The Global Market for Business Process Outsourcing (BPO) is Projected to Reach US$262.2 Billion by 2022
Adoption
of Big Data, Cloud and BPaaS Drives the Global Business Process Outsourcing
Market, According to a New Report by Global Industry Analysts, Inc.
GIA launches comprehensive analysis of
industry segments, trends, growth drivers, market share, size and demand
forecasts on the global Business Process Outsourcing (BPO) market. The global market for Business Process Outsourcing
(BPO) is projected to reach US$262.2 billion by 2022 driven by the adoption of new generation
technologies such as process automation, Big Data, private cloud infrastructure
and BPaaS; and embedding analytics-based BPO solutions in processes.
Business Process Outsourcing (BPO), a
smaller part of outsourcing, relates to contracting of specific roles,
operations and business functions to third party service providers. BPO,
generally classified into back office outsourcing comprising internal business
functions such as accounting and finance or human resources, and front office
outsourcing consisting of contact center services, offers better utilization of
resources, improved productivity, and cost efficiencies. Globalization and
technology, transforming the manner in which business is performed and offering
novel opportunities, has impacted BPO to change and evolve over the years. With
technology innovations providing opportunities for accelerated economic growth,
the demand for outsourcing of business operations is increasing multi-fold. As
a result, the evolving environment offers significant growth opportunities for
BPO companies as well as countries wanting to attract inward investment from
the outsourcing industry. Focus has rapidly shifted from the traditional model
of achieving labour cost reduction on to providing comprehensive sector specific
value-added services, adoption of process automation, BPaaS (business process
as a service), Big Data Analytics and secure private cloud infrastructure,
among others.
Banking sectors across the globe are
recognizing the potential of shared services in terms of cost reduction for
various functions including procurement, human resources and financial
imbursement processing among others. Customer services ranks among the key
competitive differentiators in the BPO sector. Software solutions like Robotic Process
Automation (RPA) that replicate some of manual processes is gaining
significance. On the other hand re-shoring strategies in several
consumer-driven sectors including financial services and telecommunications is
expected to boost customer satisfaction levels. A relatively unknown effect due
to the BPO phenomenon is the process work transformation. Though the BPO sector
is often blamed for night shifts and its excessive dependence on American
accents, many advantages outweigh the disadvantages, and hence it is here to
stay readying itself for the next phase of innovation.
Ongoing transformations in the political
and economic scenarios across the globe are posing several challenges for
investors and businesses worldwide, which is also affecting the BPO sector. In
recent times, the BPO trend has been associated with growing globalization of
global economy, steering a shift in the manner in which Europe and the US view
emerging countries of the Eastern world. The Brexit initiative is hugely
responsible for roadblocks in the European business cycle as well as waning
investor confidence levels. Despite all such challenges, the global BPO sector
is projected to exhibit decent growth rates over the next decade.
As stated by the new market research report
on Business Process Outsourcing (BPO), the United States represents the largest
market worldwide. Asia-Pacific ranks as the fastest growing market with a CAGR
of 8.5% over the analysis period. India and the Philippines remain the two most
lucrative destinations for BPO services. The BPO phenomenon in Asian countries
is an outcome of three major global phenomena - globalization, economics and
geopolitics.
Key players covered in the report include Accenture
Plc, Aon Hewitt, Automatic Data Processing Inc., Capgemini, Capita Plc,
Ceridian HCM Inc., CGI Group Inc., Cognizant Technology Solutions Corp.,
Computer Sciences Corp., EXLService Holdings Inc., Genpact Ltd., Infosys BPO
Ltd., International Business Machines Corp., KARVY Global Services Ltd., NGA
Human Resources, NTT DATA Inc., Randstad Holding NV, Sopra Steria Group,
StarTek Inc., Syntel Inc., Tata Consultancy Services Ltd., TriNet Group Inc.,
Wipro Ltd. and WNS Global Services, among others.
The research report titled “Business Process Outsourcing: A Global Strategic
Business Report”
announced by Global Industry Analysts Inc., provides a comprehensive review of
industry, trends, drivers, issues, mergers, acquisitions and other strategic
industry activities of major companies worldwide. The report provides market
estimates and projections for all major geographic markets such as the United
States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and
Rest of Europe), Asia-Pacific (Australia, China, India and Rest of Asia
Pacific), Latin America (Brazil and Rest of Latin America) and Rest of World.
Key horizontal segments analyzed for the global and regional markets include
Finance & Accounting, Customer Services, HR, KPO and Procurement. End-use
markets analysed include Manufacturing; Telecommunications & Technology;
Banking, Insurance & Finance Services; Retail and Others.
Global Industry Analysts, Inc. 6150 Hellyer Ave., San Jose
CA 95138, USA, All Rights Reserved.
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