By quade
17 October 2023

Recent Report Predicts Continued Growth in the BPO Industry!

There has been big News in the BPO industry recently as Report Ocean has recently published a research document regarding the status and expectations of the worldwide Business Process Outsourcing (BPO) Services Market. This report has gathered data and information from dozens of sources to create a comprehensive source of information.

This paper will provide a complete evaluation of the BPO sector’s market progression in terms of revenue and volume, as well as the prospects of the BPO industry. The report divides the BPO sector into smaller categories to explain their uses.

Table of Contents

BPO Growth Predictions in the Coming Years

According to Report Ocean, they expect the Global Business Process Outsourcing (BPO) Services to grow by 10.8% in 2024, giving it a total market value of 335.23 billion. This market is divided into segments based on various criteria such as type, deployment, organization size, vertical, and region.

The types of BPOs comprise the services these businesses offer including IT, finance, account outsourcing, e-commerce support, training and deployment outsourcing, and human resource recruitment services.

The largest of these markets is IT, which has maintained its lead since 2018. This one business accounts for about 44.6% of the market. Despite its size, the growth of this market remains strong as they anticipate a Compound Annual Growth Rate (CAGR) of 9.4% between 2019 and 2024.

Next is the deployment, which is divided into two segments. The first is cloud-based services and the second is on-site solutions. On-premises continues to dominate the deployment section and is expected to continue to outpace cloud-based solutions.

The report also makes sure to factor in outside considerations such as the impact of COVID-19 and how it affected both the global and local markets. This shows how well the different regions like Europe, North America, and Asia responded to the challenges and how it will affect their growth.

In this report, they have noted some businesses that are currently leading the market and expected to play a major role in this growth. Among these are the businesses.

WNS (Holdings) Ltd
IBM Corporation
Capgemini
Genpact
Aegis Limited
HCL Technologies Limited
eNoah
TTEC Holdings, Inc.
ADP, LLC
Conduent Inc.
Accenture PLC
Conneqt
Tech Mahindra Limited
Tata Consultancy Services Limited
Infosys BPM Limited

How Research Was Conducted

The research encompasses a variety of market opportunities, factoring in and understanding different business strategies, economic patterns, and technological developments that have affected the business on a global scale. Using this information, the report analyzed the possible growth prospects in the coming years.

This research also factors in geographical locations, products, applications, and the latest market trends of certain regions in different regions to help create a precise picture of the growth prospects of this area. The report was augmented by personal assessments from entrepreneurs.

Market research reports, through meticulous examination of strategic factors, micro and macro market tendencies, pricing assessments, and a thorough summary of market conditions within the period.