BPO Market, Global Outlook and Forecast 2023-2032
BPO is a segment of outsourcing, which consists of subcontracting the business processes of an organization to a third-party vendor that has expertise in required domains. It is an effective strategy of delegating one or more business activities to external companies (vendors), which, in turn, administer and manage the selected activity, based on defined and measurable performance criteria. It helps client firms to increase their operational efficiency, concentrate on their core competencies, reduce time to market, obtain access to fresh talent and experience along with latest technologies, and build an organization with an economical cost structure in the long run.
This report aims to provide a comprehensive presentation of the global market for BPO, with both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding BPO. This report contains market size and forecasts of BPO in global, including the following market information:
Global BPO Market Revenue, 2018-2023, 2024-2032, ($ millions)
Global top five companies in 2022 (%)
The global BPO market was valued at US$ 191850 million in 2022 and is projected to reach US$ 283490 million by 2029, at a CAGR of 5.7% during the forecast period. The influence of COVID-19 and the Russia-Ukraine War were considered while estimating market sizes.
Human labor is required in most business processes for productive delivery. Resorting to BPO which provides human labor at a lower cost helps companies maximize their ROI in such a situation. Growing competition also demands continuous innovation. By outsourcing some tasks, companies can focus more on their core activities to bring about innovation in their products as well as services. Furthermore, developments in IT and telecommunications infrastructure have enabled companies to transfer data to any place in the world. One of the major restraints to the growth of this market is the issue of security of valuable data. The client firm provides sensitive data to the service provider firm, which if misused can prove to be harmful to the interests of the client firm. Other factors such as loss of control of operations of processes, financial instability of the vendors, loss of expertise, etc. are some of the restraints to the growth of the BPO market. Problem of high attrition rates amongst workers is also one of the challenges faced by the BPO industry as the workers show a tendency of not pursuing BPO as a full time career.?
MARKET MONITOR GLOBAL, INC (MMG) has surveyed the BPO companies, and industry experts on this industry, involving the revenue, demand, product type, recent developments and plans, industry trends, drivers, challenges, obstacles, and potential risks.
Total Market by Segment:
Global BPO Market, by Type, 2018-2023, 2024-2032 ($ millions)
Global BPO Market Segment Percentages, by Type, 2022 (%)
Finance & Accounting
Customer Services
HR Outsourcing
KPO
Procurement Outsourcing
Global BPO Market, by Application, 2018-2023, 2024-2032 ($ millions)
Global BPO Market Segment Percentages, by Application, 2022 (%)
Manufacturing
Telecommunications & Technology
Banking
Insurance & Finance Services
Retail
Others
Global BPO Market, By Region and Country, 2018-2023, 2024-2032 ($ Millions)
Global BPO Market Segment Percentages, By Region and Country, 2022 (%)
North America
US
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Russia
Nordic Countries
Benelux
Rest of Europe
Asia
China
Japan
South Korea
Southeast Asia
India
Rest of Asia
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
Turkey
Israel
Saudi Arabia
UAE
Rest of Middle East & Africa
Competitor Analysis
The report also provides analysis of leading market participants including:
Key companies BPO revenues in global market, 2018-2023 (estimated), ($ millions)
Key companies BPO revenues share in global market, 2022 (%)
Further, the report presents profiles of competitors in the market, key players include:
Accenture
Capgemini
Genpact
IBM
Tata Consultancy Services
3i Infotech
Outline of Major Chapters:
Chapter 1: Introduces the definition of BPO, market overview.
Chapter 2: Global BPO market size in revenue.
Chapter 3: Detailed analysis of BPO company competitive landscape, revenue and market share, latest development plan, merger, and acquisition information, etc.
Chapter 4: Provides the analysis of various market segments by type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 5: Provides the analysis of various market segments by application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 6: Sales of BPO in regional level and country level. It provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space of each country in the world.
Chapter 7: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction, recent development, etc.
Chapter 8: The main points and conclusions of the report.
