The global business process outsourcing market is expected to post a CAGR of almost 10% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global business process outsourcing market 2020-2024 (Graphic: Business Wire)
Telecom and IT service provider companies are increasingly outsourcing their customer services to BPO companies. This is because outsourcing certain services enables companies to concentrate on improving their core capabilities. It also allows them to manage cost pressures, improve investments, get specialized resources, and adopt flexible strategies to acquire new customers and retain existing customers. Many such benefits offered by the BPO model are crucial in driving the growth of the market.
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As per Technavio, the rising emphasis on process automation will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Global Business Process Outsourcing Market: Rising Emphasis on Process Automation
BPOs are increasingly adopting emerging technologies such as cloud computing, social media, AI, and process automation to improve productivity. For instance, the adoption of RPA has had a positive impact on the BPO industry. It uses bots and AI on a user interface to complete work at a faster rate. This saves time and costs associated with the process. Therefore, the rising emphasis on process automation will have a positive impact on the growth of the global business process outsourcing market during the forecast period.
“Increasing number of start-ups partnering with BPOs and the rising number of acquisitions and partnerships will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Global Business Process Outsourcing Market: Segmentation Analysis
This market research report segments the global business process automation market by end-user (IT and telecommunication, BFSI, retail, healthcare, and others) and geography (APAC, Europe, MEA, North America, and South America).
The North American region led the business process outsourcing market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to register the highest incremental growth. This is due to the growing adoption of advanced technologies such as cloud computing solutions, social media, AI, and RPA among companies in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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