Business Process Outsourcing Market

Business Process Outsourcing Market by Services (Human Resources, Finance & Accounting, Procurement & Supply Chain, Customer Service, Knowledge Process Outsourcing, and Others), End-uses (Healthcare, BFSI, Manufacturing, IT & Telecommunication, Retail, and Others), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

  • Report ID: ICT-SE-460
  • Author: Growth Market Reports
  • Rating: 4.9
  • Total Reviews: 2
  • No. Of Pages: 198
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The global business process outsourcing market was valued at USD 221.2 billion in 2020 and is projected to reach USD 405.2 billion by 2028, expanding at a CAGR of 7.9 % during the forecast period, 2021 – 2028. The growth of the market is attributed to reduction in international trade barriers and enhanced IT and telecommunication capabilities. Business process outsourcing (BPO) is a method of authorizing various business-related operations to third party vendors.
 

Business Process Outsourcing Market Key Takeaways

Market Trends, Drivers, Restraints, and Opportunities:

  • Companies are leveraging the advantages of outsourcing and concentrating on essential abilities, thus generating opportunities for the business process outsourcing market.
  • Crucial need to decrease operational costs is projected to fuel the BPO market during the forecast period.
  • Outsourcing is anticipated to fulfill back office necessities of companies, resulting in high productivity and efficient workload management. This factor is expected to boost the market.
  • Preserving the integrity and confidentiality of the users data is a major concern for organizations.

Scope of the Report:

The report on the business process outsourcing market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Global Business Process Outsourcing Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2020

Historic Data

2018–2019

Forecast Period

2021–2028

Segmentation

Services (Human Resources, Finance & Accounting, Procurement & Supply Chain, Customer Service, Knowledge Process Outsourcing, and Others), End-uses (Healthcare, BFSI, Manufacturing, IT & Telecommunication, Retail, and Others), and Regions

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

Infosys Limited, Accenture, Amdocs, HCL, Capgemini, and Wipro

 

Market Segment Insights:

The customer service segment held a major share of more than 30% of the total revenue in 2019
Based on services, the global business process outsourcing market is segregated as human resources, finance & accounting, procurement & supply chain, customer service, knowledge process outsourcing, and others. The customer service segment is expected to expand at a substantial CAGR during the forecast period. Customer service BPOs specialize in handling customer enquiries through emails, chats, phones, and social media.

Increasing number of service centers that need offline and online technical support is driving the market. The finance and accounting segment is anticipated to grow at a rapid pace during the forecast period, attributed to rising presence of banking facilities and strict monitoring requirements in banking sector.

The BFSI segment held a major share of around 30% of global share in 2019
On the basis of end-uses, the global business process outsourcing market is fragmented as healthcare, BFSI, manufacturing, IT & telecommunication, retail, and others. The BFSI segment is expected to expand at a robust CAGR during the forecast period. Rising demand for services such as real-time interactions, service expediency, and quick complaint resolutions is expected to fuel the BPOs market.

The IT & telecommunication segment is projected to expand at a rapid pace during the forecast period. The growth of the segment is attributed to rapid industrialization and development of IT companies worldwide. Moreover, government support to sectors such as healthcare and banking to increase investments in technology is estimated to boost the market. According to National Association of Software and Service Companies (NASSCOM), a trade association for the IT industry in the Indian BPO market, reported that the IT-BPO industry was valued at USD 12.01 billion and is projected to reach USD 117 billion during the forecast period.

The European market held a key share of more than 26% of the total revenue in 2019
In terms of regions, the global business process outsourcing market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The European market is expected to expand at a substantial CAGR during the forecast period. The growth of the regional market is attributed to provision of customization and flexibility of service offerings in order to fulfill individual needs and increasing demand for cloud computing technology. Moreover, availability of professional workforce, high-quality service, and operational efficiency are the key factors encouraging companies to outsource their businesses.

The market in Latin America is expected to expand at a CAGR of more than 6% during the forecast period. The growth of the market is attributed to increasing development of consumer-packaged goods (CPG) and manufacturing industries in the region. Cost-saving methods and increasing number of people with Portuguese and Spanish language skills are creating opportunities in the market for business process outsourcing in the region.
 

Business Process Outsourcing Market By Regions

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Business Process Outsourcing Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Business Process Outsourcing Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Business Process Outsourcing Market - Supply Chain
  4.5. Global Business Process Outsourcing Market Forecast
     4.5.1. Business Process Outsourcing Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Business Process Outsourcing Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Business Process Outsourcing Market Absolute $ Opportunity
5. Global Business Process Outsourcing Market Analysis and Forecast by End Users
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by End Users
     5.2.2. Y-o-Y Growth Projections by End Users
  5.3. Business Process Outsourcing Market Size and Volume Forecast by End Users
     5.3.1. Healthcare
     5.3.2. BFSI
     5.3.3. Manufacturing
     5.3.4. IT & Telecommunication
     5.3.5. Retail
     5.3.6. Others
  5.4. Absolute $ Opportunity Assessment by End Users
  5.5. Market Attractiveness/Growth Potential Analysis by End Users
6. Global Business Process Outsourcing Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Business Process Outsourcing Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Business Process Outsourcing Demand Share Forecast, 2019-2026
7. North America Business Process Outsourcing Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Business Process Outsourcing Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Business Process Outsourcing Market Size and Volume Forecast by End Users
     7.4.1. Healthcare
     7.4.2. BFSI
     7.4.3. Manufacturing
     7.4.4. IT & Telecommunication
     7.4.5. Retail
     7.4.6. Others
  7.5. Basis Point Share (BPS) Analysis by End Users
  7.6. Y-o-Y Growth Projections by End Users
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Business Process Outsourcing Demand Share Forecast, 2019-2026
8. Latin America Business Process Outsourcing Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Business Process Outsourcing Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Business Process Outsourcing Market Size and Volume Forecast by End Users
     8.4.1. Healthcare
     8.4.2. BFSI
     8.4.3. Manufacturing
     8.4.4. IT & Telecommunication
     8.4.5. Retail
     8.4.6. Others
  8.5. Basis Point Share (BPS) Analysis by End Users
  8.6. Y-o-Y Growth Projections by End Users
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Business Process Outsourcing Demand Share Forecast, 2019-2026
9. Europe Business Process Outsourcing Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Business Process Outsourcing Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Business Process Outsourcing Market Size and Volume Forecast by End Users
     9.4.1. Healthcare
     9.4.2. BFSI
     9.4.3. Manufacturing
     9.4.4. IT & Telecommunication
     9.4.5. Retail
     9.4.6. Others
  9.5. Basis Point Share (BPS) Analysis by End Users
  9.6. Y-o-Y Growth Projections by End Users
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Business Process Outsourcing Demand Share Forecast, 2019-2026
10. Asia Pacific Business Process Outsourcing Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Business Process Outsourcing Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Business Process Outsourcing Market Size and Volume Forecast by End Users
     10.4.1. Healthcare
     10.4.2. BFSI
     10.4.3. Manufacturing
     10.4.4. IT & Telecommunication
     10.4.5. Retail
     10.4.6. Others
  10.5. Basis Point Share (BPS) Analysis by End Users
  10.6. Y-o-Y Growth Projections by End Users
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Business Process Outsourcing Demand Share Forecast, 2019-2026
11. Middle East & Africa Business Process Outsourcing Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Business Process Outsourcing Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Business Process Outsourcing Market Size and Volume Forecast by End Users
     11.4.1. Healthcare
     11.4.2. BFSI
     11.4.3. Manufacturing
     11.4.4. IT & Telecommunication
     11.4.5. Retail
     11.4.6. Others
  11.5. Basis Point Share (BPS) Analysis by End Users
  11.6. Y-o-Y Growth Projections by End Users
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Business Process Outsourcing Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Business Process Outsourcing Market: Market Share Analysis
  12.2. Business Process Outsourcing Distributors and Customers
  12.3. Business Process Outsourcing Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. Infosys Limited
     12.4.2. Accenture
     12.4.3. Amdocs
     12.4.4. HCL
     12.4.5. Capgemini
     12.4.6. Wipro

Segments Covered in the Report:
The global business process outsourcing market has been segmented on the basis of

Services

  • Human Resources
  • Finance & Accounting
  • Procurement & Supply Chain
  • Customer Service
  • Knowledge Process Outsourcing
  • Others

End-Uses

  • Healthcare
  • BFSI
  • Manufacturing
  • IT & Telecommunication
  • Retail
  • Others

Regions

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key players in the global business process outsourcing market include Infosys Limited, Accenture, Amdocs, HCL, Capgemini, and Wipro. Various range of services permits companies to gain a competitive edge in the business process outsourcing market.
 

Business Process Outsourcing Market By Key Players

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