Global BPO Market Growth (Status and Outlook) 2023-2029

Global BPO Market Growth (Status and Outlook) 2023-2029

BPO is a segment of outsourcing, which consists of subcontracting the business processes of an organization to a third-party vendor that has expertise in required domains. It is an effective strategy of delegating one or more business activities to external companies (vendors), which, in turn, administer and manage the selected activity, based on defined and measurable performance criteria. It helps client firms to increase their operational efficiency, concentrate on their core competencies, reduce time to market, obtain access to fresh talent and experience along with latest technologies, and build an organization with an economical cost structure in the long run.

LPI (LP Information)' newest research report, the “BPO Industry Forecast” looks at past sales and reviews total world BPO sales in 2022, providing a comprehensive analysis by region and market sector of projected BPO sales for 2023 through 2029. With BPO sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world BPO industry.

This Insight Report provides a comprehensive analysis of the global BPO landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyzes the strategies of leading global companies with a focus on BPO portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms’ unique position in an accelerating global BPO market.

This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for BPO and breaks down the forecast by type, by application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global BPO.

The global BPO market size is projected to grow from US$ 182400 million in 2022 to US$ 278240 million in 2029; it is expected to grow at a CAGR of 6.2% from 2023 to 2029.

Human labor is required in most business processes for productive delivery. Resorting to BPO which provides human labor at a lower cost helps companies maximize their ROI in such a situation. Growing competition also demands continuous innovation. By outsourcing some tasks, companies can focus more on their core activities to bring about innovation in their products as well as services. Furthermore, developments in IT and telecommunications infrastructure have enabled companies to transfer data to any place in the world. One of the major restraints to the growth of this market is the issue of security of valuable data. The client firm provides sensitive data to the service provider firm, which if misused can prove to be harmful to the interests of the client firm. Other factors such as loss of control of operations of processes, financial instability of the vendors, loss of expertise, etc. are some of the restraints to the growth of the BPO market. Problem of high attrition rates amongst workers is also one of the challenges faced by the BPO industry as the workers show a tendency of not pursuing BPO as a full time career. 

This report presents a comprehensive overview, market shares, and growth opportunities of BPO market by product type, application, key players and key regions and countries.

Market Segmentation:

Segmentation by type
Finance & Accounting
Customer Services
HR Outsourcing
KPO
Procurement Outsourcing

Segmentation by application
Manufacturing
Telecommunications & Technology
Banking
Insurance & Finance Services
Retail
Others

This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries

The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
Accenture
Capgemini
Genpact
IBM
Tata Consultancy Services
3i Infotech

Please note: The report will take approximately 2 business days to prepare and deliver.