Technology Business Process Outsourcing (BPO) Services Market

Market Highlights
Business process outsourcing (BPO) services is a type of practice where an organization secures the
provision of a different company to perform a task. This sort of hiring eases performing of tasks.
The global business process outsourcing services market is gaining strong grounds and is showing
possibilities of earning USD 52 billion as their valuation by the end of 2023. The business process
outsourcing services market can also expect a growth by 11% CAGR during the forecast period
(2017-2023), reveals Market Research Future (MRFR).
The global business process outsourcing services market is expected to gain tractions from the
presence of the APAC region where the cost-effective yet highly skilled labor can boost the
performance of the industry. Well-established infrastructure and outsourcing opportunities are
expected to take the global market forward. At the same time, IT & telecommunication, and BFSI
industries can inspire the market growth.
Market Key Trends & Challenges
The profitability of the market has been witnessed cautiously as many enterprises, across the globe,
are mainly outsourcing their business processes to bring more business in the ahead of aim. Such a
factor is considered to be one of the prime factors considerably driving market growth.
Business process outsourcing is considered as the fastest process of outsourcing various business
processes. The work it includes is mainly for IT, finance & accounting, back-office, e-commerce
support, and other services. Today, many enterprises across the globe are getting in favor of
outsourcing their business processes to concentrate on their core business effectively. Even the
service providers are proposing advanced technology-based BPO services to make their offering
more all-inclusive. As per this information, currently, advance technologies like artificial
intelligence (AI), analytics, and cloud computing are thoroughly being used by the providers to
make BPO services more operative. These factors have also been accountable for driving the
market’s growth at a steady pace.
At the same time, over the years, many businesses have amplified their investment in BPO services.
Both large, small- and medium-sized enterprises have been allocating budget for outsourcing their
business process services. Also, various investments in BPO services are underway and likely to
take place during 2019–2020. In the case of point, Saudi Telecom is going to renew its contract for
BPO services for worth USD 2 billion. Similarly, Bharti Airtel also reintroduced a deal worth USD 2
billion for its BPO services for application development, maintenance, and infrastructure
Segmentation:
The global business process outsourcing (BPO) services market, as in the reports of MRFR, has been
segmented into service type and vertical. These segments are an attempt in deciphering market
tactics from close quarters to understand how the market is charting its course.
Based on the service type, the business process outsourcing services market includes finance &
accounting, human resource, KPO, customer services, procurement, and others. The finance &
accounting segment is expected to garner the highest valuation by 2023, whereas the human
resource segment can achieve the highest CAGR during the forecast period.