Business Process Outsourcing Market size is anticipated to witness a CAGR of 9.4% during Forecast Period-Coherent Market Insights

A newly published report by Coherent Market Insights reveals a sustainable growth in opportunities in the business process outsourcing market.

Coherent Market Insights’ analyst projected the business process outsourcing market to be valued at US$ 361.35 Bn in 2023. It is expected to exhibit a CAGR of 9.4% over the forecast period 2023 -2030.

Market Dynamics:

Increasing digital transformation initiatives and growing adoption of outsourcing services drives market growth. Many enterprises are focusing on digital transformation and upgrading their legacy systems to remain competitive.

Cost savings associated with outsourcing non-core activities is another factor propelling the market growth. Outsourcing finance & accounting processes can help enterprises reduce operational costs by 15-20%.

Market Trends:

• Adoption of analytics in BPO is a key trend driving market growth. Integration of analytics capabilities in BPO services is helping organizations gain critical insights to optimize processes.

• Demand for multi-process outsourcing is another trend gaining traction. Vendors are offering multi-process outsourcing that combines services across various functions to deliver end-to-end solutions. Data security & privacy concerns and high volumes of low-skilled jobs being replaced by automation & AI may hamper the market growth during the forecast period.

Request free sample: https://www.coherentmarketinsights.com/insight/request-sample/6098

Business Process Outsourcing Market Opportunities

• Finance & Accounting segment is expected to hold the largest share during the forecast period. It will be accounting for around 30% market share by 2030. This is due to the need to reduce operational costs and improve focus on core competencies. Various organizations are outsourcing finance and accounting functions such as accounts payable, accounts receivable, general bookkeeping and record keeping to BPO providers.

• Human resource segment is expected to hold the largest share. It is anticipated to witness a strong CAGR of 11% during the forecast period. This is due to increasing focus on talent management, payroll management and recruitment process outsourcing. HR BPO services help organizations optimize resources, stay compliant with dynamic employment laws and reduce operational expenses related to human resource functions.

Key Market Takeaways

• The global business process outsourcing market is anticipated to witness a CAGR of 9.4% during the forecast period 2023-2030. This is due to need for cost optimization and focus on core competencies among organizations.

• On the basis of service type, the finance & accounting segment is expected to hold a dominant position. This is due to the increasing demand for professional accounting and bookkeeping services.

• Based on end-use, the BFSI industry will continue its lead in the market. This is due to the extensive nature of finance and accounting processes in this industry vertical.

• North America is expected to dominate the regional market landscape over the forecast period. This is due to presence of mature BPO markets in United States and Canada.

Competitor Insights

Key players operating in the business process outsourcing market include

• Accenture
• Teleperformance SE
• Infosys Limited,
• WNS (Holdings) Ltd.
• HCL Technologies Limited
• AMDOCS
• CBRE Group Inc.
• Sodexo
• NCR Corporation
• TTEC Holdings, Inc.
• Wipro Limited
• Capgemini

Recent Developments: 

• In March 2022, HCL Technologies Limited and NEORIS announced a relationship to provide clients with services such as increased application utilization, business management, and integrated IT.

• In April 2022, CBRE Group Inc. and Microsoft Corporation signed into collaboration to deliver expanded maintenance and management services to retail customers.

Interested to know the Market up Close. Buy the Full-report Now:

https://www.coherentmarketinsights.com/insight/buy-now/6098

About Us:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defence, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.