Global Business Process Outsourcing Market Will Grow At An Impressive 8.5% Cagr Through 2032
ICT companies are extensively adopting technologies such as cloud computing and artificial intelligence to ensure seamless operations as teams continue working from home. Focus on fast automation, use of real-time operation within various end-use sectors such as automotive, food & beverage and others will provide stimulus to the growth.
The report offers actionable and valuable market insights of Business Process Outsourcing. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Business Process Outsourcing Market across various industries and regions.
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Global business process outsourcing market will grow at an impressive 7.5% CAGR during the forecast period. Cut-throat competition coupled with rise in demand for convenient consumer complaint redressal is set to propel the business process outsourcing (BPO) market.
The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Business Process Outsourcing market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Business Process Outsourcing
This newly published and insightful report sheds light on Market Insights of Business Process Outsourcing, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Business Process Outsourcing Market.
Global Business Process Outsourcing Market: In-Depth Assessment on Key Segments
The global business process outsourcing market is segmented on the basis of service, end use, and region.
Major players in the market that could influence the competitive landscape are, but not limited to
- EXL Service
- SunTec India
- Unity Communications
- Plaxonic Technologies
- Octopus Tech.
Key Takeaways of Business Process Outsourcing Market Study
- North America stands at the frontline of the market with a majority value share of over 60%. Countries such as the US have been proponents of the benefits of business process outsourcing. The promising 7% CAGR growth in this region can be attributed to surging demand for cost effective outsourcing.
- Europe comes second with more than 1/4th share of the total market value. Prevalence of lean business models in European organizations is a central factor for the region’s high growth during the forecast period.
- Asia Pacific offers the most remunerative opportunities on the back of a booming digital economy. Developing nations such as India, and Indonesia are witnessing an emerging need for customer support services, a forte function of business process outsourcing companies.
- IT & Telecommunications account for the largest market share of the total revenues with a robust 7% CAGR through 2029. This is attributed to the need to leverage the latest IT infrastructure and ensure regular maintenance of server facilities.
- Banking, Financial Services, and Insurance (BFSI) offer the most gainful prospects on the back of innovative financial technologies that require a strong customer support partner for smooth adoption of the latest products and services.
- Retail is another end-use segment that is surging the demand for business process outsourcing owing to digitization initiatives to compete with online retailers.
- Customer services are the most demanded BPO service with more than 1/3rd of total market demand. The segment will grow at a strong 7% CAGR during the forecast period.
- Knowledge process outsourcing will generate highest growth prospects with a 9% CAGR from 2019 to 2029. Prevalence of information based industries such as market research, and business analytics are set to drive the demand for this BPO service
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