Business Process Outsourcing (BPO) Market to Reach USD 241370 Million by 2027 at a CAGR of 4.2% | Valuates Reports

BANGALORE, India, July 28, 2022 /PRNewswire/ -- The Global BPO Market is Segmented by Type (Procurement, Customer Care, F&A, Logistics, Training, Sales & Marketing, Product Engineering), by Application (BFSI, Manufacturing, Healthcare, Retail, Telecom): Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Business Services Category.

The global Business Process Outsourcing (BPO) market size is projected to reach USD 241370 Million by 2027, from USD 180440 Million in 2020, at a CAGR of 4.2% during 2021-2027.

Major factors driving the growth of the Business Process Outsourcing (BPO) market are:

Advantages like lower costs, improved results in non-core functions, increased flexibility, expanded global presence, and increased speed and efficiency are anticipated to fuel the expansion of the BPO market.

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TRENDS INFLUENCING THE GROWTH OF THE BPO MARKET

In general, outsourcing lowers labor expenses related to employment and training. Since, there is no need for the company to provide space for the employees, office space expenditures are decreased. When firms outsource, they can use variable cost models as opposed to the fixed cost models needed when workers are included in the strategy. Additionally, by outsourcing, businesses may concentrate their resources on their core operations. They won't have to worry about the bookkeeper and accountant's performance. They can instead concentrate on activities that help them stand out from the competitors. They can concentrate on expanding the company. These initiatives improve actions throughout the value chain and ultimately boost the company's competitive edge. These factors are expected to drive the growth of the BPO market.

When it comes to risk management for bringing new offerings to clients, a firm that outsources functions can move quicker and more effectively. These businesses can also modify their internal resources to adequately cover more crucial functions. Some outsourcing companies offer round-the-clock, multilingual customer service. The main business can ensure that clients are taken care of without having to assume this responsibility. Local enterprises might also be assisted by outsourcing firms in expanding internationally. This in turn is expected to drive the growth of the BPO market.

Organizations are using technology innovation and improvement to run their operations successfully and efficiently. In the business process outsourcing market, robotics technology is rising to prominence. Robotics technology aids in enhancing performance and quality while also reducing costs. The business process outsourcing market is expanding mostly as a result of low labor cost nations. The fact is that labor costs are lower and resources are more easily accessible in low-cost nations.

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BPO MARKET SHARE ANALYSIS:

During the forecast period, it is anticipated that the human resource services sector would grow at the quickest rate. The segment is expected to grow as a result of the rising need for resources across a number of sub-segments, including administration, payment processing, and hiring and relocation.

The market for business process outsourcing will experience its fastest growth in the BFSI segment. Business process outsourcing has long been a dependable instrument for enhancing the flexibility of business processes, service quality, and cost-effectiveness of financial institution operations.

During the forecast period, Asia-Pacific is anticipated to experience the quickest growth. Government agencies are projected to invest heavily in infrastructure development, which will help to strengthen the current business process outsourcing ecosystems in the area.

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Key Companies:

• Accenture
• Cognizant
• Genpact
• IBM
• TCS
• HP
• Tech Mahindra
• Capgemini
• Wipro
• EXL
• NTT DATA(Dell)
• WNS Global
• Concentrix
• Infosys
• Mu Sigma
• Aegis

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SIMILAR REPORTS:

-  The global Knowledge Process Outsourcing (KPO) Service market size is projected to reach USD 166670 Million by 2028, from USD 63810 Million in 2021, at a CAGR of 14.4% during 2022-2028.

-  The global big data and business analytics market size was valued at USD 198.08 Billion in 2020, and is projected to reach USD 684.12 Billion by 2030, growing at a CAGR of 13.5% from 2021 to 2030.

-  The global Procurement Outsourcing market size is projected to reach USD 9800.9 Million by 2028, from USD 4477.6 Million in 2021, at a CAGR of 11.7% during 2022-2028.

-  The Medical Device Outsourcing market size is estimated to be valued at USD 74220 Million in 2021 and projected to reach USD 142960 Million by 2028, recording a CAGR of 9.7%.

-  The global Medical Device Contract Manufacturing market size is projected to reach USD 131970 Million by 2028, from USD 73100 Million in 2021, at a CAGR of 8.7% during 2022-2028.

-  The global Healthcare BPO market size is projected to reach USD 316930 Million by 2027, from USD 178070 Million in 2020, at a CAGR of 8.6% during 2021-2027.

-  The global Life Sciences BPO market size is projected to reach USD 243320 Million by 2028, from USD 149550 Million in 2021, at a CAGR of 7.1% during 2022-2028.

-  The global Employer of Record market size is projected to reach USD 6794.5 Million by 2028, from USD 4235.8 Million in 2021, at a CAGR of 6.9% during 2022-2028.

-  The global Customer Care BPO market size is projected to reach USD 81040 Million by 2027, from USD 53950 Million in 2020, at a CAGR of 6.0% during 2021-2027.

-  The global Healthcare Provider Network Management market size is projected to reach USD 3696 Million by 2028, from USD 2373 Million in 2021, at a CAGR of 6.1% during 2022-2028.

-  The global BPO Business Analytics market size is projected to reach USD 174480 Million by 2027, from USD 113510 Million in 2020, at a CAGR of 6.3% during 2021-2027.

-  The global Legal Process Outsourcing (LPO) market size is projected to reach USD 72090 Million by 2027, from USD 10560 Million in 2020, at a CAGR of 31.6% during 2021-2027.

-  Global Cloud Business Process Outsourcing (BPO) Market Insights, Forecast to 2028

-  Global Healthcare Supply Chain BPO Market Size, Status and Forecast 2021-2027

-  Global Master Data Management (MDM) BPO Market Insights and Forecast to 2028

-  Global and China Indirect Procurement BPO Market Size, Status and Forecast 2021-2027

-  Global Customer Relationship Management (CRM) Outsourcing Market Insights and Forecast to 2028

-  Global Finance and Accounting Outsourcing Services Market Size, Status and Forecast 2021-2027

-  Global Technical Support Outsourcing Market Size, Status and Forecast 2021-2027

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