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Software And BPO Services Market Size, Growth, Opportunities, Share, Key Segments, Top Companies And Forecast 2033
Software And BPO Services Market Size
Software And BPO Services Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $3033.95 billion In 2028 At A CAGR Of 9.8% :
The software and bpo services market size has grown strongly in recent years. It will grow from $1950.83 billion in 2023 to $2086.8 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to globalization, cost efficiency, focus on core competencies, scalability.
The software and bpo services market size is expected to see strong growth in the next few years. It will grow to $3033.95 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%. The growth in the forecast period can be attributed to digital transformation, data privacy and security, artificial intelligence (AI) and automation, remote work, industry-specific solutions, sustainability and ESG. Major trends in the forecast period include electrification and lightweighting, advanced materials, additive manufacturing, digitalization and connectivity, collaboration and partnerships.
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Software And BPO Services Market Major Segments
The software and bpo services market covered in this report is segmented -
1) By Type: BPO Services, Software Services
2) By Organization Size: Large Enterprises, Small And Medium Enterprises
3) By End-Use Industry: Financial Services, Retail & Wholesale, Information Technology, Manufacturing, Healthcare, Other End-User Industries
Key Driver - Startups As Key Clients In The Software And BPO Service Market
The emergence of startups as major clients of software and BPO service providers is expected to drive the market. Driven by cost efficiency and the necessity to focus on core operations, startups have started outsourcing non-core operations such as finance and recruitment to specialized agencies and companies. For instance, outsourcing of finance and tech operations helps Leverage Edu, an India-based EdTech startup connecting students with mentors, save approximately 40% of its capital through outsourcing. The increasing number of startups is also expected to positively impact the market. The number of startups in India is expected to increase to 10,500 by 2020, a 4000 increase from the current number, depicting new opportunities for the software and BPO services market in the client expansion and revenue generation.
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Prominent Trend - Quality Standards Adoption In Software Services Companies
Many software services companies are adopting quality standards such as Information Technology Infrastructure Library (ITIL) and International Organization for Standardization (ISO) 9001 to align IT services with business requirements. ITIL describes processes, procedures and tasks that can be applied by an organization to deliver software products and services that meet predefined quality metrics. Similarly, ISO 9001 is a standard for quality products and services that meet desired quality standards and are reliable. For instance, about 1.1 million ISO 9001 certificates have been issued till date to companies, including software services, medical devices, oil and gas, automotive companies and government organizations.
Software And BPO Services Market Players
Major companies operating in the software and bpo services market include Tata Consultancy Services Limited, Nippon Telegraph and Telephone Corporation, Telefonaktiebolaget LM Ericsson, Cognizant Technology Solutions Corporation, Dell Technologies Inc., Hewlett Packard Enterprise Company, Microsoft Corporation, Capgemini SE, Cisco Systems Inc., Infosys Limited, Accentur*e plc, International Business Machines Corporation, Wipro Limited, HCL Technologies Limited, DXC Technology, Genpact Limited, NTT Data Corporation, Atos SE, CGI Inc., Larsen & Toubro Infotech Limited, Tech Mahindra Limited, WNS Global Services Limited, Syntel Inc., LTIMindtree Limited, Hexaware Technologies Limited, Mphasis Limited, Virtusa Corporation, Zensar Technologies Limited, EPAM Systems Inc, Citibank NA, ExlService Holdings Inc., WNS Limited, Wipro Limited, Hinduja Global Solutions Limited, Sutherland Global Services Inc., Teleperformance SE.
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in software and BPO services market in 2023. North America was the second largest region in software and BPO services market. The regions covered in the software and BPO services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Software And BPO Services Market Report Structure
3. Software And BPO Services Market Trends And Strategies
4. Software And BPO Services Market - Macro Economic Scenario
5. Software And BPO Services Market Size And Growth
…..
27. Software And BPO Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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