Business Process Outsourcing (BPO) Services Market Report 2020 Recent Development and Trends, Expected Growth and its Factors, CAGR,

As per the Eurostat, the total value of the ICT sector in Europe, including the ICT manufacturing and ICT services, was estimated to be more than EUR 475 billion in 2017. In this sector, the ICT services account for the major share as it is predicted to be ten times larger than the share held by ICT manufacturing. ICT services consist of computer programming, consultancy and related activities which held about 49.1% share while the telecommunications activities held around 30.3% share in the segment in 2017. These factors are estimated to impact the market growth in a positive manner in the next few years.

Market Analysis

The process of outsourcing various business processes including IT, finance & accounting, back-office, e-commerce support, and other services is known as Business process outsourcing (BPO). Firms around the globe are outsourcing these business processes to focus on their core business efficiently. To make the offering more comprehensive, service providers are offering advanced technology-based BPO services. Presently the providers to make BPO services more effective are using the improved technologies like analytics, artificial intelligence (AI), and cloud processing. Throughout the years, firms have enhanced their investment in BPO services.

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Both large-, small- and medium-sized enterprises have been assigning budget for outsourcing their business process services. Companies are widely spending in outsourcing services. For the same, they are reviving their present contracts or switching towards new BPO service providers. Different investments in BPO services are underway and anticipated to take place during the year 2019–2020. For an example, Saudi Telecom is going to reinstate its contract for BPO services for worth USD 2 billion. Likewise, Bharti Airtel also revived a contract worth USD 2 billion for its BPO services for application development, maintenance, and infrastructure.

Due to the rising competition, and the need to have an efficient business process, enterprises are inclined towards adopting BPO services which play a significant role in reducing capital and operational expenditure. BPO services help enterprises to focus on their core operation. Moreover, the introduction of advanced technology-based BPO services like AI, analytics, and cloud processing is further helping enterprises to gather up-to-date real-time data for taking accurate and enhanced business decisions. BPO services are also helping enterprises to save the cost related to infrastructure and technology.

Outsourcing eliminates the need to invest in technology and infrastructure since outsourcing companies take the responsibility of various business processes and develop infrastructure for the same. The Global Business Process Outsourcing (BPO) Services Market is projected to develop at 10.8% CAGR with 335.23 billion in the year 2024 during the forecast period. The global business process outsourcing (BPO) service market has been segmented on the basis type, deployment, organization size, vertical, and region. By type, the business process outsourcing (BPO) Service has been segmented into IT outsourcing, finance and accounting outsourcing, back office outsourcing, e-commerce support services, training & development outsourcing, human resource and recruitment, procurement outsourcing and others.

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The IT outsourcing segment is responsible for the largest market share of 44.6% in the year 2018, growing at a CAGR of 9.4%, during the forecast period, 2019-2024. On the basis of deployment, Global Business Process Outsourcing (BPO) Services Market has been segmented into cloud and on-premise. The on-premise segment responsible for the greater market share in the year 2018; it is anticipated to register the higher CAGR during the forecast period. On the basis of organization size, the business process outsourcing (BPO) service market has been divided into small- and medium-sized enterprises and large enterprises.

the larger market share in 2018 is held by the large enterprise segment and expected to register the higher CAGR of 8.5% during the forecast period. By industry vertical, the business process outsourcing (BPO) service has been categorized as BFSI, IT & telecom, retail and consumer goods, manufacturing, healthcare & life sciences, government & defense, and others. The BFSI segment was responsible for the major market share in the year 2018, with a market value of USD 59.28 billion, it is anticipated to register a CAGR of 9.6% during the forecast period. The IT & telecommunication segment was the second-major market in the year 2018.it is projected to register a CAGR of 9.8%.

Market Segmentation

Global Business Process Outsourcing (BPO) Services Market has been segmented into different segments. It is divided by type, by deployment, by organization size and by industry vehicle. By type the Global Business Process Outsourcing (BPO) Services Market can be divided into IT outsourcing, finance, and accounting outsourcing, back office outsourcing, e-commerce support services, training & development outsourcing, human resource and recruitment, procurement outsourcing, and others. Based on deployment the global business process outsourcing services market can be divided into cloud and on-premise.

On the basis of organization size the Global Business Process Outsourcing (BPO) Services Market can be divided into small- and medium-sized enterprises and large enterprises. On the basis of industry vertical the market is segmented into BFSI, IT & telecom, retail and consumer goods, manufacturing, healthcare & life sciences, government & defense, and others.

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Regional Analysis

Geographically, the global business process outsourcing (BPO) services market can be split into different regions like Asia-Pacific, North America, Europe, and the Middle East & Africa, and South America. North America leads the market in terms of market share in the business process outsourcing (BPO) service market. The market growth is motivated by the existence of several business process outsourcing (BPO) service providers that offer their services to regional as well as international end-users. The prominent players in the region are ADP, LLC, LP, IBM Corporation and TTEC Holdings, Inc. The third-largest market in the business process outsourcing (BPO) service market in the year 2018 was Europe.

As per the MRFR analysis, Europe has been divided into the UK, Germany, France, and the rest of Europe. The UK is projected to responsible for the greatest market share, followed by Germany, France, and the rest of Europe. Factors responsible for market growth include rising number of small- and medium-sized enterprises who are changing towards adopting outsourcing services. In Europe, business process outsourcing (BPO) services are progressively being utilized by enterprises specifically in the IT and telecommunication, retail, and BFSI industries.

Major Players:
WNS (Holdings) Ltd, IBM Corporation, Capgemini, Genpact, Aegis Limited, HCL Technologies Limited, eNoah, and TTEC Holdings, Inc. , ADP, LLC, Conduent Inc., Accenture PLC, Conneqt, Tech Mahindra Limited, Tata Consultancy Services Limited and Infosys BPM Limited are some of the major players in the the global business process outsourcing (BPO) service market

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