(BPO) Business Processes Outsourcing Market Global Forecast To 2022

September 07 04:31 2019
(BPO) Business Processes Outsourcing Market Global Forecast To 2022

Business Processes Outsourcing Market By Type (CRM BPO, HRO BPO, F&A BPO, And Other BPO Services), Drivers And Restraints – Global Forecast To 2022
Automatic Data Processing Was The Largest Company In The Business Processes Outsourcing Market, According To TBRC’s Report (Companies: ADP, Conduent, Accenture, Teleperformance, Paychex And DXC Technologies)

The global market for business process outsourcing services reached a value of nearly $184 billion in 2017. Western Europe is the largest market for business process outsourcing services market companies, accounting for around 37% of the global market. The USA is the largest country in terms of value in the business processes outsourcing market.

The business processes outsourcing (BPO) services market consists of sales of BPO services by entities (organizations, sole traders and partnerships) engaged in providing the basic operations of a business process such as human resource management, finance and accounting, or customer/call center relations for a manufacturing or services company.

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Business Processes Outsourcing Market Size

The global business processes outsourcing services market is expected to grow to $256 billion in 2021 at a growth rate of around 8%. Growth in the historic period resulted from low-cost talent pool in emerging economies and a rise in corporate profits. Going forward, adoption of IoT and the emergence of startups will drive growth. Factors that negatively affected growth in the historic period were stringent government regulations and cybersecurity concerns. Factors that could hinder the growth of this market in the future are a reduction in free trade and skills shortage.

The business processes outsourcing market is fairly fragmented. Major players in the market include ADP, Conduent, Accenture, Teleperformance, Paychex, and DXC Technologies.

Automatic Data Processing (ADP) was the largest company in the business processes outsourcing (BPO) Services market in 2018, with around 5 % share of the market in 2018. It is involved in offering Human Resource Outsourcing services and cloud based Human Capital Management (HCM) solutions to its customers. The company was established in the year 1949 and is headquartered in New Jersey, the USA.

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The business processes outsourcing market is segmented by type 
By Type- The business processes outsourcing market is segmented by type into CRM BPO, HRO BPO, F&A BPO, and Other BPO Services. CRM BPO was the largest segment of the business processes outsourcing market in 2018 at around 33%. The F&A BPO market is expected to be the fastest-growing segment . 

By Geography- The business processes outsourcing market is segmented into Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East And Africa. Among these regions, Western Europe is the largest market for business process outsourcing services market companies, accounting for around 37% of the global market. It was followed by North America, Asia Pacific and then the other regions. Going forward, Africa and the Middle East will be the fastest growing regions in this market. This is followed by Asia Pacific and South America.

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