January 25, 2023 01:36 ET | Source: MAXIMIZE MARKET RESEARCH PRIVATE LIMITED MAXIMIZE MARKET RESEARCH PRIVATE LIMITED
Pune, INDIA
Pune, Jan. 25, 2023 (GLOBE NEWSWIRE) — Maximize Market Research is a leading market research company that has published a report on the “Business Process Outsourcing (BPO) Market”. The report is beneficial for the industry investors, market players, and stakeholders to plan, and develop key business strategies to maintain their market presence in the global market. According to the analysis, the Business Process Outsourcing (BPO) Market size was valued at USD 169.763 Billion in 2021 and the total Business Process Outsourcing (BPO) revenue is expected to grow at a CAGR of 7.09% from 2022 to 2029, reaching nearly USD 293.650 Billion.
Business Process Outsourcing (BPO) Market Scope and Research Methodology
The Business Process Outsourcing (BPO) market report emphasizes the industry’s general dynamics, potential market, challenges, current market trends, and market restrictions, allowing users to identify business opportunities and market strategies to increase their global industry presence. The Business Process Outsourcing (BPO) Market report estimates the revenue growth of the key players at the national and international levels, as well as an analysis of the most recent market trends in each sub-segment throughout the forecast period. The global Business Process Outsourcing (BPO) Market report has been segmented based on Service, Outsourcing Type, Application, Organization Size, Ownership, End-User, and Region by MMR analysis to provide a final and effective conclusion for the market players, investors, and new entrants.
The Business Process Outsourcing (BPO) market report includes strategic profiling of the market’s top major players, as well as a comprehensive analysis of their core competencies and business strategies such as advanced services, technologically developed software, new business agreements, joint ventures, partnerships, and acquisitions. MMR analysts also deliver data as excel files and pivot tables to their customers, as well as aid them in generating presentations using the data sets included in the report. For market estimation and forecasting, the bottom-up approach was utilized. Data were collected from a wide sample using both primary and secondary research approaches to validate the findings. The MMR research also includes industry recommendations, absolute opportunities, and investment strategies based on a thorough examination of the present competitive landscape in the Business Process Outsourcing (BPO) market.
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Business Process Outsourcing (BPO) Market Overview
With the assistance of third-party providers, various organizations such as IT, finance & accounting, e-commerce and support, back-office process, procurement, human resource & recruiting process, and others use Business Process Outsourcing (BPO) services. To remain competitive in the market, businesses are turning to third-party (BPO) service providers to boost operational efficiency. Most organizations in the industry are spending heavily on research and development of modern technologies such as big data, analytics, cloud computing, and artificial intelligence in order to deliver extensive BPO services to their clients.
Business Process Outsourcing (BPO) Market Dynamics
The key driver of business process outsourcing services is the increased usage of BPO services in the IT and telecommunications sectors. The industry is being strengthened by the diversity of BPO services, which include banking, financial services, healthcare, and manufacturing. As customer service usage of BPO services grows, so does operational expenses and support function efficiency. BPO services, through their interconnection with organizations, is expected to provide dependable, relevant, and round-the-clock assistance to critical business activities. By prioritizing shared workload, corporate culture is expected to generate demand for business process outsourcing, resulting in continuous success. Enterprises’ increasing expenditures in BPO are driving the business process outsourcing (BPO) market growth.
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Business Process Outsourcing (BPO) Market Regional Insights:
By 2029, China and India are expected to create a considerable revenue share and boost regional market growth. Factors such as increasing government spending on BPO, BPO-centric education, an emphasis on enhancing employees’ communication skills, and improved infrastructure is expected to drive industry growth in China and India. Because of its attractive geographic position and investor-friendly tax structure, India has been a popular outsourcing market. Multiple BPO organizations in India are establishing their presence in Tier 2 and Tier 3 cities, shifting away from only providing contact center or call center services and toward acquiring high-end expertise and providing a number of extra financial, accounting, and IT services.
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Business Process Outsourcing (BPO) Market Key Competitors include:
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Key questions answered in the Business Process Outsourcing (BPO) Market are:
Maximize Market Research is leading Information Technology & Telecommunication research firm, has also published the following reports:
Cloud-Based BPO Market: Global Cloud-Based BPO Market size is expected to reach USD 242.11 Billion in the year 2029, at a CAGR of 18.80% during the forecast period. The technology-enabled transformation offers significant opportunities for the global cloud-based BPO market.
Healthcare BPO Market: Healthcare BPO Market is expected to grow at a CAGR of 10.10% during the forecast period to reach USD 645.82 Billion by 2029. Decreasing reimbursements in the healthcare industry, reductions in overall healthcare costs, and initiatives undertaken by governments for implementing RCM solutions are expected to drive the Healthcare BPO market growth.
Public Cloud in BFSI Market: Public Cloud in the BFSI Market size was valued at USD 51 Billion in 2021 and the total Public Cloud in BFSI revenue is expected to grow by 15 % from 2022 to 2029, reaching nearly USD 156 Billion. The increase in digital transformation across industries is expected to drive the public cloud in the BFSI market opportunity during the forecast period.
Cloud Applications Market: Cloud Applications Market size was valued at USD 327 Billion in 2021 and the total revenue is expected to grow by 19 % from 2022 to 2029, reaching nearly USD 1314 Billion. With the growing demand for data mobility, cost savings in IT infrastructure for businesses, and access to various devices from anywhere, the global cloud-based apps market is expected to grow at a high rate during the forecast period.
Cloud Field Service Management Market: Cloud Field Service Management Market size is expected to reach USD 10.49 Billion by 2029, at a CAGR of 12.67% during the forecast period. The increasing demand for cloud computing among the end-use industries is expected to create various lucrative opportunities for the market.
About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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