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, Business Process Outsourcing Market Size,
This extensive report encompasses a detailed analysis of diverse facets within the BPO industry. It meticulously investigates the market dynamics associated with different services offered, types of outsourcing, applications across industries, organizational size preferences, ownership models, end-user perspectives, and geographical regions. The scope also includes an evaluation of prevailing trends, challenges, opportunities, and influential factors impacting the market's growth trajectory.
The report's insights are derived from a meticulous and comprehensive research methodology comprising both primary and secondary research approaches. Primary research methods involve extensive interviews and discussions with industry experts, stakeholders, key opinion leaders, and decision-makers within the BPO sector. Meanwhile, secondary research involves the collection and analysis of existing data from various credible sources such as industry journals, company reports, white papers, government publications, and databases.
Furthermore, the research methodology integrates quantitative and qualitative data analysis techniques, ensuring a holistic understanding and accurate representation of the BPO market's current scenario and future projections. The use of statistical models, trend analysis, and predictive analytics aids in validating the gathered information and forecasts, providing a reliable basis for strategic decision-making by stakeholders, investors, and businesses operating within or exploring opportunities in the BPO industry.
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What are Business Process Outsourcing Market Dynamics:
The Business Process Outsourcing market is expected to be aided by rapid growth in investments in smart city projects in many countries globally. Smart city technologies use information and communication technologies to efficiently manage and operate urban services including transportation systems, water supply, and law and order. Smart cities use a system that uses internet capabilities for the transfer of data over a network without human interaction and minimal human-to-computer interaction. As smart cities use a host of software for efficient functioning, the demand for service is expected to increase. In 2022, more than 5000 smart city projects were under progress in India which were worth about USD 26.3 bn.
Meanwhile, in the UK, communications infrastructure provider BAI Communications is to build a 5G-centric network, powered by Mavenir's MAVedge offering, to accelerate the adoption of transformative digital services for sectors including manufacturing and logistics, education, and social care, as part of a smart city project for Sunderland City Council in 2022. In addition, The Ho Chi Minh City (HCMC) government signed an agreement with the state-run Vietnam Posts and Telecommunications Group (VNPT) in September 2022. They will collaborate to deploy a series of digital transformation projects for the 2022-2025 period, toward building a sustainable smart city.
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Business Process Outsourcing Market Regional Insights:
The Asia-Pacific region emerges as a significant growth engine, poised to offer lucrative opportunities throughout the forecast period. Cross-border ICT-enabled services and BPO practices contribute to economic integration and development within the Asia-Pacific Economic Cooperation (APEC). The region has witnessed a notable surge in ICT-enabled services, particularly in emerging Asian countries. China and India stand out as pivotal contributors to the BPO market, projected to yield substantial revenue shares by 2029. Factors such as abundant workforce availability, augmented government investments in BPO infrastructure, specialized BPO-centric education, and infrastructure enhancements are catalysts driving market growth in these countries. India, a prominent outsourcing market, leverages its geographic advantages and favorable tax structures. Moreover, Indian BPO entities are diversifying their services beyond contact centers, offering high-end knowledge-based solutions in financial, accounting, and IT sectors. Government initiatives like the Indian BPO Promotion Scheme (IBPS), under the Digital India Programme, bolster the country's BPO industry.
In addition, South Africa emerges as a promising region for BPO market players. Renowned for reliability, cost-effectiveness, and high-quality outsourced services, South Africa's status as a key BPO destination solidifies. During the COVID-19 pandemic, South African contact centers swiftly transitioned to remote working models, ensuring minimal disruptions, further enhancing their credibility.
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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)
Table of content for the Business Process Outsourcing Market includes:
1. Global Business Process Outsourcing Market: Research Methodology
2. Global 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.Global Business Process Outsourcing Market: Competitive Analysis
• MMR Competition Matrix
• Market Structure by region
• Competitive Benchmarking of Key Players
• Consolidation in the Market
• M&A 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
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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Contact Maximize Market Research:
MAXIMIZE MARKET RESEARCH PVT. LTD.
⮝ 444 West Lake Street, Floor 17,
Chicago, IL, 60606, USA.
✆ +1 800 507 4489
✆ +91 9607365656
🖂 mailto:sales@maximizemarketresearch.com
🌐 https://www.maximizemarketresearch.com
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