The global business process outsourcing market size is anticipated to reach USD 405.6 billion in the year 2027. It is anticipated to register growth with 8.0% CAGR during the forecasted period, 2020 to 2027. This growth can be associated with the features like improved operational efficiency, flexibility and enhanced customer services.
The customer service held the largest share of around 30% across the global market due to their expertise in customer query handling that are generated through emails, chats, phones and social media. Further, the finance & accounting segment is also projected to expand at a significant growth rate due to the surging presence of several banking facilities and the strict regulatory needs of the banking sector.
The BFSI segment held the largest share of more than 30% across the global market due to the rising focus of the customers on services like real-time interactions, quick complaint resolution, and service expediency which have driven several BFSI companies to outsource the activities of customer services. On the other hand, the IT and telecommunications segment registered the second-largest growth rate with around 8.0% CAGR owing to the surging number of IT companies across the globe.
Europe held the largest share of around 26.0% across the regional market due to skilled workforce availability and good operational efficiency across countries of Europe. While, the Latin America is anticipated to register significant growth with more than 6.0% CAGR from 2020 to 2027 owing to increasing growth across CPG and manufacturing industries across this region.
The business process outsourcing (BPO) market includes key players such as Infosys Limited, Accenture, Capgemini, Amdocs, and Wipro. They have started providing a wide range of services to their clients for increasing their profit margins. Also, marketing strategies like joint ventures, mergers, and acquisitions are being used by these players to widen their reach and to expand their business portfolio.
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Further key findings from the report suggest:
• The customer service segment held the largest share and is expected to register fastest growth rate in the upcoming years.
• In 2019, the BFSI segment dominated the global BPO market with share of around 30% across the regional market.
• Europe held the largest share of around 26.0% across the global market in 2019.
• The key players in this market are Infosys Limited, Accenture, Capgemini, Amdocs, and Wipro.
Million Insights has segmented the business process outsourcing market on the basis of service, end use, and region:
Business Process Outsourcing Service Outlook (Revenue, USD Billion, 2016 - 2027)
• Finance & Accounting
• Human Resources
• Knowledge Process Outsourcing
• Procurement & Supply Chain
• Customer Services
Business Process Outsourcing End-use Outlook (Revenue, USD Billion, 2016 - 2027)
• Banking, Financial Services and Insurance (BFSI)
• IT & Telecommunication
Business Process Outsourcing Regional Outlook (Revenue, USD Billion, 2016 - 2027)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa