The global business process outsourcing market size was USD 260 Billion in 2022 and is expected to register a revenue CAGR of 10% over the forecast period, according to the latest report by Reports and Data.
Business Process Outsourcing (BPO) enables companies to enhance their efficiency, productivity, and profitability by accessing a skilled workforce and advanced technology provided by outsourcing service providers. BPO companies offer a range of services such as finance and accounting, customer support, and supply chain management.
The demand for Business Process Outsourcing (BPO) services is on the rise, primarily driven by the need for cost-effective and efficient services in industries like banking, insurance, and healthcare. Outsourcing to offshore locations like India, the Philippines, and China is gaining popularity due to the availability of skilled workers at lower costs. Additionally, the emergence of cloud-based technology has further fueled demand for BPO services as it enables businesses to access services from anywhere, while also reducing infrastructure and hardware costs.
The COVID-19 outbreak has also had a significant influence on the global BPO business, since it has led organisations to shift to remote work, increasing demand for BPO services. The pandemic has also pushed the implementation of digital technologies such as automation and artificial intelligence in the BPO sector, resulting in higher efficiency and lower costs.
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The finance accounting segment of the global business process outsourcing (BPO) market is projected to hold the largest revenue share during the forecast period. This dominance can be attributed to several factors driving the demand for outsourcing financial and accounting services.
Firstly, there is an increasing adoption of cloud-based financial services and accounting software among organizations. Cloud-based solutions offer scalability, flexibility, and cost-effectiveness, making them attractive options for businesses of all sizes. As more companies transition to cloud-based financial systems, the demand for outsourcing finance and accounting processes to specialized service providers also grows.
Secondly, outsourcing finance and accounting operations to third-party providers allows organizations to reduce their operational costs significantly. By leveraging the expertise and economies of scale offered by BPO providers, businesses can streamline their finance and accounting processes, improve efficiency, and achieve cost savings. This aspect is particularly appealing to organizations looking to optimize their bottom line and allocate resources strategically.
Competitive Landscape:
Additionally, outsourcing finance and accounting functions can provide access to specialized skills and domain expertise. BPO providers often employ professionals with extensive knowledge and experience in financial management, taxation, auditing, and other accounting-related areas. By outsourcing these services, organizations can tap into this expertise without having to invest in training or hiring additional in-house staff.
some leading companies operating in the global Keyword market:
Accenture PLC, IBM Corporation, Tata Consultancy Services (TCS), Cognizant Technology Solutions, Infosys Limited, ADP, LLC, EXL Service Holdings, Inc., Wipro Limited, Hewlett Packard Enterprise (HPE), Sutherland Global Services, Inc., and Capgemini
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The global market is further segmented into type and application:
Service Type Outlook (Revenue, USD Billion; 2022 - 2032)
- Finance Accounting
- Human Resource
- KPO
- Procurement Supply Chain
- Customer Services
- Others
End-use Outlook (Revenue, USD Billion; 2022 - 2032)
- BFSI
- Healthcare
- Manufacturing
- IT Telecommunications
- Retail
- Others
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Overall, the combination of cost savings, access to specialized skills, and the benefits of cloud-based financial services drives the demand for finance and accounting outsourcing. Consequently, the finance accounting segment is expected to continue holding the largest revenue share in the global business process outsourcing market in the foreseeable future.
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