Business Process Outsourcing Market Worth $525.2 Billion By 2030

The global business process outsourcing market size was worth USD 245.9 billion in 2021 and is anticipated to grow to USD 525.2 billion by 2030 and expand at a 9.1% CAGR from 2022 to 2030. Factors driving the market growth include cost reduction businesses, access to global resources by organizations, business agility improvement, organizational efficiency, and core competency implementation for catering to business dynamics changes.

In 2020, the COVID-19 pandemic brought economic and social damages that made BPO organizations replace their existing models with Business Continuity Plans (BCP) to focus on the market expansion. Despite the adverse COVID-19 effect, there has been growth in BPO services owing to the requirement for standardized platform services. The outsourcing service providers were determined to overcome business issues with an improved BPO business model and focus on the upcoming modifications to business functions. As a result, this created flexibility for outsourcing service providers to work with clients.

The demand for maintaining costs by focusing on reducing operational expenses is deliberately responsible for the continuous growth of BPO services. Organizations across the globe are more concerned to save operational costs with the implementation of outsourcing services. This enables in controlling excess staff and results in adequate space for essential in-house office operations along with equipment. Besides, business outsourcing also results in tax savings. Therefore, such factors are positively expected to impact the market growth of BPO services and increase demand during the forecast period.

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Business Process Outsourcing Market Report Highlights

• Based on the service type segment, customer service accounted for a revenue share of 30% in 2021. Expansion in service centers globally for online and offline technical support is the main reason for market dominance

• In 2021, the IT and telecommunication end-use segment dominated the BPO market with a 34% revenue share. The segment is responsible for driving the expansion of BPO services due to technology advancements and innovative devices along with combating security discrepancies and increasing connectivity

• Additionally in the end-use segment, the BFSI sector is anticipated to exhibit a 9% CAGR in the forecast period due to outsourcing processes adoption by organizations to manage investments and assets to uplift customer services

• Based on the regional segment, North America in 2021 upheld 36% revenue share in the market as there was the provision of customized services for meeting demands as well as the implementation of cloud computing

Business Process Outsourcing Market Report Segments

Business Process Outsourcing Service Type Outlook (Revenue, USD Billion, 2018 - 2030)
    • Finance & Accounting
    • Human Resource
    • KPO
    • Procurement & Supply Chain
    • Customer Services
    • Others

Business Process Outsourcing End-use Outlook (Revenue, USD Billion, 2018 - 2030)
    • BFSI
    • Healthcare
    • Manufacturing
    • IT & Telecommunications
    • Retail
    • Others

Business Process Outsourcing Regional Outlook (Revenue, USD Billion, 2018 - 2030)
    • North America
        • U.S.
        • Canada
    • Europe
        • U.K.
        • Germany
        • France
        • Rest of Europe
    • Asia Pacific
        • China
        • India
        • Japan
        • Rest of Asia Pacific
    • Latin America
        • Brazil
        • Mexico
        • Rest of Latin America
    • Middle East & Africa (MEA)

List of Key Players in Business Process Outsourcing Market
    • Accenture
    • Amdocs
    • Capgemini
    • CBRE Group Inc.
    • HCL Technologies Limited
    • Infosys Limited (Infosys BPM)
    • NCR Corporation
    • Sodexo
    • TTEC Holdings, Inc.
    • Wipro