Business Processes Outsourcing Global Market Report 2023: Growing Use of Cloud Computing and Increasing Demand for the Adoption of Robotic Process Automation to Drive Sector

DUBLIN, April 7, 2023 /PRNewswire/ -- The "Business Processes Outsourcing Global Market Opportunities And Strategies To 2032" report has been added to  ResearchAndMarkets.com's offering.

The global business processes outsourcing market grew from $269.47 billion in 2017 to $312.21 billion in 2022 at a compound annual growth rate (CAGR) of 3.0%. The market is expected to grow from $312.21 billion in 2022 to $374.75 billion in 2027 at a CAGR of 3.7%, and to $460.69 billion in 2032 at a CAGR of 4.2%.

Growth in the historic period resulted from strong economic growth in emerging markets, emergence of start-ups, low-cost talent pool in emerging markets and growth in retail and e-commerce verticals. Factors that negatively affected growth in the historic period included rising attrition and cybersecurity concerns.

Going forward, growing use of cloud computing and increasing demand for the adoption of robotic process automation will drive the market growth. Factors that could hinder the growth of the business processes outsourcing market in the future include skills shortage.

The business processes outsourcing market is segmented by type of service into CRM (customer relationship management) BPO, HRO (human resources outsourcing) BPO, finance and administration (F&A) BPO and other BPO services. The CRM BPO market was the largest segment of the business processes outsourcing market segmented by type of service, accounting for 33.7% of the total in 2022. Going forward, the finance and administration (F&A) BPO market is expected to be the fastest growing segment in the business processes outsourcing market segmented by type of service, at a CAGR of 5.5% during 2022-2027.

The business processes outsourcing market is also segmented by end-use industry into banking, financial services and insurance (BFSI), retail, information technology (IT) and telecom, manufacturing, healthcare and other end-uses. The IT & telecom market was the largest segment of the business processes outsourcing market segmented by end-use industry, accounting for 34.0% of the total in 2022. Going forward, the BFSI market is expected to be the fastest growing segment in the business processes outsourcing market segmented by end-use industry, at a CAGR of 3.7% during 2022-2027.

The business processes outsourcing market is segmented by automation type into automated BPO services and non-automated BPO services. The automated BPO services market was the largest segment of the business processes outsourcing market segmented by automation type, accounting for 54.9% of the total in 2022. Going forward, the automated BPO services market is expected to be the fastest growing segment in the business processes outsourcing market segmented by automation type, at a CAGR of 6.2% during 2022-2027.

The business processes outsourcing market is also segmented by service provider's location into North America, Asia-Pacific, Western Europe, Eastern Europe and rest of world. The Asia Pacific market was the largest segment of the business processes outsourcing market segmented by service provider's location, accounting for 35.7% of the total in 2022. Going forward, the rest of world market is expected to be the fastest growing segment in the business processes outsourcing market segmented by service provider's location, at a CAGR of 8.2% during 2022-2027.

Asia Pacific was the largest region in the business processes outsourcing market, accounting for 35.7% of the total in 2022. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the business processes outsourcing market will be Middle East and Africa, where growth will be at CAGRs of 11.37% and 8.03% respectively. These will be followed by South America and Asia Pacific, where the markets are expected to grow at CAGRs of 6.51% and 3.73% respectively.

The global business processes outsourcing market is fragmented, with a large number of players. The top ten competitors in the market made up to 16.69% of the total market in 2021. However, this is expected to change during the forecast period as majority of the players are trying to grow inorganically by acquiring smaller companies to improve product portfolio and expand their geographical outreach. ADP was the largest competitor with 4.13% share of the market, followed by Teleperformance with 2.88%, Concentrix with 1.92%, Paychex with 1.56%, Conduent with 1.42%, Arvato Bertelsmann with 1.22%, TCS with 1.13%, DXC Technologies with 0.87%, Accenture with 0.78% and HCL Technologies Limited with 0.78%.

The top opportunities in the business processes outsourcing market by type of service will arise in the HRO BPO segment, which will gain $17.99 billion of global annual sales by 2027. The top opportunities in the business processes outsourcing market by end-use industry will arise in the IT & telecom segment, which will gain $22.72 billion of global annual sales by 2027. The top opportunities in the business processes outsourcing market by automation type will arise in the automated BPO services segment, which will gain $60.29 billion of global annual sales by 2027. The top opportunities in the business processes outsourcing market by service provider's location will arise in the Asia Pacific segment, which will gain $22.40 billion of global annual sales by 2027. The business processes outsourcing market size will gain the most in USA at $5.19 billion.

Market-trend-based strategies for the business processes outsourcing market includes use of artificial intelligence, leveraging social media customer experience, cloud-based communication, voice analytics, unified communication, strategic partnerships and investments.

Player-adopted strategies in the business processes outsourcing market includes enhancing business activities through strategic acquisitions, providing the highest level of security to clients through the launch of new solutions and strengthening its business operations through new service launches.

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Description:

Where is the largest and fastest-growing market for business processes outsourcing? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The business processes outsourcing market global report answers all these questions and many more.

The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider business processes outsourcing market; and compares it with other markets.

The report covers the following chapters

• Introduction and Market Characteristics

Brief introduction to the segmentations covered in the market, definitions and explanations about the wealth management market.

• Supply Chain

The supply chain section of the report defines and explains the key players in the wealth management industry supply chain.

• Customer Information

This chapter covers recent customers' trends/preferences in the global wealth management market.

• Key Trends

Highlights the major trends shaping the global wealth management market. This section also highlights likely future developments in the market.

• PESTEL Analysis

This chapter describes the market opportunity assessment through PESTEL analysis.

• Global Market Size and Growth

Global historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values, and drivers and restraints that support and control the growth of the market in the historic and forecast periods.

• Regional Analysis

Historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values and growth and market share comparison by region.

• Market Segmentation

Contains the market values (2017-2032) and analysis for each segment by type of source, by end use industry, by automation type, and by service provider's location in the market.

• Regional Market Size and Growth

Regional market size (2022), historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values, and growth and market share comparison of countries within the region. This report includes information on the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.

• Competitive Landscape

Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.

• Fastest Emerging Companies

This section provides information about emerging mid-sized companies in the business processes outsourcing market

• Key Mergers and Acquisitions

Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.

• Market Opportunities And Strategies

Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.

• Conclusions And Recommendations

Includes recommendations for business processes outsourcing providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.

• Appendix

This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report

Scope
Markets Covered:

1) By Service Type: CRM (Customer Relationship Management) BPO; HRO (Human Resources Outsourcing) BPO; Finance And Administration (F&A) BPO; Other BPO Services
2) By End-Use Industry: Banking, Financial Services And Insurance (BFSI); Retail; Information Technology (IT) And Telecom; Manufacturing; Healthcare; Other End-Uses
3) By Automation Type: Automated BPO Services; Non-Automated BPO Services
3) By Service Provider's Location: North America; Asia-Pacific; Western Europe; Eastern Europe; Rest Of World

A selection of companies mentioned in this report includes

• ADP
• Teleperformance
• Concentrix
• Paychex
• Conduent

For more information about this report visit https://www.researchandmarkets.com/r/8qy6gf

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