BPO Services Market Snapshot
Market Research Future (MRFR), in its latest Business Process Outsourcing (BPO) Services Market 2022, reveals multiple influencing factors of the market. A complete detail of the effect of COVID 19 on the business outsourcing service market is supplemented along with the report. The BPO Services Market size is expected to reach USD 381.62 Billion with a 9.6% CAGR. The growing need to increase operational efficiency is expected to support the market growth along with advanced technologies.
The rise in exercising of BPO services across the booming IT and telecommunication sector can promote the expansion of the BPO service market across the analysis period. The increase in investments made by different enterprises in outsourcing business processes can support the rise of the BPO services market. On the other side, the increase in issues associated with data privacy and integrity can pose major threat to the expansion of the global business process outsourcing (BPO) market rise.
BPO Services Market Segmental Analysis
The segment evaluation of the Global Business Process Outsourcing (BPO) Services Market is done by Organization Size, Type, Deployment, and Vertical.
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Based on Type
The global business process outsourcing services market based on the type are divided into IT outsourcing, back office outsourcing, finance & accounting outsourcing, E-commerce support services, training & development outsourcing, and others.
Based on Deployment
Based on the deployment, the global business process outsourcing services market is segmented into two types as cloud and on-premise.
Based on Organization size
The global business process outsourcing services market by the organization size is classified into small and medium-sized enterprises and large enterprises.
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Based on Vertical
Based on vertical, the global business process outsourcing services market is classified into various segments as BFSI, IT & Telecommunications, retail & consumer goods, manufacturing, healthcare and life sciences, government & defense, and others. Among them, the IT & Telecommunication segment dominates the market with a share of 34% in 2020. The rise of the number of IT companies and rapid industrialization in the world makes this segment increase the growth rate.
BPO Services Market Regional Study
The business process outsourcing service market is studied across North America, EU, APAC, MEA, and South America. North America BPO services market is anticipated to gain global foothold across the analysis period. The expansion of Asia Pacific business process outsourcing can be attributed to the increase in industries in the region. In Europe, the BPO services market can thrive at considerable growth rate in the analysis period.
BPO Services Market Key Players
The prominent key players in the business process outsourcing market services market are the following:
- Conduent Inc.,
- Accenture PLC
- WNS (Holdings) Ltd
- Infosys BPM Limited
- IBM Corporation
- Tata Consultancy Services Limited (TCS)
- TTEC Holdings
- Conneqt Business Solution Limited
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