmented into large enterprises, and SMES.
- On the basis of ownership, the business process outsourcing (BPO) market is segmented into captive, and third party.
- On the basis of outsourcing approach, the business process outsourcing (BPO) market is segmented into best-shore, bundled services, contract based, and fee for service.
- On the basis of end user, the business process outsourcing (BPO) market is segmented into BFSI, IT and telecommunication, healthcare, manufacturing, retail and e-commerce, government and defense, transportation and logistics, travel and hospitality, education, energy and utilities, and others.
Regional Insights: North America is expected to dominate the Business Process Outsourcing (BPO) Market
North America is expected to dominate the business process outsourcing (BPO) market in revenue and market share. The growth of the market is driven by the increasing number of new businesses, leading to a higher demand for BPO services and a limited pool of experienced professionals to meet this demand.
To know more about the study visit, https://www.databridgemarketresearch.com/ar/reports/global-business-process-outsourcing-market
Recent Developments
- In January 2023, Macau's CTM collaborated with Amdocs to launch its Commercial 5G Services across the Region. The commercial launch of CTM 5G is evidence of coordinated efforts to hasten the city's digital transformation.
The Prominent Key Players Operating in the Business Process Outsourcing (BPO) Market Include:
- Quarnstrom & Vang (U.S.)
- Mediterranean Consulting (U.S.)
- Parera Consulting Group SL (U.S.)
- Newco Communications (U.S.)
- Callgest.net (U.S.)
- DISYS (U.S.)
- Xterna (U.S.)
- Grupo CMC (U.S.)
- Nova BPO (U.S.)
- TRIA HORA (U.S.)
- Cognodata (U.S.)
- DAEM Dirección y Administración de Empresas, S.A. (U.S.)
- Abinitio Consulting SLU (U.S.)
- UNISONO SOLUTIONS GROUP S.L. (acquired by Intelica group) (U.S.)
- Essentiel-outsourcing (U.S.)
- Wallner Group (U.S.)
- CPM International (U.S.)
- Bukit BPO by BC (U.S.)
- TDCX (U.S.)
- Webhelp (U.K.)
- IBM Corporation (U.S.)
- Cognizant (U.S.)
- Capgemini (U.S.)
- Genpact (U.S.)
- ADP, Inc. (U.S.)
- Wipro Limited (U.S.)
- Accenture (U.S.)
- Tata Consultancy Services Limited (U.S.)
- HCL Technologies Limited (U.S.)
- NTT DATA, Inc. (U.S.)
- WNS (Holdings) Ltd. (U.S.)
- Conduent, Inc. (U.S.)
- NCR Corporation (U.S.)
- Tech Mahindra Limited (U.S.)
- Infosys Limited (U.S.)
- Triniter (U.S.)
- Concentrix Corporation (U.S.)
- TTEC (U.S.)
- SunTec Web Services Pvt. Ltd. (U.S.)
- Invensis Technologies Pvt. Ltd. (U.S.)
- Plaxonic Technologies (U.S.)
- Sodexo (U.S.)
- ExlService Holdings, Inc. and Affiliates (U.S.)
- Intetics Inc. (U.S.)
- AMDOCS (U.S.)
- CBRE (U.S.)
- Unity Communications (U.S.)
- eNoah (U.S.)
- Helpware (U.S.)
- Octopus Tech (U.S.)
- OUTSOURCIA GROUP (U.S.)
- Aidey (U.S.)
- ALAC ETOILE (U.S.)
- Humania BPO (U.S.)
- INTERSA (U.S.)
- CBRE (U.S.)
- H2A (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of business process outsourcing (BPO) market companies contact, https://www.databridgemarketresearch.com/ar/contact
Research Methodology: Global Business Process Outsourcing (BPO) Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
