The global business process outsourcing market size will grow at an impressive 8.5% CAGR to touch the market value of the US$ 620 Bn mark through the forecast period of 2032. North America is likely to capture a lion’s share in the overall BPO market.

Organizations are looking for specialized companies that provide much-needed support services that can be outsourced without the direct investment of dedicated time and human resources. Hence, the demand for BPO services experienced a spike in the past half-decade and has reached US$ 232.3 Bn in 2021, growing market size at 7% CAGR throughout the historic period. The advance of e-commerce and health industries combined with the pre-existing IT industries has led to generating a high demand for BPOs.

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The BPO industry has adopted robotic process automation which is used as coding and assigned to the existing workstream where they perform tasks with greater speed, accuracy, and precision.

North America dominates the BPO market, accounting for more than 3/5ths of the total market value. The presence of important tech corporations and start-ups in the region has contributed significantly to the region’s growth.

Firms operating in the province are profoundly relying on the advancement of modern technologies like analytics, big data, cloud computing, and artificial intelligence (AI) to deliver full BPO services to their clients.

The overall number of worldwide BPO firms in the United States is 265,679, up 4.1 percent from 2021. After North America, Europe comes in second with more than a quarter of the global market value.

Key Takeaways:

• North America dominates the BPO market to hold with a market share of over 3/5^th of the overall market value.
• Europe is the second largest with a market share of more than 1/4^th of the global market share.
• By end-use, IT & Telecommunications account for over 57% of the total business process outsourcing (BPO) market value.
• By services, demand for transparency and increased regulations are driving companies to standardize their F&A (Finance and Accounting) BPO activities.

Growth Drivers:

• Demand in adoption of robotic process automation has resulted in growth of the BPO industry.
• The shift in emphasis from monopolistic company strategies to a shared workload culture is driving demand for business process outsourcing in order to achieve better results and maintain profitability.

Competition Dashboard

The competitive landscape of the business process outsourcing market focuses on offering various ground-breaking marketing tactics, technological advancements, mergers, and acquisitions to expand their market ground

• In December 2021, Accenture (NYSE: ACN) has completed the acquisition of Tambourine, an e-commerce customer experience agency with award-winning capabilities in cloud-based technologies in Japan.
• In January 2022, Genpact Ltd, the business process outsourcing (BPO) company listed on the New York Stock Exchange (NYSE), bought Milpitas, California-based data analytics firm Enquero Inc. in the 14th acquisition

Market Titans

• Accenture Plc.
• IBM Corporation
• Cognizant
• Concentrix
• Wipro Limited
• Genpact
• ADP Data Processing Inc.
• EXL Service
• Invensis Technologies Pvt. Ltd.
• SunTec India
• Intetics
• Unity Communications
• Helpware
• Plaxonic Technologies
• Octopus Tech

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With remote working becoming a possibility, BPOs are likely to benefit a lot. First bigger organizations will rely on them and secondly, they will be open to hiring the best employees from across the country or globe. The COVID-induced pandemic has introduced new normal and opened boundaries for BPOs.

The BPO market is anticipated to benefit from the swelling focus of organizations on enhancing business agility, surviving the constant changes in business dynamics. Also, organizations are increasingly looking for specialized companies that provide much-needed support services to business processes that can be outsourced without any direct investment of dedicated time and human resources.

More valuable insights on the Business Process Outsourcing Market: 

Fact.MR, in its report, offers a market analysis of the global business process outsourcing Market analyzing the forecast period through 2022 and beyond. This survey reveals the growth of technology in the business process outsourcing market with detailed segmentation as follows:

• By Services
  • Finance & Accounting
  • Human Resources
  • Knowledge Process
  • Outsourcing Procurement & Supply Chain
  • Customer Services
  • Others
• By End Use
  • Banking, Financial Services, and Insurance (BFSI)
  • Manufacturing
  • IT & Telecommunication
  • Retail
  • Others (travel and transportation, government, education, construction, and utilities)

Key Questions covered in the Business Process Outsourcing Market Report

• How much is the business process outsourcing industry worth?
• What was the last 5 years CAGR for the business process outsourcing industry?
• What are the future growth projections for the business process outsourcing demand?
• How attractive are growth prospectus for the business process in outsourcing in North America?
• Will Europe emerge as an opportunistic market for business process outsourcing?

Check out more related studies published by Fact.MR Research: https://www.globenewswire.com/news-release/2023/03/02/2619711/0/en/Artificial-Intelligence-AI-In-Retail-Market-Is-Predicted-To-Advance-at-a-Stupendous-CAGR-Of-30-3-by-2033-Fact-MR-Report.html

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