The global business process outsourcing market is anticipated to reach USD 525.2 billion by 2030, registering a CAGR of 9.1% from 2022 to 2030, according to a new study by Grand View Research Inc. Factors such as the growing demand for outsourcing services across BFSI, IT & telecommunication, and human resource industries and the rising inclination of organizations to focus on their core competencies are expected to drive the market. Furthermore, the emergence of next-generation services, such as smart self-service and personalized consumer experience, and increasing consumer demand for multi-channel communication are expected to create opportunities for the BPO market during the forecast period.
Business Process Outsourcing Market Report Highlights
- Based on service type, the customer service segment dominated the market in 2021. The segment is also expected to dominate the market during the forecast period owing to the increasing demand for service centers across the globe that need both online and offline technical support
- With the steady growth of the global IT & telecommunication sector, the segment captured a sizeable revenue share in 2021. The segment is expected to expand at a steady pace during the forecast period due to a rise in the number of IT companies and rapid industrialization worldwide
- Asia Pacific regional market is anticipated to expand at a positive CAGR during the forecast period. This growth can be attributed to the significant investments in infrastructure development by the governments of developing countries, such as India.
- Key players operating in the market and third-party service providers are struggling to cope with changing work conditions due to the COVID-19 pandemic. Moreover, the shift of BPO organizations from single-function operations to multi-functional operations, to minimize the risk impact at any single location, is also expected to impact the growth prospects of the market in the near future.
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Business process outsourcing provides valuable support for businesses and has become incredibly popular with companies ranging from Fortune 500s to startups all over the world, as every industry can now outsource non-core processes while putting more resources to core business and office operations. Unlike previous years, when companies only outsourced a few basic office functions like data entry and payroll management. Over the last decade, the business process outsourcing industry has experienced tremendous growth, owing to benefits offered by BPO services, such as cost savings and increased flexibility. The global service industry has witnessed a dynamic shift with the advancement of the information and communication technology industry. Outsourcing business processes enables organizations to cut costs by shifting operations to nearshore or offshore locations, leveraging a low-cost and dynamic talent pool to meet business requirements.
Additionally, the rising adoption of cloud-based services, artificial intelligence, and robotic process automation in the BPO sector is expected to promote market growth during the forecast period. Online interactions, cross-channel campaigns, and omnichannel communications are also expected to play a pivotal role in improving customer engagement processes.
The COVID-19 pandemic adversely affected the BPO industry. Varying degrees of lockdowns and travel restrictions significantly led to disruptions in the supply chain, forcing many enterprises to work remotely. BPO companies faced challenges, such as data security and lowered productivity, due to either the lack of supervision or inadequate infrastructure at employees’ homes. Other issues included difficulties encountered while recording calls from remote work locations and the exposure of employee data to clients.
Business Process Outsourcing Market Insights By Demographics
North America accounted for largest revenue share of the market and is expected to grow steadily during the forecast period. It is expected that the region will remain dominant due to the rising demand for BPO services from several tech giants. In European market is also expected to record healthy growth, driven by the availability of a skilled workforce, coupled with the quality of service and operational efficiency. The Asia Pacific market is expected to register the highest CAGR due to the increasing demand for talented professionals, reduced labor costs, and significant digital investments.
Competitive Analysis By Major Companies
The rising flexibility of business process outsourcing services is helping strengthen market growth as many end-use industries, including IT and telecom, healthcare, banking, financial services, insurance, and manufacturing, employ these services. Companies engage in inorganic growth strategies, such as mergers & acquisitions, partnerships, and geographical expansion, to stay afloat in the highly competitive market. Apart from increasing their size and broadening their reach, companies focus on market trends to develop technologically advanced and differentiated services to gain a competitive edge. Some prominent players in the global business process outsourcing market include
- Accenture
- Amdocs
- Capgemini
- CBRE Group Inc.
- HCL Technologies Limited
- Infosys Limited (Infosys BPM)
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Business Process Outsourcing Market Segmentation
Grand View Research has segmented the business process outsourcing market based on service type, end use, and region:
- Business Process Outsourcing Service Type Outlook (Revenue; USD Billion; 2018 – 2030)
- Business Process Outsourcing End Use Outlook (Revenue; USD Billion; 2018 – 2030)
- Business Process Outsourcing Regional Outlook (Revenue; USD Billion; 2018 – 2030)
- List Of Key Players in Global Business Process Outsourcing Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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