The Business Process Outsourcing (BPO) Market is expected to reach $381.62 Billion during the forecast period at a 9.6% CAGR.
The latest trend of BPO business analytics is evolution of cloud-based BPO services. Attributes of these Cloud-based BPO services are its dedicated flexibility and agility IT services, delivered over Internet. Management of these BPO services is handled by third party or cloud service providers. With Cloud-based BPO, business can get advantage of scalability, agility, reliability and cost reduction. As a result, businesses which are present in various verticals such as BFSI and healthcare will probably adopt this technology to enhance disruptive productivity and business enablement. Vendors such as Wipro and IBM are presenting BPaaS solutions in the business process outsourcing market for analytical services. IBM has a BPaaS solution which intake cloud computing and analytical technology to re-engineer the existing business process of organization. BPaaS solution started by IBM has assisted enterprises in managing their crucial functions such as HR, marketing, finance and supply-chain management system.
Increasing capacity of enterprise data is one of the key factors driving the acceptance of business analytics BPO services. As an addition, growing need for customer analytics, modernization of business environments and surge in cloud-based deployment among SMEs is expected to lead the growth business analytics BPO market. On different side, additional expenditure on training, IT infrastructure and implementation may result in bounding small and medium businesses with constrained budgets from adoption the solution, this may be a reason to act as a bar for the some business analytics business process outsourcing (BPO) market.
The global business process outsourcing (BPO) market is segmented into several classification including service outlook, end-use outlook, regional outlook. Based on the service outlook the global business process outsourcing market is categorized by finance & accounting, human resources, knowledge process outsourcing, procurement outsourcing & supply chain, customer services, and others.
Furthermore, on the basis of end-use outlook the business process outsourcing market is subjected to banking, financial services, and insurance (BFSI), healthcare, manufacturing, IT & Telecommunication, retail, and others. In terms of region, the business process outsourcing market is widely range to North America, U.S., Canada, Europe, U.K., Germany, France, Asia Pacific, China, India, Japan, Singapore, Malaysia, Latin America, Brazil, Mexico, Middle East & Africa.
Leading players of the global business process outsourcing (BPO) market include Accenture, Infosys Limited, HCL, Wipro, Capgemini, and Amdocs.
Key Segmentation of the Global Business Process Outsourcing (BPO) Market 2018-2025
Service Outlook (Revenue, USD Billion, 2018 - 2025)
- Finance & Accounting
- Human Resources
- Knowledge Process Outsourcing
- Procurement Outsourcing & Supply Chain
- Customer Services
End-use Outlook (Revenue, USD Billion, 2018 - 2025)
- Banking, Financial Services, and Insurance (BFSI)
- IT & Telecommunication
Regional Outlook (Revenue, USD Billion, 2018 - 2025)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa