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Startups As Key Clients In The Software And BPO Service Market: An Emerging Driver Transforming The Software And BPO Services Market Landscape
Software And BPO Services
What Is the Projected Growth of the Software And BPO Services Market?
The software and BPO services market has seen strong growth in recent years. It will expand from $1842.27 billion in 2024 to $1988.93 billion in 2025 at a compound annual growth rate (CAGR) of 8.0%. This growth is attributed to globalization, the drive for cost-efficiency, a focus on core business areas, and the scalability of services.
The software and BPO services market will see strong growth, projected to reach $2900.34 billion in 2029 at a CAGR of 9.9%. Growth will be driven by digital transformation, enhanced security demands, AI and automation, remote operations, and ESG priorities. Trends include lightweighting, new material applications, additive manufacturing, digital tools, and collaborative industry models.
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What Are the Different Software And BPO Services Market 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 And Wholesale, Information Technology, Manufacturing, HealTH*Care, Other End-User Industries
Subsegments:
1) By BPO Services: Customer Support Services, IT Helpdesk And Technical Support, Human Resources Outsourcing (HR Outsourcing), Finance And Accounting Outsourcing, Procurement And Supply Chain Outsourcing, HealTH*Care BPO Services, Legal Process Outsourcing (LPO), Knowledge Process Outsourcing (KPO)
2) By Software Services: Custom Software Development, Software Maintenance And Support, Cloud Computing Services, Software Testing And Quality Assurance, Enterprise Resource Planning (ERP) Services, Application Development And Integration, Data Analytics And Business Intelligence Services, Cybersecurity Services
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What Are the Primary Drivers Shaping the Software And BPO Services Market?
The growth of the software and BPO services market is anticipated to be driven by the increasing number of startups, as they seek cost-efficient solutions to outsource non-core operations like finance and recruitment. By outsourcing, startups such as Leverage Edu, an EdTech startup from India, have been able to save approximately 40% of their capital. The number of startups in India is projected to rise to 10,500 by 2020, which represents a significant growth opportunity for the market.
Which Companies Are Leading in the Software And BPO Services Market?
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, accen*ture 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.
What Trends Are Expected to Dominate the Software And BPO Services Market in the Next 5 Years?
Software service companies are increasingly adopting quality standards like ITIL (Information Technology Infrastructure Library) and ISO 9001 to align IT services with business needs. ITIL outlines processes and tasks for delivering software products that meet predefined quality standards, while ISO 9001 ensures that products and services meet customer requirements. As of now, approximately 1.1 million ISO 9001 certifications have been issued globally to various sectors, including software services, medical devices, and government organizations.
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What Are the Top Revenue-Generating Geographies in the Software And BPO Services 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Software And BPO Services Market?
2. What is the CAGR expected in the Software And BPO Services Market?
3. What Are the Key Innovations Transforming the Software And BPO Services Industry?
4. Which Region Is Leading the Software And BPO Services Market?
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