Press release
Business Process Outsourcing Market to Reach USD 293.64 Bn by 2029, emerging at a CAGR of 7.09 percent and forecast 2023-2029
Business Process Outsourcing Market
BPO is an arrangement in which one firm provides services to another firm, which could either be services previously handled in-house or outsourced services. The concept of outsourcing is not new, primarily known in manufacturing. However, the ever-expanding IT sector has significantly broadened the scope of outsourcing, especially with the growth in cross-border trade of IT-enabled services (ITES). Recent years have witnessed a profound shift in the paradigm of outsourcing. It now encompasses more than just the outsourcing of specific tasks to local businesses. ITES facilitates more complex operations, offering organizations the opportunity to achieve transformative results faster. Hence, the term "Business Process Outsourcing" (BPO).
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Business Process Outsourcing Market Research Methodology:
Maximize's report is meticulously crafted utilizing a comprehensive research methodology that combines both primary and secondary data sources. The primary sources involve interviews with industry experts, CEOs, vice presidents, marketing directors, technology and innovation directors, and executives from leading organizations actively participating in the BPO market. These interviews provide insights from both the supply and demand sides. Secondary data sources include annual reports, press releases, investor presentations, white papers, articles authored by industry experts, websites, directories, and databases. The report employs various analytical tools, such as value chain analysis, PESTLE analysis, and the PORTER'S Five Forces model, to provide an in-depth understanding of market dynamics.
What are Business Process Outsourcing Market Dynamics:
The report emphasizes the rise of Process Automation as a significant driver for the BPO industry. BPO companies are expected to invest in Process Automation to complete tasks more efficiently and cost-effectively, eliminating the need to hire and manage personnel for routine tasks like data entry and processing. Furthermore, the transition from traditional call-center customer service models to Social Media Management is a notable trend. BPO companies now utilize social media channels to engage with customers, gaining valuable insights and resolving issues more effectively. The adoption of Cloud Computing is eliminating the need for extensive infrastructure, enhancing data security, providing additional storage space, and standardizing systems, thereby enhancing collaboration. Another emerging trend is Personalized Outsourcing, offering customers the option to select services tailored to their specific needs, providing a more customized experience.
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What is Business Process Outsourcing Market Segmentation:
by Service
• Voice Processing
• Telemarketing Services
• Customer Care Services
by Outsourcing Type
• Offsource
• Nearshore
• Onshore
by Application
• Sales & Marketing
• Procurement & Supply Chain
• Facilities & Administrations
• Customer Care
• Training
by Organization Size
• Large Enterprises
• SMEs
by Ownership
• Captive
• Third-Party
by End User
• BFSI
• IT & Telecom
• Healthcare
• Manufacturing
• Retail & E-Commerce
• Government & Defense
• Transportation & Logistics
• Travel & Hospitality
• Education
• Energy & Utilities
• Others
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Who are Business Process Outsourcing Market Key Players:
• ADP, LLC. (New Jersey)
• Conduent Inc., (New Jersey)
• WNS Global Services Ltd. (India)
• Capgemini (France)
• Infosys BPM Limited (India)
• IBM Corporation (New York)
• Tata Consultancy Services Limited (TCS) (India)
• TTEC Holdings, Inc., (Colorado)
• Conneqt Business Solution Limited (India)
• HCL Technologies (India)
• Wipro Ltd. (India)
• Amdocs (Missouri)
• NCR Corporation (Georgia)
• Sodexo (France)
• Genpact (India)
• Concentrix (California)
• Teleperformance (France)
• Plaxonic Technologies (India)
• EXL Service (New York)
• Skyes (Florida)
• OctopusTech Solutions (India)
• Aegis Limited (India)
• CBRE Group, Inc. (Texas)
• Anderson Group BPO Inc. (Philippines)
• Automatic Infotech (India)
• Avaloq (Switzerland)
• Nihon (Japan)
• Nomura Research Institute, Ltd. (Japan)
• NTT Data (India)
• ValueNotes Strategic Intelligence Pvt. Ltd. (India)
• Oracle (Texas)
• TriNet Group, Inc. (California)
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Table of content for the Business Process Outsourcing Market includes:
Business Process Outsourcing Market: Research Methodology
Business Process Outsourcing Market: Executive Summary
Market Overview and Definitions
Introduction to the Global Market
Summary
Key Findings
Recommendations for Investors
Recommendations for Market Leaders
Recommendations for New Market Entry
3. Business Process Outsourcing Market: Competitive Analysis
MMR Competition Matrix
Market Structure by region
Competitive Benchmarking of Key Players
Consolidation in the Market
MandA by region
Key Developments by Companies
Market Drivers
Market Restraints
Market Opportunities
Market Challenges
Market Dynamics
PORTERS Five Forces Analysis
PESTLE
Regulatory Landscape by region
North America
Europe
Asia Pacific
Middle East and Africa
South America
COVID-19 Impact
4.Company Profile: Key players
Company Overview
Financial Overview
Global Presence
Capacity Portfolio
Business Strategy
Recent Developments
Business Process Outsourcing Market Regional Insights:
North America: In 2022, North America dominated the global BPO market with the highest market share of 49.5%. It is projected to maintain its leadership, expecting to grow at a CAGR of 7.36% by 2029. The BPO market in North America is considered mature, highly fragmented, and robust. The region's primary growth driver is the rising demand for BPO services from regional IT giants. Customized service offerings aligned with individual needs, alongside the growing demand for cloud computing, are set to propel regional growth throughout the forecast period.
Asia-Pacific: The Asia-Pacific region is expected to experience a significant CAGR during the forecast period, offering lucrative growth opportunities for market players. Cross-border Information and Communication Technology (ICT)-enabled services and BPO are anticipated to drive economic integration and growth. The Asia-Pacific Economic Cooperation (APEC) is actively promoting free trade and economic cooperation in the region. ICT-enabled services have witnessed substantial growth in emerging Asian countries, attracting investments from around the world. China and the Indian market are poised to become revenue leaders by 2029, supported by factors like workforce availability, government investments, BPO-focused education, communication skills improvement, and infrastructure development.
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Key Offerings:
Past Market Size and Competitive Landscape (2022 to 2029)
Past Pricing and price curve by region (2022 to 2029)
Market Size, Share, Size and Forecast by different segment | 2022-2029
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
Market Segmentation - A detailed analysis by growth and trend
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
Recommendations
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