LONDON--(BUSINESS WIRE)--The business process outsourcing market is expected to grow by USD 76.90 billion, progressing at a CAGR of over 7% during the forecast period. The rising focus on reducing operational costs is one of the major factors propelling market growth. However, increasing costs for BPOs will hamper the growth during the forecast period.
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Setting up an in-house BPO team requires additional workforce, infrastructure, and training, which increases OPEX for organizations. Hence, organizations are increasingly outsourcing various business processes such as procurement, logistics, and customer support to BPO service providers. It helps expand their market share, expand their customer base, and enhance customer relationships while increasing focus on core competencies. Besides, outsourcing various processes to BPO service companies services could help an organization save between 30%-50% of operational costs. Many such benefits are driving the growth of the global business process outsourcing market.
Business Process Outsourcing Market: End-user Landscape
The IT and telecom segment is currently the largest end-user segment for business process outsourcing, followed by BFSI, retail, healthcare, and others. The growth of the IT and telecommunication segment is driven by factors such as technological advances, fast growth in data traffic, and the growing demand for digital content and communication by consumers. In addition, several vendors operating in the IT and telecommunication industry are partnering with service providers to enhance operational excellence and transform their digital operations. These factors are fostering the growth of the business process outsourcing market in the IT and telecommunication segment.
Business Process Outsourcing Market: Geographic Landscape
By geography, North America is going to have a lucrative growth during the forecast period. About 39% of the market’s overall growth is expected to originate from North America. The market in the region is more mature compared to other regions. Many vendors operating in the region are launching new technological platforms and forming partnerships to ease business processes. Besides, the high adoption of advanced technologies such as cloud computing solutions, social media, AI, and RPA by BPOs is significantly contributing to the growth of the business process outsourcing market in North America.
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Companies Covered:
- Accenture Plc
- Automatic Data Processing Inc.
- Capgemini Services SAS
- Infosys Ltd.
- International Business Machines Corp.
- NEC Corp.
- NTT DATA Corp.
- Tata Consultancy Services Ltd.
- Wipro Ltd.
- ZTE Corp.
What our reports offer:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers market data for 2019, 2020, until 2024
- Market trends (drivers, opportunities, threats, challenges, investment opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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Key Topics Covered:
Executive Summary
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019-2024
Five Forces Analysis
- Five Forces Analysis
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by End-user
- Market segments
- Comparison by End-user
- IT and telecommunication - Market size and forecast 2019-2024
- BFSI - Market size and forecast 2019-2024
- Retail - Market size and forecast 2019-2024
- Healthcare - Market size and forecast 2019-2024
- Others - Market size and forecast 2019-2024
- Market opportunity by End-user
Customer Landscape
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- North America - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- APAC - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Volume driver- Demand led growth
- Market challenges
- Market trends
Vendor Landscape
- Vendor landscape
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- Accenture Plc
- Automatic Data Processing Inc.
- Capgemini Services SAS
- Infosys Ltd.
- International Business Machines Corp.
- NEC Corp.
- NTT DATA Corp.
- Tata Consultancy Services Ltd.
- Wipro Ltd.
- ZTE Corp.
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
