Global Business Process Outsourcing (BPO) Market Size was valued at USD 251.1 billion in 2021, and it is expected to reach a value of USD 492.45 billion by 2028, at a CAGR of 10.1% over the forecast period (2022-2028).
Westford, USA, Sept. 19, 2022 (GLOBE NEWSWIRE) — As businesses continue to grow, the need for efficient and effective business processes rises. Outsourcing these processes can be a cost-effective way to achieve this goal, as well reasonable to oversee and maintain. This growth in Business Process Outsourcing (BPO) Market has led to the development of a number of different outsourcing options, from manual process outsourcing to enterprise resource planning (ERP) outsourcing.
Manual process outsourcing involves contracting outside help to complete certain tasks within a company. This approach can be cost-effective, as it can reduce the workload on employees and free up resources for more important tasks. Additionally, it can lead to an improvement in efficiency as tasks are completed more quickly than they would be if they were carried out by employees within the company across the global Business Process Outsourcing (BPO) market.
ERP outsourcing provides a comprehensive platform for managing business processes. Through this type of outsourcing, businesses can access a wide range of technologies and software tools to help them manage their operations more effectively. ERP tools can provide increased insights into company data so that decisions can be made more efficiently and effectively.
Many large companies in the Business Process Outsourcing (BPO) Market have outsourced their customer service and back-office functions to India in order to reduce costs and improve quality of service. Google, Microsoft, Amazon, and Facebook are some of the most well-known multinationals that contract with BPO providers.
Get sample copy of this report:
In the Business Process Outsourcing (BPO) Market, there are three main types of players: technology providers, management services providers, and labor providers. Technology providers provide technology services such as infrastructure development and support; management services providers provide consulting and related services such as human resources management, procurement, finance and accounting management, and risk assessment; and labor providers provide a range of human resources services including recruitment, onboarding, training/development programs, performance management/payroll/benefits administration.
39% of Global Businesses are Outsourcing some or all of their Business Processes, SkyQuest Study Says
Over the past decade, the demand for business process outsourcing (BPO) has surged. In 2021, a study by SkyQuest found that around 39% of global businesses are outsourcing some or all of their business processes. The reasons for this increase include the following:
-The growth of digital technologies has made it easier for companies to outsource tasks that used to be done in-house.
-Changes in customer behavior have led to an increase in demand for BPO services that can help companies deal with complex customer interactions.
-The challenge of managing and orchestrating complex workflows has led to an increase in demand for BPO services that can help companies manage and automate their work processes.
SkyQuest also identified a number of reasons in the global Business Process Outsourcing (BPO) Market why businesses are increasingly considering outsourcing their business process to a third party. First off, by outsourcing the task, businesses can free up resources to focus on more important priorities. This can lead to increased productivity and decreased workloads, which is sure to please both employees and management alike. Second, by using a BPO provider who specializes in delivering efficient and effective BPO services, businesses can be sure that their work processes will be handled with care and precision.
India has Become Hub for Business Process Outsourcing (BPO) Market
India has been hailed as the leader in business process outsourcing (BPO) market due to its low-cost labor, skilled workforce and Geographic advantage. today, India is one of the world’s top destinations for BPO services with businesses seeking to outsource their business processes to reduce costs and improve efficiency.
As per SkyQuest analysis, the infrastructure in India makes it an ideal location for multinational companies looking to outsource their customer service and operations functions. The country offers a large pool of skilled professionals who are able to quickly adapt to new challenges and work across multiple languages. In addition, the climate is conducive to working long hours without suffering from intense heat or cold.
Browse summary of the report and Complete Table of Contents (ToC):
The cost savings that businesses can achieve through BPO outsourcing are enormous. By giving companies the ability to outsource specific functions such as customer service, billing, scheduling and human resources, they can free up valuable resources for more important tasks. Additionally, BPO can help companies strengthen relationships with key customers by consolidating their sales and marketing activities into one area.
Indeed, India’s Business Process Outsourcing (BPO) Market rise to the forefront of BPO is no coincidence. The country has been putting in place a series of policies and regulations that have contributed to its growth.
Top 10 Players in Global Business Process Outsourcing Market Holds More than 60% Market Share
To ensure that they are able to procure the best BPO services available, many companies turn to the top 10 players in the global Business Process Outsourcing (BPO) market. The following are five of the leading providers of BPO services: Accenture, Capgemini, Cognizant Technology Solutions, Infosys Technologies Ltd., and Wipro Limited.
Bangalore-based outsourcing company, Wipro Ltd., has emerged as the world’s leading company in the global Business Process Outsourcing (BPO) Market, according to a report by SkyQuest. The Indian giant also claimed the top spot in customer satisfaction globally. The study also found that Wipro outpaced its global rivals in terms of “strength of portfolio”, which reflects its ability to generate value for customers.
Simultaneously, Infosys Ltd. has maintained its position as India’s leading BPO company. “The study found that while customer demands have shifted towards faster turnarounds and more complex work, Infosys remained largely unchanged in terms of its offering. This helps it win contracts involving volumes slightly below those of Wipro and IBM but with better quality measurements
Meanwhile, US-based Cognizant Technology Solutions Corporation (CTSC) has moved up two places to rank 3rd in global Business Process Outsourcing (BPO) market, and is the fastest-growing BPO company. However, it lags behind Wipro and Infosys when it comes to customer satisfaction ratings. CTSC is tapped to help companies with their digital transformation.
Speak to Analyst for your custom requirements:
Key Players in Global Business Process Outsourcing (BPO) Market
CBRE Group Inc (US)
HCL Technologies Limited (India)
Infosys Limited (Infosys BPM) (India)
NCR Corporation (US)
TTEC Holdings, Inc. (US)
Wipro Limited (India)
Related Reports in SkyQuest’s Library:
Global Video Live Streaming Solutions Market
Global Enterprise Data Management Market
Global IT Operations Analytics Market
Global Recruitment Process Outsourcing (RPO) Market
Global Transportation Analytics Market
SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.
1 Apache Way, Westford, Massachusetts 01886
USA (+1) 617-230-0741
Email: [email protected]
LinkedIn Facebook Twitter
NRG Energy: Our journey to a greener tomorrow
There's big money in waiting to collect Social Security, but most U.S. seniors leave that cash on the table.
Ripple Labs Inc. has objected to the U.S. Securities and Exchange Commission’s suggestion that it may seek additional time and pages if other amici curiae (Latin for friends of the court) submit briefs, as the lawsuit the SEC filed in 2020 against Ripple drags on. See related article: SEC, Ripple seek summary judgment in attempt […]
Wall Street analysts are usually a pretty optimistic bunch. So, when they tell you to sell some S&P 500 stocks, listen.
(Bloomberg) — China has begun running down its crude oil stockpiles, which could signal that refiners are getting ready to boost fuel exports as part of the government’s efforts to revive the economy. Most Read from BloombergHome-Flipper Opendoor Hit With Losses in Echo of Zillow CollapseTycoon's Wild $3 Billion Gamble on ‘China's LVMH’ CrashesFed Set to Reveal ‘Pain’ Coming in Next Stage of Inflation Fight‘Mute Your Phones’: Trump Special Master Hearing Descends Into ChaosSouthwest Mexico Stru
(Bloomberg) — Russia’s seaborne crude exports have fallen sharply in the first half of September, hit first by a storm in the Pacific and then by an unexplained decline in shipments from the Baltic. Flows to the big Asian buyers — China and India — aren’t offsetting a drop in volumes for Europe.Most Read from BloombergHome-Flipper Opendoor Hit With Losses in Echo of Zillow CollapseSouthwest Mexico Struck by 7.5 Magnitude Earthquake, Buildings Sway in CapitalMark Zuckerberg’s $71 Billion Wealth
Though retirees are only required to take a certain portion of their retirement savings out as distributions each year, a study from JPMorgan Chase shows that there is likely good reason to take out more. A withdrawal approach based solely on … Continue reading → The post 84% of Retirees Are Making This RMD Mistake appeared first on SmartAsset Blog.
It's always hard to make your retirement savings last as long as you need it to – but it becomes even harder when you're retiring during a market downturn, as Americans retiring right now are experiencing. A market downturn means … Continue reading → The post How to Retire During a Market Downturn: It's All About Withdrawing This Way appeared first on SmartAsset Blog.
JPMorgan Chase’s global head of payment, Takis Georgakopoulos, says the demand for crypto has plummeted.
China's aviation regulator says it met with Boeing the day before the company revealed plans to find new buyers for some MAX jets destined for Chinese carriers.
Boeing said it plans to eliminate about 150 finance jobs in the U.S. as part of a push to simplify its corporate structure. The expected reduction follows what the company said were earlier corporate staffing cuts in areas such as information technology, aimed at reducing complexity so Boeing can focus more resources on engineering, manufacturing and product development. Boeing said in a January regulatory filing that it ended last year with about 142,000 employees worldwide.
Chip giant Nvidia Corp on Tuesday unveiled its new computing platform called DRIVE Thor that would centralize autonomous and assisted driving as well as other digital functions including in-car entertainment. Nvidia, a big player in the gaming chip and artificial intelligence (AI) market, has been making a big push in the automotive business, a key growth segment for the company. Danny Shapiro, head of Nvidia's automotive business, said DRIVE Thor would be able to replace numerous chips and cables in the car and bring down the overall system cost, although he did not give specific numbers on savings.
Despite the efforts of economic development officials and millions of dollars spent on trying to lure major public companies, the fact remains the Triangle is almost bone-dry when it comes to hosting corporate headquarters of large companies. In fact, in the past 20 years, it has lost major companies to mergers, asset sell-off, product discontinuation and system redundancies.
One of the biggest worries associated with retirement planning is making sure you have enough money tucked away. While some people might aim to save $1 million or even $2 million for the future, your goal might be to save … Continue reading → The post How Long Will $600,000 Last in Retirement? appeared first on SmartAsset Blog.
Marriage can affect how you do your taxes, make money and plan for retirement. If your marriage ends, it's important to know the rules regarding divorce and Social Security. Who's eligible for what benefits, how much can you collect and … Continue reading → The post Social Security Rules After a Divorce appeared first on SmartAsset Blog.
Germany nationalised Uniper on Wednesday after an earlier multi-billion euro bailout failed to keep the gas importer afloat and President Vladimir Putin sent oil prices higher by announcing a partial Russian military mobilisation. Berlin agreed to buy the remaining stake owned by Finland's Fortum in the German gas importer to secure its operations and keep its business going, the latest move to keep the lights on and heaters running in Germany this winter. European gas and power prices have rocketed this year as Russia cut fuel exports to retaliate for Western sanctions over its invasion of Ukraine, leaving consumers struggling with sky-high energy bills and European utilities grappling with a liquidity crunch.
Shares of Target (NYSE: TGT) were down 3.9% to session lows as of 1:53 p.m. ET Tuesday. Tuesday's slump came in the wake of a Wall Street Journal article reporting that apparel retailer Gap is eliminating 500 corporate jobs. Gap and Target aren't in the same position, but with Gap taking action to reduce its expenses, Target investors are wondering if that retailer might be facing challenges on the cost side as well.
Oil prices moved higher as investors weighed up the possibility of an even more protracted war in Ukraine after Russia's president announced a partial draft.
Long story short: the sooner you act, the easier it'll be.
Morgan Stanley, JPMorgan and Bank of America are among the banks that are weighing an exit as they fear being sued over the alliance's stringent decarbonisation commitments, the report said. The Glasgow Financial Alliance for Net Zero (GFANZ), set up in 2021 by former Bank of England governor Carney, is a coalition of assets managers, banks and insurance firms representing $130 trillion in assets directed toward tackling climate change.