Market Research Future (MRFR), in its latest Business Process Outsourcing (BPO) Services Market 2020, reveals multiple influencing factors of the market. A complete detail of the effect of COVID 19 on the business outsourcing service market is supplemented along with the report. As per MRFR analysis, the BPO Services Market is expected to rise at 10.8% CAGR in the analysis period 2019–2024. On the conclusion of the review period, the business process outsourcing service market can value at USD 335.2 Billion.
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The rise in exercising of BPO services across the booming IT and telecommunication sector can promote the expansion of the BPO Service Market Growth across the analysis period. The increase in investments made by different enterprises in outsourcing business processes can support the rise of the Business Process Outsourcing (BPO) Services Market. On the other side, the increase in issues associated with data privacy and integrity can pose major threat to the expansion of the global business process outsourcing (BPO) market rise.
The MRFR report highlights an inclusive segmental analysis of the global BPO industry based on vertical, organization size, deployment, and type.
By type, the global business process outsourcing services market is segmented into training and development outsourcing, e-commerce support services, back office outsourcing, finance and accounting outsourcing, IT outsourcing, and others. Of these, the IT outsourcing will lead the market over the forecast period. It is predicted to develop at a 9.4% CAGR.
By deployment, the global Business Process Outsourcing Services Market Trends is segmented into on-premise and cloud. Of these, the on-premise segment will dominate the market over the forecast period and at a 7.5% CAGR.
By organization size, the global business process outsourcing services market is segmented into large enterprises and SMEs. Of these, the large enterprises will spearhead the market over the forecast period at an 8.5% CAGR.
By vertical, the business process outsourcing services market is segmented into government and defense, life sciences, healthcare, manufacturing, retail and consumer goods, IT and telecommunications, BFSI, and others. Of these, the BFSI segment will stay at the forefront in the market over the forecast period at a 9.6% CAGR.
The business process outsourcing service market is studied across North America, EU, APAC, MEA, and South America. North America BPO services market is anticipated to gain global foothold across the analysis period. The expansion of Asia Pacific business process outsourcing can be attributed to the increase in industries in the region. In Europe, the BPO services market can thrive at considerable growth rate in the analysis period.
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Key players profiled in the global business process outsourcing (BPO) services market report include Conneqt Business Solution Limited, TTEC Holdings, Inc., Tata Consultancy Services Limited (TCS), IBM Corporation, Infosys BPM Limited, Capgemini, WNS (Holdings) Ltd, Accenture PLC, Conduent Inc., LLC, and ADP. Industry players have incorporated key strategies to stay at the forefront, such as mergers, geographic expansions, acquisitions, and others.
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