Business Process Outsourcing (BPO) Market Is Likely to Grasp the Value of USD 422,605.53 Million by 2029, Size, Share, Drivers, Trends, Challenges and Competitive Analysis

BOSTON, Feb. 14, 2023 /PRNewswire/ -- Data Bridge Market Research has recently published a Report, titled, "Business Process Outsourcing (BPO) Market" The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. The transformation in market landscape is analysed in the superior Business Process Outsourcing (BPO) market report, which is mainly observed due to the moves of key players, or brands, which include developments, product launches, joint ventures, mergers, and acquisitions that in turn change the view of the global face of the industry. Proficient and radiant forecasting techniques used in the report are identical with accuracy and correctness. The report provides classification by companies, region, type and end-use industry. While preparing Business Process Outsourcing (BPO) market research report, customer satisfaction has been kept on the utmost priority which makes clients rely on us confidently. Businesses can assertively use the data, statistics, research, and insights about the market covered in the superior market report to make decisions about business strategies and to achieve maximum return on investment (ROI).

The business process outsourcing (BPO) market is expected to gain market growth in the forecast period of 2022 to 2029. Data Bridge Market Research analyses that the market is growing with the CAGR of 7.9% in the forecast period of 2022 to 2029 and expected to reach USD 422,605.53 million by 2029. Growing necessity for business agility and scheduling multi-workflow for improving business efficiency are the prominent factors that drive growth of the market.

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Business process outsourcing (BPO) is the practice of contracting or outsourcing a specific work process or processes to an external service provider for the required function. The services can include payroll, accounting, telemarketing, data recording, social media marketing, customer support, and more. BPO can be done for non-core business activities such as recruiting, managing finance and payroll, supervising procurement, and providing training among others. Business process outsourcing can be provided in various domains including human resources, sales & marketing, supply chain, finance & accounting, education & training, payment among others.

Outsourcing necessary processes such as recruiting, accounts payable, managing procurement, or various utility bill processing help take care of important yet repetitive tasks that need to perform very frequently or on daily basis and need freeing your internal resources to focus on your core competency. As organizations streamline and improve their services or products, they can gain business and scale up their operations, which then help them to increase their revenue.

Key Market Players:

• IBM Corporation,
• Cognizant,
• Capgemini,
• Genpact,
• ADP, Inc.,
• Wipro Limited,
• Accenture,
• Tata Consultancy Services Limited,
• HCL Technologies Limited,
• NTT DATA, Inc.,
• WNS (Holdings) Ltd.,
• NCR Corporation,
• Tech Mahindra Limited.,
• Infosys Limited,
• Triniter,
• Concentrix Corporation,
• TTEC,
• SunTec Web Services Pvt. Ltd.,
• Invensis Technologies Pvt. Ltd.,
• Plaxonic Technologies,
• Sodexo,
• ExlService Holdings, Inc. and Affiliates,
• AMDOCS,
• CBRE,
• Unity Communications,
• eNoah,
• Helpware and Octopus Tech, and
• Conduent Inc. among others.

We can add or profile new company as per client need in the report. Final confirmation to be provided by research team depending upon the difficulty of survey.

For instance,

• In August 2020, Concentrix Corporation, has come up with advanced biometric solution SecureCX, the CX BPO industry's newest Work-at-Home (WAH) platform, which will provide next generation security features for Work-at-home environments. With this new launch company has expanded and enhanced their solution offerings.
• In November 2020, Conduent, Inc. announced an agreement with Vaya Health to simplify and manage care organizations to benefit the Medicaid recipients in North Carolina. The preparations allowed over here required to coordinate payment of benefits with prepaid health plans (PHPs). The partnership has strengthened the revenue sector for the company delivering more profit for the organization.

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Critical Insights Related to the Business Process Outsourcing (BPO) Included in the Report:

• Exclusive graphics and Illustrative SWOT analysis of some of the leading companies in this market
• Value chain analysis of prominent players in the market
• Current trends influencing the dynamics of this market across various geographies
• Recent mergers, acquisitions, collaborations, and partnerships
• Revenue growth of this industry over the forecast period
• Marketing strategy study and growth trends
• Growth driven factor analysis
• Emerging recess segments and region-wise market
• An empirical evaluation of the curve of this market
• Ancient, Present, and Probable scope of the market from both prospect value and volume

Business Process Outsourcing (BPO) Market Segmentation:

• On the basis of outsourcing type, global business process outsourcing (BPO) market is segmented into offshore, nearshore and onshore. In 2022, offshore segment dominates the overall market with largest market share owing to the factor such as proper communication skills requirement, quality service and others.
• On the basis of service, global business process outsourcing (BPO) market is segmented into voice processing, telemarketing services, 3D visualization services, image edition services, virtual staffing services and others. In 2022, voice processing segment augments the market with largest market share due to the due to rapidly growing customer support based industries among others
• On the basis of application, global business process outsourcing (BPO) market is segmented into human resource, sales & marketing, finance & accounting, procurement & supply chain, facilities & administrations, customer care, training, product engineering and others. In 2022, customer care segment held the largest share due to rising need of technical assistance amongst varied industries.
• On the basis of deployment mode, global business process outsourcing (BPO) market is segmented into on premise and cloud. In 2022, cloud segment will dominate the market as due to cost reduction feature and efficient scalability.
• On the basis of organization size, the global business process outsourcing (BPO) market is segmented into large enterprises and SMEs. In 2022, large enterprise segment is dominating the market owing to the several factors such as flexible staffing solutions, comprehensive service offering and others.
• On the basis of ownership, the global business process outsourcing (BPO) market is segmented into third party and captive. In 2022, captive segment augments the market with largest market share due to long term commitment and optimum level of control.
• On the basis of outsourcing approach, the global business process outsourcing (BPO) market is segmented into best-shore, bundled services, contract based and fee for services. In 2022, contract based segment holds the largest market share owing to the rising need of higher work flexibility in the market.
• On the basis of end-user, the global business process outsourcing (BPO) market is segmented into BFSI, IT & telecom, healthcare, manufacturing, retail & ecommerce, government & defense, transportation & logistics, travel & hospitality, education, energy & utilities and others. In 2022, IT and telecommunication segment dominates the overall market owing to rising number of IT services companies.

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Regional Analysis/Insights: Business Process Outsourcing (BPO) Market

The countries covered in business process outsourcing (BPO) market report are U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, Turkey, Belgium, Netherlands, Switzerland, Rest of Europe, China, India, Japan, South Korea, Australia, Singapore, Indonesia, Thailand, Malaysia, Philippines, Vietnam, Rest of Asia-Pacific, South Africa, Egypt, Saudi Arabia, U.A.E, Israel, Rest of Middle East & Africa.

The U.S. accounted for the largest market share for the business process outsourcing (BPO) offsource segment due to the growing adoption of offshoring in developing countries due to low labor costs. The U.K. accounted for the largest market share in Europe due to the increasing business agility in every organisation. However, Japan accounted for the largest market share in Asia-Pacific owing to lower labour costs and enhancing business process efficiency.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.       

Table of Contents:

1.  Introduction
2.  Market Segmentation
3.  Executive Summary
4.  Premium Insights
5.  Global Business Process Outsourcing (BPO) Market: Regulations
6.  Market Overview
7.  Global Business Process Outsourcing (BPO) Market, By Outsourcing Type
8.  Global Business Process Outsourcing (BPO) Market, By Service
9.  Global Business Process Outsourcing (BPO) Market, By Deployment Model
10.  Global Business Process Outsourcing (BPO) Market, By Application
11.  Global Business Process Outsourcing (BPO) Market, By Organization Size
12.  Global Business Process Outsourcing (BPO) Market, By Outsourcing Approach
13.  Global Business Process Outsourcing (BPO) Market, By End-User
14.  Global Business Process Outsourcing (BPO) Market, By Region
15.  Global Business Process Outsourcing (BPO) Market: Company Landscape
16.  SWOT Analyses
17.  Company Profile
18.  Questionnaires
19.  Related Reports

To check the complete Table of Contents, click here @ https://www.databridgemarketresearch.com/toc/?dbmr=global-business-process-outsourcing-market

Customization Options

All segmentation provided above in this report is represented at country level and can be customized according to needs.

All products covered in the market, product volume and average selling prices will be included as customizable options which may incur no or minimal additional cost (depends on customization).

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