NEW YORK, Sept. 27, 2022 /PRNewswire/ — The global business process outsourcing market size is expected to grow by USD 40.16 billion, accelerating at a CAGR of 4% between 2020 and 2025. Technavio has tracked the recent trends and developments in the IT consulting and other services industry. Some of the factors including the number of major IT consulting deals signed worldwide, revenue generated by service providers offering IT consulting services, IT budgets allocated by central and state governments across major markets, and others are considered in estimating the size of the market.
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The market is driven by the focus on reducing operational costs. Setting up an in-house BPO team requires significant capital investment. It requires an extra workforce, infrastructure, and training for new employees. Hence, many organizations outsource their business processes and operations to focus on their core business. This helps them minimize operations costs and improve overall efficiency. It is estimated that BPO services can yield between 30%-50% cost saving on operating costs for a company. Thus helping organizations save a substantial amount of money and time when outsourcing business processes. All these factors are driving the growth of the global business process outsourcing market.
In addition, the rising emphasis on process automation is anticipated to further boost the growth of the business process outsourcing market. However, the risk of data breaches might reduce the growth potential in the market.
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Major Business Process Outsourcing Companies:
Accenture Plc: The company offers intelligent finance operations, marketing solutions, and other services. The services are availed by SynOps. It helps create a data-driven operating model that connects intelligent technologies, talent, and data and analytics to provide real-time, actionable insights.
Automatic Data Processing Inc.: The company offers payroll outsourcing, small business payroll, and other services.
Capgemini SE: The company offers supply chain management solutions. It includes a range of services integrating supply chain master data with planning, execution, and analytics. It offers finance and accounting solutions and other services.
Infosys Ltd.: The company offers data analytics solutions.
International Business Machines Corp.: The company offers procurement and sourcing services, financial transformation services, and other services.
NEC Corp.
NTT DATA Corp.
Tata Consultancy Services Ltd.
Wipro Ltd.
ZTE Corp.
Business Process Outsourcing Market End-user Outlook (Revenue, USD Billion, 2020-2025)
IT and telecommunication – size and forecast 2020-2025
BFSI – size and forecast 2020-2025
Retail – size and forecast 2020-2025
Healthcare – size and forecast 2020-2025
Others – size and forecast 2020-2025
The IT and telecommunication industry is the prime end-user in the market. The segment is driven by factors such as technological advances, fast growth in data traffic, and growing demand for digital content and communication by consumers. The market growth in the segment will be significant over the forecast period.
Business Process Outsourcing Market Geography Outlook (Revenue, USD Billion, 2020-2025)
North America – size and forecast 2020-2025
Europe – size and forecast 2020-2025
APAC – size and forecast 2020-2025
MEA – size and forecast 2020-2025
South America – size and forecast 2020-2025
North America will dominate the market growth, occupying 38% of the global market share. The market in North America is mature compared to other regional markets. The increasing outsourcing of services by companies to low-wage countries such as India and the Philippines is driving the growth of the business process outsourcing market in North America.
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Business Process Outsourcing Market Scope
Report Coverage
Details
Page number
120
Base year
2020
Forecast period
2021-2025
Growth momentum & CAGR
Accelerate at a CAGR of 4%
Market growth 2021-2025
USD 40.16 billion
Market structure
Fragmented
YoY growth (%)
3.53
Regional analysis
North America, Europe, APAC, MEA, and South America
Performing market contribution
North America at 38%
Key consumer countries
US, UK, Germany, China, and Japan
Competitive landscape
Leading companies, competitive strategies, consumer engagement scope
Companies profiled
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., and ZTE Corp.
Market Dynamics
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, and market condition analysis for the forecast period.
Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Table of contents:
Executive Summary
Market Landscape
Market ecosystem
Value chain analysis
Market Sizing
Market definition
Market segment analysis
Market size 2020
Market outlook: Forecast for 2020 – 2025
Five Forces Analysis
Five forces summary
Bargaining power of buyers
Bargaining power of suppliers
Threat of new entrants
Threat of substitutes
Threat of rivalry
Market condition
Market Segmentation by End-user
Market segments
Comparison by End user
IT and telecommunication – Market size and forecast 2020-2025
BFSI – Market size and forecast 2020-2025
Retail – Market size and forecast 2020-2025
Healthcare – Market size and forecast 2020-2025
Others – Market size and forecast 2020-2025
Market opportunity by End user
Customer landscape
Customer landscape
Geographic Landscape
Geographic segmentation
Geographic comparison
North America – Market size and forecast 2020-2025
Europe – Market size and forecast 2020-2025
APAC – Market size and forecast 2020-2025
MEA – Market size and forecast 2020-2025
South America – Market size and forecast 2020-2025
Key leading countries
Market opportunity by geography
Market drivers
Market challenges
Market trends
Vendor Landscape
Overview
Landscape disruption
Vendor Analysis
Vendors covered
Market positioning of vendors
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.
Appendix
Scope of the report
Currency conversion rates for US$
Research methodology
List of abbreviations
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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