BPO Services Market Size USD 52 Billion by 2023 with Massive Growth Rate of 11%

November 07 07:15 2017

BPO Market
Business Process Outsourcing Services Market, By Service Type (Finance & Accounting, Customer Services, Human Resource, KPO, Procurement) and By Vertical (BFSI, Healthcare, IT & Telecommunication, Manufacturing, Retail) – Forecast 2023

Market Highlights

In this rapidly changing world of technology, business process outsourcing services market is projected to show major growth prospects during the forecast period. Major factor driving the business process outsourcing services market is the rising demand for reducing operational costs of back end activities and increase the focus on core business processes. Growing demand from IT and telecommunication sector is one major factor driving the growth of business process outsourcing services market.

 

The global Business Process Outsourcing Services Market, by geography, has been segmented into North America, Europe, Asia Pacific and Rest of the World. As compared to other regions, the business process outsourcing services market in North America is expected to witness significant growth and hold the largest market share during the forecast period. U.S and Canada are anticipated to drive the growth of business process outsourcing services market. This is owing to the presence of large number of established key players like ADP and Xerox Corporation in that region. ADP holds the number one position in business process outsourcing services whereas, Xerox ranks second. In addition to this, the region also has a well-established infrastructure which allows higher penetration of devices and ultimately provides better connectivity. Increasing demand for business process outsourcing services in banking and finance sector is expected to be one major factor for the growth of business process outsourcing services market.

 

In the global BPO Services Market, Asia Pacific is anticipated to witness relatively faster adoption and is expected to grow at the highest CAGR during the forecast period as compared to other regions. Within Asia Pacific, business process outsourcing services market is projected to contribute faster to the growth of revenue backed by increasing demand for business process outsourcing services from various industry verticals in countries such as Japan, China, South Korea and India. This is owing to the presence of key players like Infosys, Tata Consultancy Services and Wipro in the region.

 

The business process outsourcing services market is growing rapidly over 11% of CAGR and is expected to reach at approx. USD 52 Billion by the end of forecast period.

 

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Business Process Outsourcing Services Market Segmentation

The business process outsourcing services market has been segmented on the basis of service type and vertical. The vertical segment is bifurcated into BFSI, healthcare, manufacturing, IT & telecommunication, retail and others. Out of which, BFSI and IT and telecommunication sub segments are expected to hold the largest market share of business process outsourcing services and are also expected to grow at the highest rate during the forecast period.

 

The prominent players in the business process outsourcing services market are – ADP, LLC. (U.S.), Xerox Corporation (U.S.), Accenture PLC (Ireland), Aon Hewitt (U.S.), Capgemini (France), Infosys BPO Ltd. (India), IBM Corporation (U.S.), Syntel, Inc. (U.S.), Tata Consultancy Services Limited (India), Wipro Limited (India) among others.

 

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Market Research Analysis:

It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific market is projected to grow at the fastest rate during the forecast period. The major growth in business process outsourcing services market in North America is attributed to technological advancements and increasing demand for business process outsourcing services in human resource, BFSI, IT and telecommunication sectors among others in that region. Out sourcing of business processes of human resource activities proves to be cost efficient and provides lower exposure to risk and compliance too.

 

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