Business Process Outsourcing Services Market 2018 Global Share, Trend, Segmentation and Forecast to 2023

Market Highlights:

According to a new report by Market Research Future (MRFR), the global business process outsourcing services market is anticipated to reach a revenue of USD 52 billion by the end of 2023. The market is expected to showcase an impressive CAGR of 11 % over the assessment period (2017-2023) owing to the latest innovations and technologies in the developed countries prompting companies to outsource processes. Global outsourcing service providers are expected to utilize the latest technologies and innovations to address the market challenges effectively and enhance products and services.

North America region holds the largest market share of global business process outsourcing services market followed by Europe and Asia Pacific regions. The growth is North America region is mainly dominated by U.S. and Canada and is attributed to the increasing demand from and in the region. The region also has a well-established infrastructure which allows implementation of advanced technologies. Increasing adoption of new technologies is compelling the organizations to focus on the core business operations and outsource the back office needs is one major factor responsible for driving the growth of business process outsourcing services market.

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Major Key Players

  • ADP, LLC. (U.S.),
  • Accenture PLC (Ireland),
  • Aon Hewitt (U.S.),
  • Capgemini (France),
  • Xerox Corporation (U.S.),
  • Infosys BPO Ltd. (India),
  • Syntel, Inc. (U.S.),
  • Tata Consultancy Services Limited (India),
  • IBM Corporation (U.S.),
  • Wipro Limited (India).

According to MRFR, The global Business Process Outsourcing Services Market is expected to grow at approx. USD 52 Billion by 2023, at 11% of CAGR between 2017 and 2023.

Industry News:

Tata Consultancy Services (TCS), a leading global consulting and business solutions and IT services organization have been recognized as a leader in the IDC MarketSpace for Worldwide Life Science R&D BPO Services.

Accenture has been recognized a leader in an IDC Health Insights IDC MarketScape vendor assessment covering business process outsourcing across life sciences R&D industries. This is the third successive time Accenture has achieved this ranking.

Segmentation:

The global business process outsourcing (BPO) services has been segmented on the basis of vertical, service type, and region.

The market has been segmented into customer services, finance and accounting, human resources, procurement, KPO, and others based on service type. Among these, finance and accounting segment has been anticipated to hold the largest market share. The human resources segment is expected to grow at  the highest CAGR during the assessment period.

The market has been segmented into manufacturing, healthcare, BFSI, retail, IT and telecommunication, and others.

Regional Analysis:

By region, the global business process outsourcing (BPO) services market has been segmented into Asia Pacific, North America, Europe and the Rest of the World. North America is the largest market for business process outsourcing and is likely to retain a dominant share of the market towards the end of the forecast period. The growth of the business process outsourcing (BPO) services market in the region is attributable to the technological advancements and increasing demand for the services in the region. The shift towards the adoption of BPO services for focusing on core business by business enterprises has fueled demand in the market. The trend is expected to perpetuate during the assessment period. Led by the U.S. and Canada, the well-established infrastructure of the region has also facilitated the implementation of advanced technologies. This is projected to have a positive influence on the expansion of the business process outsourcing (BPO) services market.

Europe is the second largest market for BPO services. The regional business process outsourcing (BPO) services market is likely to witness tremendous growth over the next couple of years. The U.K. is expected to lead the growth of the region. Meanwhile, Asia Pacific business process outsourcing (BPO) market is estimated to exhibit a relatively higher CAGR over the projection period. The consolidation of some of the prominent players of the market is forecasted to aid the proliferation of the regional market in the foreseeable future.

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Intended Audience

  • Technology Investors
  • Research/Consultancy Firms
  • Government Bodies
  • Consumers
  • IT & Telecommunication Companies
  • Software Providers
  • Technology Providers
  • Software Vendors

LIST OF TABLES

TABLE 1 BUSINESS PROCESS OUTSOURCING SERVICES MARKET, BY SERVICE TYPE

TABLE 2 BUSINESS PROCESS OUTSOURCING SERVICES MARKET, BY VERTICAL

TABLE 3 BUSINESS PROCESS OUTSOURCING SERVICES MARKET, BY REGIONS

TABLE 4 NORTH AMERICA BUSINESS PROCESS OUTSOURCING SERVICES MARKET, BY SERVICE TYPE

TABLE 5 NORTH AMERICA BUSINESS PROCESS OUTSOURCING SERVICES MARKET, BY VERTICAL

TABLE 6 U.S. BUSINESS PROCESS OUTSOURCING SERVICES MARKET, BY SERVICE TYPE

TABLE 7 U.S. BUSINESS PROCESS OUTSOURCING SERVICES MARKET, BY VERTICAL

TABLE 8 CANADA BUSINESS PROCESS OUTSOURCING SERVICES MARKET, BY SERVICE TYPE

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LIST OF FIGURES

FIGURE 1 RESEARCH TYPE

FIGURE 2 BUSINESS PROCESS OUTSOURCING SERVICES MARKET, BY SERVICE TYPE

FIGURE 3 BUSINESS PROCESS OUTSOURCING SERVICES MARKET, BY VERTICAL

FIGURE 4 BUSINESS PROCESS OUTSOURCING SERVICES MARKET, BY REGIONS

FIGURE 5 NORTH AMERICA BUSINESS PROCESS OUTSOURCING SERVICES MARKET, BY SERVICE TYPE

FIGURE 6 NORTH AMERICA BUSINESS PROCESS OUTSOURCING SERVICES MARKET, BY VERTICAL

FIGURE 7 U.S. BUSINESS PROCESS OUTSOURCING SERVICES MARKET, BY SERVICE TYPE

FIGURE 8 U.S. BUSINESS PROCESS OUTSOURCING SERVICES MARKET, BY VERTICAL

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