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Business Process Outsourcing Market Analysis Highlights the Impact of COVID-19 (2020-2024) | Focus on Reducing Operational Costs to Boost Market Growth

The global business process outsourcing market size is poised to grow by USD 76.90 billion during 2020-2024, progressing at a CAGR of over 7% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.

BPO helps minimize operating costs and enhances business efficiency. BPO involves service aid for different business processes such as procurement, logistics, and customer care. Therefore, organizations have started outsourcing their business processes and operations to focus on and improve their core businesses. Thus, organizations can save a substantial amount of money and time if they outsource business processes. Moreover, vendors are adopting various technologies to reduce operational costs. For instance, in December 2019, Accenture launched the Accenture Cloud Native Solution to help enterprises leverage the public cloud for maximum business agility and results. These beneficial aspects of BPO services are driving the business process outsourcing market growth. The market is expected to grow during the forecast period.

Report Highlights:

  • The major business process outsourcing market growth came from the IT and telecommunication segment. The business process outsourcing market share growth by the IT and telecommunication segment will be significant during the forecast period owing to technological advances, fast growth in data traffic, and growing demand for digital content and communication by consumers.
  • North America was the largest business process outsourcing market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. Factors such as the rise in the adoption of advanced technologies such as cloud computing solutions, social media, AI, and RPA will significantly drive business process outsourcing market growth in this region over the forecast period.
  • The global business process outsourcing market is fragmented. Accenture Plc, Automatic Data Processing Inc., Capgemini Services SAS, Infosys Ltd., International Business Machines Corp., NEC Corp., NTT DATA Corp., Tata Consultancy Services Ltd., Wipro Ltd., and ZTE Corp. some of the major market participants. To help clients improve their market position, this business process outsourcing market forecast report provides a detailed analysis of the market leaders.
  • As the business impact of COVID-19 spreads, the global business process outsourcing market 2020-2024 is expected to have Neutral and At par growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.

Increasing Adoption of BPO by IT and Telecom Service Providers will be a Key Market Trend

Telecom companies benefit from outsourcing their customer services to BPO companies as it enables them to manage cost pressures, optimize investments, and get specialized resources while establishing a flexible strategy to retain existing customers and acquire new customers. Social media companies and Internet service providers are encouraging telecom companies to constantly create new business models and innovative offerings to improve customer experience. Emerging technologies have enhanced the productivity of business processes. For instance, RPA helps telecom companies in managing various tasks, such as managing complicated and unstructured datasets. AI enables the analysis and prioritization of customer queries, which leads to faster resolutions. This technology improves customer services for telecom companies. Increasing adoption of BPO by IT and telecom service providers has been identified as one of the key market growth drivers.

Business Process Outsourcing Market 2020-2024: Key Highlights

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will assist business process outsourcing market growth during the next five years
  • Estimation of the business process outsourcing market size and its contribution to the parent market
  • Predictions on upcoming trends and changes in consumer behavior
  • The growth of the business process outsourcing market
  • Analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of business process outsourcing market vendors
Source: BusinessWire

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