Technavio's business process outsourcing (BPO) Market Report Highlights the Key Findings in the Area of Vendor Landscape, Key Market Segments, Regions, and Latest Trends and Drivers

NEW YORK, Jan. 12, 2022 /PRNewswire/ — The latest research report “Business Process Outsourcing Market by End-user and Geography – Forecast and Analysis 2021-2025 “, by Technavio infers the market to be driven positively by the increasing adoption of BPO by IT and telecom service providers. The report also suggests the business process outsourcing (BPO) market witnessed an accelerating growth momentum at a CAGR of almost 4% during the forecast period. 

Resulting in the market growth of USD 40.16 billion from 2020 to 2025, read additional information about the market, Get a FREE sample report.  

Vendor Landscape

The business process outsourcing (BPO) market is fragmented due to the presence of several players and is expected to remain fragmented during the forecast period. Vendors are deploying various organic and inorganic growth and business strategies to compete in the market. Some of the dominant vendors are Accenture Plc, Automatic Data Processing Inc., Capgemini SE, Infosys Ltd., International Business Machines Corp., NEC Corp., Tata Consultancy Services Ltd., Wipro Ltd., and ZTE Corp.

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

• Accenture Plc
• Automatic Data Processing Inc.
• Capgemini SE
• Infosys Ltd.
• International Business Machines Corp.
• NEC Corp.
• NTT DATA Corp.
• Tata Consultancy Services Ltd.
• Wipro Ltd.
• ZTE Corp.

View more about the market’s vendor landscape highlights with a comprehensive list of vendors and their offerings.

Key Market Segmentation

• Segmentation by End-user: 
• IT and telecommunication: 
• The IT and telecommunications market category has the majority of the worldwide BPO market share. This segment’s rise can be due to technological advancements, rapid expansion in data traffic, and rising consumer demand for digital information and communication. With the introduction of the 5G spectrum, the telecom services business is predicted to grow steadily. Several telecommunications companies are working on creating and deploying 5G goods and services.
• To focus on their core business, telecom and IT companies outsource their customer relationship management functions to service providers.      Such collaborations between vendors in the IT and telecommunications industries and service providers, combined with technical advancements, will propel the global BPO market forward over the projection period.

Request a FREE Sample of this report for more highlights into the market segments.

Regional Market Outlook

38% of the market’s growth will originate from North America during the forecast period. The US is the key market for the business process outsourcing market in North America. The US is one of the major revenue generators in the global BPO market. Thus, it is beneficial to outsource operations to countries with lower income taxes. The US is also one of the main consumers of India’s ITES-BPO services, with approximately 66% share of the market. The BPO market in the region is expected to grow at a moderate growth rate during the forecast period as the market is mature compared with other regional markets.

A rise in the usage of sophisticated technologies like cloud computing solutions, social media, AI, and RPA is another factor for the market’s growth in the region. According to the Institute for Robotic Process Automation, RPA saves between 25% and 50% on labor costs. As a result, BPO firms use new technologies to provide better services to their clients. Healthcare, finance, and telecommunications, among other industries, are likely to rely heavily on BPO businesses to focus on their essential business activities during the projection period.

Download our FREE sample report for more key highlights on the regional market share of most of the above-mentioned countries.

Latest Trends, Driving the Business Process Outsourcing (BPO) Market

• Market Driver:
• The increasing adoption of BPO by IT and telecom service providers
• Outsourcing customer service to BPO firms allows telecom businesses to manage cost pressures, optimize investments, and obtain specialized personnel while building a flexible strategy to keep existing customers and acquire new ones.
• Business processes have become more productive thanks to emerging technologies. Customer queries may be analyzed and prioritized using AI, which leads to speedier resolutions. Telecom firms benefit from this technology since it improves customer service. The beneficial aspects of BPO services are driving the business process outsourcing market growth.

• Market Trend:
• Rising emphasis on process automation
• In the BPO sector, innovative technologies have received a lot of attention. BPOs make full use of emerging technologies such as cloud computing, social media, artificial intelligence (AI), and process automation to cut costs and drive growth. AI software can speed up and maximize the efficiency of the same process functions.
• Data storage on the cloud saves energy usage by eliminating the need for extra storage space. Companies may employ the latest technologies for efficiency and cost savings with the help of cloud goods and SaaS, which will drive the BPO market over the forecast period.

Find additional information about various other market drivers & trends mentioned in our FREE sample report.

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