Data Bridge Market Research analyses that the Business Process Outsourcing (BPO) Market, valued at USD 6,077.36 million in 2022, will reach USD 12,378.73 million by 2030, growing at a CAGR of 9.3% during the forecast period of 2023 to 2030. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
The business process outsourcing market is steadily expanding with the growing industrial sector, infrastructure, and technological advancements in developing countries. The adoption of IoT and AI technologies significantly impacts the market. Increased government support and funding for renovating the outdated power transmission and distribution system is one factor driving the market's explosive growth. In order to free up internal resources to concentrate on your core competency, it is necessary to outsource necessary processes such as hiring, accounts payable, managing procurement, or processing various utility bills. As businesses streamline, their services or products get improved.
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Some of the major players operating in the business process outsourcing market (BPO) are:
Capgemini (France)
Genpact (U.S.)
IBM (U.S.)
DISYS (U.S.)
CPM International (Spain)
Wipro (India)
Accenture (Ireland)
TATA Consultancy Services Limited (India)
HCL Technologies Limited (India)
Infosys Limited (India)
Webhelp (France)
Cognizant (U.S.)
WNS (Holdings) Ltd. (India)
NCR Corporation (U.S.)
Tech Mahindra Limited (India)
Concentrix Corporation (U.S.)
NTT DATA Corporation (Japan)
ADP, Inc. (U.S.)
TAG ESERVICES PRIVATE LIMITED (U.S.)
Sodexo (France)
Key Opportunities:
Business scheduling with multiple workflows creates lucrative opportunities in market
Automated workflows were previously only available to wealthy businesses with the funds to invest heavily in sophisticated CRM and ERP systems. However, the development of cloud computing has flipped this idea on its head. People began automating their intricate workflow processes to achieve process integration as technology developed, which aided them in working more quickly and efficiently, leading to market expansion.
Personalized outsourcing allows market expansion
A developing trend in the sector is to offer customers the freedom to select the services they require rather than selling a service package that fits all customers. Giving personalized services as an option helps businesses stand out from the competition and enhances the customer experience. Most BPO companies offer a generic package of services. Customers should be able to overcome challenges unique to their industry with the help of providers' specialized solutions, which further allow market expansion.
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India Business Process Outsourcing (BPO) Market Scope
Outsourcing Type
Offshore
Onshore
Nearshore
Service
Voice Processing
Telemarketing Services
Image Editing services
Virtual Staffing Services
3d Visualization Services
Others
Application
Customer Care
Finance and Accounting
Talent and HR Services
Sales and Marketing
Sourcing
Procurement and Supply Chain
Facilities and Administration
Product Engineering
Training
Knowledge Process Outsourcing (KPO)
Vertical-Specific BPO
Document Management and Processing
Others
Deployment Mode
Cloud
Traditional
On Premise
Business Process as a Service (BPaaS)
Organization Size
Large Enterprises
Large (1001-4999)
Very Large (5000+)
Small and Medium-Sized Enterprises
Micro (Less than 50)
Small (51-250)
Medium (251-1000)
Ownership
Captive
Third Party
Outsourcing Approach
Contract Based
Bundled Services
Best-Shore
Fee for Service
End User
IT and Telecommunication
Banking, Financial Services and Insurance
Manufacturing
Healthcare and Pharmaceuticals
Government and Defense
Retail and E-Commerce
Transportation and Logistics
Travel and Hospitality
Energy and Utilities
Education
Others
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