The Outsourcing Services Market size is estimated at USD 1.02 trillion in 2024, and is expected to reach USD 1.39 trillion by 2029, growing at a CAGR of 6.40% during the forecast period (2024-2029).
Factors such as the rising emphasis on minimizing operational expenses, the unavailability of a skilled workforce, and the incorporation of advanced technology in outsourcing services are propelling players to develop new services to capture market share. The market is expected to witness significant growth during the forecast period.
The outsourcing services market is semi-consolidated with an array of services from various vendors. Major vendors include Accenture, TATA Consultancy Services Limited, Capgemini, Cognizant, and HCL Technologies Limited. Market players are enhancing their portfolios and seeking long-term competitive advantages through strategic partnerships and innovative product offerings.
In March 2024, Celegence Holdings LLC strategically invested in Soterius Inc., a key player in outsourced services, collaboration technologies, and data assets within the drug safety and medical affairs domain. This investment, a part of Soterius' Series A financing, has forged a partnership that capitalizes on the strengths of both Celegence and Soterius. By leveraging the expertise of their teams, this collaboration aims to broaden their reach and fuel mutual growth.
In January 2024, Varanium Cloud Limited, a digital technology company, is establishing its second office and business process outsourcing (BPO) center in Sawantwadi, Maharashtra. The BPO center would specialize in services such as data accounting, background verification, and debt recovery.
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