Cut-throat competitive environment has compelled businesses to outsource certain important business processes in order to focus on their core competencies and reduce operational costs. Consumer complaint resolution is one of those key process outsourced to different companies. Fact.MR thus projects the global business process outsourcing market to expand at a robust CAGR of 7.5% over the forecast period (2019-2029).
“Specialized companies which cater to specific business processes such as human resource management are experiencing prolific demand in the global business process outsourcing market. Multiple industries such as manufacturing, healthcare, financial services, and banking are opting for business process outsourcing for improved efficiency,” concludes Fact.MR’s analysis.
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Business Process Outsourcing Market – Key Findings
- IT & telecommunication constitute the leading market share on account of rapidly evolving IT infrastructure.
- Banking, Financial Services, and Insurance (BFSI) industry is contributing significantly to market growth.
- Knowledge process outsourcing will observe an impressive growth rate through the forecast period.
- North America accounts for more than 60% share in the global business process outsourcing market.
- Asia Pacific will create remunerative opportunities for key players in business process outsourcing market.
Business Process Outsourcing Market – Key Driving Factors
- Soaring demand for cost-effective outsourcing is invigorating the market growth.
- Preponderance of lean business models is complementing the noteworthy market growth in Europe.
- Booming digital economy is strengthening the business process outsourcing market in Asia Pacific.
- BFSI sector is strengthening market growth on account of innovative financial technologies.
Business Process Outsourcing Market – Key Restraints
- Stringent government regulations concerning with offshoring and outsourcing activities is limiting the market growth.
- Security risks associated with confidential data is restraining the business process outsourcing market growth.
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Major market players profiled in this competitive landscape include, but are not limited to, Intetics, Invensis, ADP, EXL Service, Genpact, Accenture, Unity Communication, SunTec India, Helpware, Octopus Tech, Cognizant, Plaxonic Technologies, Wipro, and Concentrix. Disruptive innovations have long been a norm in the global business process outsourcing market. Players have come up with a wide spectrum of business models over the years. This trend is projected to continue during the forecast period. Companies are focused on seamless integration of different business models. Top players must prioritize resource, time, and cost efficiency for successful venture in the business process outsourcing market.
About the Report
This 170-page study offers in-depth commentary on the business process outsourcing market. The study provides compelling insights on the business process outsourcing market on the basis of service (finance & accounting, human resources, knowledge process outsourcing, procurement & supply chain, customer services), end use (BFSI, manufacturing, IT & telecommunication, retail) across six regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, Middle East & Africa).
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