The Business Process Outsourcing Market size was valued at USD 181.79 Billion in 2022 and the total Business Process Outsourcing revenue is expected to grow at a CAGR of 7.09% from 2023 to 2029, reaching nearly USD 293.64 Billion.

Business Process Outsourcing Market Overview:

Outsourcing is an arrangement in which one firm provides services for another firm that could also be or usually have been provided in-house. Manufacturing outsourcing is nothing new. The fast growth of the IT sector, which has resulted in increased cross-border trade of IT-enabled services (ITES), has broadened the scope of outsourcing. However, in recent years, the paradigm of outsourcing has undergone a significant change. The traditional view of outsourcing has enhanced much beyond the usage of other local businesses in various processes (such as hiring law firms for legal advice or companies like FedEx or UPS for logistics control). ITES provides firms with more complicated operations that enable organizations to accomplish transformative results faster (such as payroll or bank loan processing, and customer relations management via contact centers), hence the term Business Process Outsourcing .

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Drivers:

The Business Process Outsourcing market is expected to be aided by rapid growth in investments in smart city projects in many countries globally. Smart city technologies use information and communication technologies to efficiently manage and operate urban services including transportation systems, water supply, and law and order. Smart cities use a system that uses internet capabilities for the transfer of data over a network without human interaction and minimal human-to-computer interaction. As smart cities use a host of software for efficient functioning, the demand for service is expected to increase. In 2022, more than 5000 smart city projects were under progress in India which were worth about USD 26.3 bn.

Meanwhile, in the UK, communications infrastructure provider BAI Communications is to build a 5G-centric network, powered by Mavenir’s MAVedge offering, to accelerate the adoption of transformative digital services for sectors including manufacturing and logistics, education, and social care, as part of a smart city project for Sunderland City Council in 2022. In addition, The Ho Chi Minh City (HCMC) government signed an agreement with the state-run Vietnam Posts and Telecommunications Group (VNPT) in September 2022. They will collaborate to deploy a series of digital transformation projects for the 2022-2025 period, toward building a sustainable smart city.

Segmentation:

by Service

• Voice Processing
• Telemarketing Services
• Customer Care Services

by Outsourcing Type

• Offsource
• Nearshore
• Onshore

by Application

• Sales & Marketing
• Procurement & Supply Chain
• Facilities & Administrations
• Customer Care
• Training

by Organization Size

• Large Enterprises
• SMEs

by Ownership

• Captive
• Third-Party

by End User

• BFSI
• IT & Telecom
• Healthcare
• Manufacturing
• Retail & E-Commerce
• Government & Defense
• Transportation & Logistics
• Travel & Hospitality
• Education
• Energy & Utilities
• Others

Key Players: the key players are

• ADP, LLC. (New Jersey)
• Conduent Inc., (New Jersey)
• Accenture PLC. (Ireland)
• WNS Global Services Ltd. (India)
• Capgemini (France)
• Infosys BPM Limited (India)
• IBM Corporation (New York)
• Tata Consultancy Services Limited (TCS) (India)
• TTEC Holdings, Inc., (Colorado)
• Conneqt Business Solution Limited (India)
• HCL Technologies (India)
• Wipro Ltd. (India)
• Amdocs (Missouri)
• NCR Corporation (Georgia)
• Sodexo (France)
• Genpact (India)
• Concentrix (California)
• Teleperformance (France)
• Plaxonic Technologies (India)
• EXL Service (New York)
• Skyes (Florida)
• OctopusTech Solutions (India)
• Aegis Limited (India)
• CBRE Group, Inc. (Texas)
• Anderson Group BPO Inc. (Philippines)
• Automatic Infotech (India)
• Avaloq (Switzerland)
• Nihon (Japan)
• Nomura Research Institute, Ltd. (Japan)
• NTT Data (India)
• ValueNotes Strategic Intelligence Pvt. Ltd. (India)
• Oracle (Texas)
• TriNet Group, Inc. (California)

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Regional Analysis:

The report has assessed the global Business Process Outsourcing market in the following regions:

• America, North (the United States, Canada)
• European Union (Germany, France, United Kingdom, Russia)
• Asia-Pacific region (China, Japan, Korea, India, Southeast Asia, and Australia)
• Latin America (Brazil, Argentina, Colombia)
• Africa and the Middle East (Saudi Arabia, UAE, Egypt, South Africa)

Key Questions answered in the Business Process Outsourcing Market Report are:

• Which key trends are likely to emerge in the Business Process Outsourcing market in the forecast period?
• What will be the Business Process Outsourcing market size by 2027?
• Which company had the biggest share in the Business Process Outsourcing market in 2020?