Business Process Outsourcing Market Global Industry Analysis and Forecast (2023-2029) by Service, Outsourcing Type, Application, Organization Size, Ownership, End-User, and Region.
Business Process Outsourcing Market Overview:
The purpose of this report is to provide a thorough examination of the Business Process Outsourcing Market by segments and geographics. The study goes into great detail on the primary factors influencing the Business Process Outsourcing market's growth. The study also offers a comprehensive analysis of the market's value chain.
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Business Process Outsourcing Market Scope:
The "Global Business Process Outsourcing Market Analysis" is a detailed investigation of the Business Process Outsourcing market, with a focus on global market trends and analysis. The goal of this research is to provide an overview of the Business Process Outsourcing market as well as detailed market segmentation by application, end-use, and geography. The Business Process Outsourcing market is expected to develop substantially over the forecast period. The study contains critical information on the market positions of the leading Business Process Outsourcing players, as well as noteworthy industry trends and opportunities.
The research method used to assess and anticipate the Business Process Outsourcing market begins with secondary research using sources that collect revenue data from key suppliers. When calculating market segment estimation, the vendor offerings are also considered. Using the bottom-up method, the whole size of the Business Process Outsourcing market was calculated using the revenue of significant enterprises.
Business Process Outsourcing Market Segmentation:
According to End-User, the IT and Telecom category held the largest market share of 22% in the worldwide business process outsourcing market in 2022. By 2029, the market is anticipated to expand at a CAGR of 7.80% while retaining its leadership. Rapid technical advancements over the past 20 years have caused a complete overhaul of the IT and telecommunications industries worldwide. For the manufacturing and service sectors in diverse nations, a cutting-edge telecommunications infrastructure is essential. The need for business process services in the IT and telecommunications industries is anticipated to expand primarily due to the growth of IT and telecom businesses and global industrialization. BPO services for IT and telecom address security and the expanding demand for strong connectivity.
In 2022, the BFSI segment had a market share of 18%, and during the forecast period, it is anticipated to increase at a CAGR of 8.19%. In order to improve customer services, businesses are introducing outsourcing procedures for the administration of investments and assets. Financial institutions employ BPO to lower costs and boost efficiency. To improve BFSI client services, many BFSI businesses are choosing to outsource processes for various BFSI industries, such as investment management and asset management. Business process outsourcing has a long history of success in enhancing the caliber of services and the adaptability of business operations.
Business Process Outsourcing Market Size and Forecast, by Service (2022-2029)
1. Voice Processing
2. Telemarketing Services
3. Customer Care Services
Business Process Outsourcing Market Size and Forecast, by Outsourcing Type (2022-2029)
1. Offsource
2. Nearshore
3. Onshore
Business Process Outsourcing Market Size and Forecast, by Application (2022-2029)
1. Sales & Marketing
2. Procurement & Supply Chain
3. Facilities & Administrations
4. Customer Care
5. Training
Business Process Outsourcing Market Size and Forecast, by Organization Size (2022-2029)
4. Large Enterprises
4. SMEs
Business Process Outsourcing Market Size and Forecast, by Ownership (2022-2029)
1. Captive
2. Third-Party
Business Process Outsourcing Market Size and Forecast, by End User (2022-2029)
1. BFSI
2. IT & Telecom
3. Healthcare
4. Manufacturing
5. Retail & E-Commerce
6. Government & Defense
7. Transportation & Logistics
8. Travel & Hospitality
9. Education
10. Energy & Utilities
11. Others
Business Process Outsourcing Market Size and Forecast, by Region (2022-2029)
1. North America
2. Europe
3. Asia Pacific
4. Middle East and Africa
5. South America
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Business Process Outsourcing Market Key Players:
The major players covered in the Business Process Outsourcing market report are
• ADP, LLC. (New Jersey)
• Conduent Inc., (New Jersey)
• Accenture PLC. (Ireland)
• WNS Global Services Ltd. (India)
• Capgemini (France)
• Infosys BPM Limited (India)
• IBM Corporation (New York)
• Tata Consultancy Services Limited (TCS) (India)
• TTEC Holdings, Inc., (Colorado)
• Conneqt Business Solution Limited (India)
• HCL Technologies (India)
• Wipro Ltd. (India)
• Amdocs (Missouri)
• NCR Corporation (Georgia)
• Sodexo (France)
• Genpact (India)
• Concentrix (California)
• Teleperformance (France)
• Plaxonic Technologies (India)
• EXL Service (New York)
• Skyes (Florida)
• OctopusTech Solutions (India)
• Aegis Limited (India)
• CBRE Group, Inc. (Texas)
• Anderson Group BPO Inc. (Philippines)
• Automatic Infotech (India)
• Avaloq (Switzerland)
• Nihon (Japan)
• Nomura Research Institute, Ltd. (Japan)
• NTT Data (India)
• ValueNotes Strategic Intelligence Pvt. Ltd. (India)
• Oracle (Texas)
• TriNet Group, Inc. (California)
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Regional Analysis:
Global, North America, Europe, Asia-Pacific, the Middle East, Africa, and South America market share statistics are accessible individually. Analysts at Maximize evaluate competitive strengths and conduct competitive analysis for each competitor individually.
COVID-19 Impact Analysis on Business Process Outsourcing Market:
Aerospace and defense, agriculture, automobiles, retail and e-commerce, energy and power, healthcare, packaging, mining, electronics, banking, financial services, and insurance, among other industries, have all been affected by the COVID-19 outbreak. COVID-19 has had an impact on the Business Process Outsourcing market in general, as well as the growth rate in 2019-2020, as the impact of COVID-19 spread. Our most recent inquiry, opinions, and bits of knowledge on the market are critical to the businesses and associations in the Business Process Outsourcing industry,
Key Questions Answered in the Business Process Outsourcing Market Report are:
- Which segment grabbed the largest share in the Business Process Outsourcing market?
- What was the competitive scenario of the Business Process Outsourcing market in 2021?
- Which are the key factors responsible for the Business Process Outsourcing market growth?
- Which region held the maximum share in the Business Process Outsourcing market in 2021?
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