Business Processes Outsourcing Market Expected to grow at a CAGR of 8.7% to nearly $278.6 billion by 2022 - Genpact, Concentrix, Syntel, Xerox, Aon Hewitt, IBM, T-System, HCL, Atos

The global market for business processes outsourcing reached a value of nearly $199.4 billion in 2018, having grown at a compound annual growth rate (CAGR) of 6.1% since 2014, and is expected to grow at a CAGR of 8.7% to nearly $278.6 billion by 2022.

Growth in the historic period resulted from the rise in corporate profit, availability of a low-cost talent pool in emerging economies and technological transformations in the retail and e-commerce verticals. Factors that negatively affected growth in the historic period were stringent government regulations and cybersecurity concerns. Going forward, adoption of IoT and the emergence of start-ups as clients of BPO service providers will drive growth. Factors that could hinder the growth of this market in the future are skills shortages, a reduction in free trade and a rising attrition rate in the BPO services industry.

The BPO services market is segmented by the type of service into CRM BPO, HRO BPO, F&A BPO and other BPO services. The CRM BPO market was the largest segment of the BPO services market by type of service in 2018 at 33.8%. The F&A BPO services market is expected to be the fastest-growing segment going forward at a CAGR of 11.7%.

Download a Sample Report https://www.reportsweb.com/inquiry&RW00012852857/sample

The BPO services market is also segmented by end-use industry into financial services, retail & wholesale, information technology, manufacturing, healthcare, and others. The BPO services market for financial services was the largest segment of the BPO services market by end use industry in 2018 at 36.2%.

The BPO services market is also segmented by automation type into automated BPO and manual BPO. The manual BPO services market was the largest segment of the BPO services market by automation type in 2018 at 81.4%. The automated BPO services market is expected to be the fastest-growing segment going forward at a CAGR of 40.7% and is expected to be the largest segment by 2022.

The BPO services market is segmented by service provider’s location into North America, Asia-Pacific, Western Europe, Eastern Europe, and rest of world. The BPO services market in North America was the largest segment of the BPO services market by service provider’s location in 2018 at 54.7%.

In terms of consumption of BPO services, Western Europe was the largest market for business processes outsourcing, accounting for 38.1% of the global market in 2018. It was followed by North America, Asia-Pacific and then the other regions. Going forward, the fastest-growing regions in the BPO services market will be Africa and the Middle East, where growth will be at CAGRs of 14.6% and 13.9%, respectively. The growth of the BPO services market in Africa and the Middle East is expected to be followed by Asia-Pacific and South America, where the market is expected to grow at CAGRs of 13.2% and 10.2%, respectively.

The market for business processes outsourcing is fragmented with small number of large entities which command significant market share. Major players in the market include Automatic Data Processing, Inc. (ADP), Accenture plc, Conduent Inc., Teleperformance SE and Paychex, Inc.

The global software and BPO services market, of which the business processes outsourcing market is a segment, reached a value of nearly $826.0 billion in 2018, having grown at a compound annual growth rate (CAGR) of 9.3% since 2014. It will grow at a CAGR of 11.3% to nearly $1,269.7 billion by 2022. The software services market was the largest segment of the software and BPO services market and was worth $626.6 billion globally. The BPO services market was the smallest segment, accounting for 24.1% of the software and BPO services market.

The top opportunities in the global business processes outsourcing market will arise in the CRM BPO segment, which will gain $27.9 billion of global annual sales by 2022, followed by the HRO BPO and F&A BPO markets that will gain $20.0 billion and $15.9 billion respectively. The business processes outsourcing market size will gain the most in Germany at $21.6 billion. Business processes outsourcing market-trend-based strategies include automating back-end office work to enhance productivity, investing in big data analytics, and offering transparency in the services. Player-adopted strategies in the business processes outsourcing industry include reinforcing M&A strategies, investing in newer technologies, and expanding in new geographies.

Make an Inquiry: https://www.reportsweb.com/inquiry&RW00012852857/buying

Table of Contents: