Business Process Outsourcing (BPO) Market Size (by Technology, Geography, Sector and Size Band), Trends, Drivers and Challenges, Vendor Landscape, Opportunities and Forecast, 2021-2026

Business Process Outsourcing (BPO) Market Size (by Technology, Geography, Sector and Size Band), Trends, Drivers and Challenges, Vendor Landscape, Opportunities and Forecast, 2021-2026

Summary

The global BPO market research report provides an executive-level overview of the current BPO market worldwide, with detailed forecasts of key indicators up to 2026. Published annually, the global BPO market report provides a detailed analysis of the near-term opportunities, competitive dynamics, and evolution of demand by product/service type and verticals across the large enterprise and micro, small & medium enterprise (MSME) markets, as well as a review of key BPO market trends as well as the technological developments that are shaping the BPO landscape.

The global outlook report provides information and insights into global business process outsourcing (BPO) market -

• The primary finding from GlobalData's view of revenue opportunities in the BPO market through to 2026, highlighting the market size and growth by product/service, by region, by vertical and by size band.
• The latest trends impacting the BPO market.
• The market drivers that will facilitate the growth of BPO market.
• The market challenges/inhibitors that may hinder the pervasive adoption of BPO.
• The overview of top ICT vendors in the BPO market.

Scope

• Global business process outsourcing market was valued at $316.4 billion in 2021 and will grow at a compounded annual growth rate (CAGR) of 5% to reach a value of $403.5 billion by 2026.
• HR BPO services to be the largest revenue contributor from 2021-2026. HR BPO accounted for $85.4 billion in 2021, about 27% of the total BPO market value estimated for the year. The need to streamline HR processes, drive efficiency and cost competitiveness into their HR functions, and lower their exposure to compliance regulations is compelling enterprises to opt for outsourced services.
• BFSI is the largest end-use market for BPO. Operating in a highly customer-centric market, BFSI companies are emphasizing digitalization for transforming their business activities by opting for digital solutions like secured one-time app payment, usage of mobile apps, online payments for shopping and bookings, and online banking, etc., which generates the requirement for customer support and backend processing activities, which they are keen on outsourcing to third-party service providers.
• North America, the largest regional market, by revenue share. North America is the leading regional market with revenue estimated at $94.1 billion (29.7% of the total market size) for 2021 and set to grow up to $122.9 billion by 2026 at a CAGR of 5.5%.

Reasons to Buy

This Global Outlook Report provides a comprehensive assessment of the BPO market. It helps the reader to understand the BPO market landscape, the recent trends, drivers, and challenges/inhibitors shaping the BPO market.

• The report is exhaustive and up-to-date providing market opportunity forecasts in the BPO market from 2021 to 2026, spanning technology segments (hardware, software services), six regions, 22 verticals, and two size bands.
• The report provides an assessment of BPO vendors.
• The report also discusses the opportunities and recommendations for vendors.