BPO Market to Surpass 110.74 Billion by 2030 Drives Due to Growing Popularity of Cloud Computing
SkyQuest projects that the BPO market will attain a value of USD 110.74 billion by 2030, with a CAGR of 9.1% over the forecast period (2023-2030). The growing popularity of cloud computing has significantly impacted the adoption of BPO services. Cloud computing is pivotal in enhancing various aspects of BPO operations, making it a prominent factor driving widespread adoption in the BPO market.
Westford USA, Aug. 14, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, the growing sophistication and implementation of process automation technologies have paved the way for the expansion of virtual workforces in the BPO market. One such technology that is poised to have a significant impact is robotic process automation (RPA). RPA is expected to revolutionize the execution of work by increasing capacity, reducing costs, and improving accuracy. With RPA, labor-intensive back-office processes can be efficiently automated, enhancing productivity and streamlining operations.
Browse in-depth TOC on the “BPO Market”
- Pages – 157
- Tables – 99
- Figures – 76
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Business process outsourcing is a strategic approach where businesses delegate various operational tasks and responsibilities to external service providers. This practice has gained a significant traction owing to its numerous advantages, making it a highly desirable service in the BPO market.
Prominent Players in BPO Market
- Accenture
- IBM Corporation
- Wipro Limited
- Genpact Limited
- Tata Consultancy Services Limited
- Capgemini SE
- Cognizant Technology Solutions Corporation
- Infosys Limited
- EXL Service Holdings, Inc.
- HCL Technologies Limited
- NTT DATA Corporation
- DXC Technology Company
- Concentrix Corporation
- Sykes Enterprises, Incorporated
- Teleperformance SE
- WNS (Holdings) Limited
- Sitel Group
- Alorica Inc.
- Serco Group plc
- Sutherland Global Services Inc.
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Customer Services Segment is Expected to Dominate the Market Due to the Increasing Global Presence of Service Centers
Customer services segment emerged as the dominant force in the BPO market, capturing a substantial revenue share exceeding 30%. This segment is expected to maintain its leading position and exhibit the highest CAGR throughout the forecast period. The dominance of the customer services segment can be attributed to the increasing global presence of service centers that require both offline and online technical support.
The markets in North America emerged as a dominant player, contributing to over 35% of the total revenue share. This trend is expected to continue steadily over the forecast period in the BPO market. The region’s dominance can be attributed to the increasing demand for business process outsourcing services from several prominent tech giants operating within North America.
Finance and Accounting Segment is Expected to Grow the Market Due to the Growing Emphasis on Stringent Regulatory Requirements
Finance and accounting segment is projected to experience a substantial growth in the BPO market. This can be attributed to several factors, including the increasing number of banking facilities and the growing emphasis on stringent regulatory requirements in the banking sector. In addition, as financial institutions face mounting pressure to adhere to complex regulations, there is a heightened demand for outsourcing services that can effectively handle finance and accounting processes.
Regional markets in the Asia Pacific are anticipated to exhibit the highest CAGR from 2023 to 2030 in the BPO market. This growth trajectory can be attributed to several key factors. The region offers reduced labor costs compared to other global counterparts, making it an attractive destination for outsourcing services.
A comprehensive analysis of the major players in the BPO market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in BPO Market
- Recently, Capgemini, a leading global consulting and technology services company, announced opening new specialized centers in Malaga, Spain, focused on Cybersecurity and Cloud services. This strategic move reflects Capgemini’s commitment to expanding its capabilities in these critical areas to meet the growing demands of its clients.
- TTEC, a leading global customer experience technology and services provider, successfully completed the acquisition of Public Sector and Smart City assets in 2022. This acquisition represents a significant milestone for TTEC as it strengthens its position in serving the public sector and smart city markets.
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Key Questions Answered in BPO Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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