Scarcity of resources, high price of in-house teams, and cost efficiency of outsourcing is set to bolster growth of business process outsourcing market. The global business process outsourcing market will grow at an impressive 7.5% CAGR during the forecast period. The omnipresent need to cut costs and ensure smooth running of secondary business functions is set to drive mass-adoption of BPO services. Rapid advancement of IT infrastructure components such as servers, and storage is urging organizations to employ business process outsourcing management and ensure a competitive edge in their services.
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Front runners in the business process outsourcing market are innovating methods that reduce the time taken to onboard a client and subsequent execution. Training and development activities are at peak in the business process outsourcing organizations on the back of increasing demand for advanced skill sets. Cloud computing, Internet of Things (IoT), Machine Learning (ML), and Artificial Intelligence (AI) are emerging as the next phase of business process outsourcing. From hiring customer care executives to hiring a Chatbot development company, the business process outsourcing market is set for disruptive innovation that will help inculcate continued sustainability in business process outsourcing.
Key Takeaways of Business Process Outsourcing Market Study
- North America stands at the frontline of the market with a majority value share of over 60%. Countries such as the US have been proponents of the benefits of business process outsourcing. The promising 7% CAGR growth in this region can be attributed to surging demand for cost effective outsourcing.
- Europe comes second with more than 1/4th share of the total market value. Prevalence of lean business models in European organizations is a central factor for the region’s high growth during the forecast period.
- Asia Pacific offers the most remunerative opportunities on the back of a booming digital economy. Developing nations such as India, and Indonesia are witnessing an emerging need for customer support services, a forte function of business process outsourcing companies.
- IT & Telecommunications account for the largest market share of the total revenues with a robust 7% CAGR through 2029. This is attributed to the need to leverage the latest IT infrastructure and ensure regular maintenance of server facilities.
- Banking, Financial Services, and Insurance (BFSI) offer the most gainful prospects on the back of innovative financial technologies that require a strong customer support partner for smooth adoption of the latest products and services.
- Retail is another end-use segment that is surging the demand for business process outsourcing owing to digitization initiatives to compete with online retailers.
- Customer services are the most demanded BPO service with more than 1/3rd of total market demand. The segment will grow at a strong 7% CAGR during the forecast period.
- Knowledge process outsourcing will generate highest growth prospects with a 9% CAGR from 2019 to 2029. Prevalence of information based industries such as market research, and business analytics are set to drive the demand for this BPO service
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“Business process outsourcing has established itself as a viable alternative to conventional business strategies, where everything was controlled by the company. With surging adoption of collaborative workforces and communication software, market players must innovate products that cater to niche customer segments to leverage early adopter benefits.” -Says Fact.MR Analyst
Manufacturing Engineering Services- Key Revenue Pocket
Industry 4.0 technologies such as manufacturing engineering services (MES) is projected to garner increasing customer traction. Market players need to successfully differentiate their products by leveraging the manufacturing and marketing advantage of business process outsourcing. Pre-production planning, virtual execution, machining, tool design and fabrication, and welding are a few functions within the scope of manufacturing engineering services. BPO companies are innovating end-uses for emerging markets such as digital streaming, and delivery services. The competitive landscape will be shaped by early adopters of industry 4.0 technologies and seamless execution of business processes.
Find More Valuable Insights on Business Process Outsourcing Market
Fact.MR, in its new offering, provides an in-depth analysis of the global business process outsourcing market, displaying data on historical demand (2014-2018) and forecast data for the period, 2019-2029. The study provides readers with essential insights on the business process outsourcing market on the basis of services (finance & accounting, human resources, knowledge process outsourcing, procurement & supply chain, customer services, and others), end use (manufacturing, BFSI, IT & Telecommunication, Retail, and others), and across 6 key regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East & Africa).
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