LONDON--(BUSINESS WIRE)--The business process outsourcing market is expected to grow by USD 76.90 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Setting up an in-house business process team incurs 50%-70% additional costs in terms of extra workforce, infrastructure, and training for the organization. Hence, many organizations are increasingly outsourcing various business processes such as procurement, logistics, and customer support to minimize operational costs and improve business efficiency. It also helps organizations increase their market share, expand their customer base, and enhance customer relationships. According to estimates, BPO services can yield between 30%-50% cost savings for a company. All these factors are contributing to the growth of the global business process outsourcing market.
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As per Technavio, the increased outsourcing of business operations will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Business Process Outsourcing Market: Increased Outsourcing of Business Operations
The growing number of business processes has increased the demand for BPOs among organizations. This has significantly increased the number of BPOs that offer support for various operations such as manufacturing, finance, marketing, distribution and information systems, and design. Moreover, it is estimated that nearly one-third of small businesses are also outsourcing some of their business processes to focus on core competencies. Besides, India is emerging as the most preferred location for outsourcing business processes due to the availability of low-cost skilled professionals. Many such factors are fueling the growth of the global business process outsourcing market.
“Increasing adoption of BPO by IT and telecom service providers and the adoption of emerging technologies will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Business Process Outsourcing Market: Segmentation Analysis
This market research report segments the business process outsourcing market by End-user (IT and telecommunication, BFSI, Retail, Healthcare, and Others) and Geographic Landscape (North America, Europe, APAC, MEA, and South America).
The North America region led the business process outsourcing market in 2019, followed by Europe, APAC, MEA, and South America respectively. During the forecast period, North America is expected to register the highest incremental growth due to the increasing adoption of advanced technologies such as cloud computing solutions, social media, AI, and RPA among businesses in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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