- 29 August 2019 22:32
Business Process Outsourcing Market Driving Away With US$ 344.2 Bn by 2026
Demand to decrease operational costs is a main factor expected to boost the business process outsourcing market. Any further expenditure spent on advice or business that is not among major capabilities of a company is called as operational costs. A growing numeral of businesses have been outsourcing these operations, allowing them to emphasis on core capabilities and improve their business. This results in cost competence and real time as well as resource management.
Also, many businesses are seeing outsourcing as a solution to meet their back office needs. Augmented better-quality service quality, flexibility, augmented efficiency, and workload management are some of the added benefits of outsourcing that are anticipated to contribute toward market development over the forthcoming years.
Increasing establishment of call and customer service centers in North America and Asia Pacific is also completely affecting market development. Rise of next-generation services for instance, cloud services, big data analytics, and robotic process automation (RPA) are other factors anticipated to fuel market development.
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Business process outsourcing (BPO) is an essential component of the global outsourcing commerce. Moreover, BPO (Business Process Outsourcing) is speedily gaining momentum across an array of verticals, for instance, banking financial services and insurance (BFSI),manufacturing,healthcare,IT & telecommunications,retail,and others.
The others sub-segment comprise of travel & transportation,government,construction,education, and utilities. Banking financial services and insurance (BFSI) is anticipated to emerge as the fastest-developing segment during the forthcoming years as Business Process Outsourcing (BPO) addresses numerous challenges faced by the market. It also warrants data integrity and data management. It also delivers relevant, reliable, and timely data delivery to increase decision making.
The global business process outsourcing market is segmented into service, End-user, and region. On the basis of service the global business process outsourcing market is segmented into finance & accounting, human resources, knowledge process outsourcing, procurement outsourcing & supply chain, customer services, and others. On the basis of end-user the global business process outsourcing market is segmented into banking, financial services, and insurance (BFSI), healthcare, manufacturing, it & telecommunication, retail, and others. On the basis of region the global Business process outsourcing market is segmented into Latin America, Europe, Asia Pacific, North America, and Middle East & Africa.
North America business process outsourcing market is expected to lead the global market throughout the forecast period attributable to existence of prominent number of market players and increase in demand for better business services. The Asia Pacific business process outsourcing market is expected to increase at the considerable CAGR during the forecast period. Cheap labor and affordability are the major factors boosting to the growth of the regional market.
Europe capture around 27% in the business process outsourcing market in 2018. Development in the regional market is credited to flexibility and customization of service delivering in order to develop efficient and efficient solution, paired with increasing need for cloud computing technology.
The Latin America business process outsourcing market is expected to exhibition a CAGR beyond 5.4% during the forecast timeframe. This development is ascribable to speedy growth of the manufacturing and (CPG) consumer packaged goods industries in this region. Moreover, growing support from the government to promotion of English language learning programs in to gain fascination from global service providers is expected to push business process outsourcing market growth.
The key players catering to the global business process outsourcing market are Infosys Limited, Accenture, HCL, Capgemini, Wipro, and Amdocs. The global players are continuously investing in R&D and innovating new product portfolio to attract more and more business opportunity from the emerging nation such as India and China. Also, Increasing R&D investments coupled with technological advancements to commercialise highly efficient products are anticipated to offer lucrative opportunities for industry participants.
Strategic partnerships and associations is a significant strategy among foremost players to merge their presence in the market. For instance, Capgemini entered into a partnership with NetSuitein October 2014, the company NetSuite delivers cloud computing solutions international. The objective of this partnership is to enable Capgemini launched its new virtual company, which delivers business process outsourcing solutions. The numerous business solutions offered comprise of human resources, accounting and finance, and a host of technology solutions.