The report of global business process outsourcing market by Service (Finance & Accounting, Human Resources, Knowledge Process Outsourcing, Procurement & Supply Chain, Customer Services, Others) Service Location (Onsite, Offsite, Offshore) Industry (Banking, Financial Services and Insurance (BFSI), Healthcare, Manufacturing, IT & Telecommunication, Retail, Others) Region (North America, Europe, Asia Pacific, South America, Middle East & Africa) is expected to reach US$ XX Mn by 2027, at a CAGR of 8% during a forecast period.
Business process outsourcing (BPO) is the fastest growing outsourcing industry across the world today. BPO is the business approach where large companies hire other companies to perform a certain task of business operations for them. Business process outsourcing provides services like marketing and sales services, customer support and service, real-time accounting, and supply chain management.
IT and telecom industry are witnessing the fastest growth at CAGR of XX%.
BPO provides services to various industries such as IT and telecom, BFSI, manufacturing, healthcare, and many others. IT and telecom industry are projected to witness fast growth at CAGR of XX% during the forecast period. Increasing requirements of BPO services in information technology enables service (ITES) industry is attributed to the growth of the market. Also increasing the number of customer service call centers across the globe to solve products and service-related concerns is impelling the growth of the market.
Asia Pacific is witnessing fastest growth at CAGR of XX%.
Asia Pacific held the largest market share in 2019 and is also witnessing the fastest growth at CAGR of XX% during the forecast period. Countries such as China, India, Thailand, Malaysia, and the Philippines are dominating the market. The growth is attributed to the massive presence of various BPO service providers across the region. Also growing market for offshore business outsourcing in a country like India is driving the growth of the market.
North America followed by Europe is expected to witness fast growth during the forecast period. The US, Canada, the UK, and Germany are dominating the market in the respective regions. This is owing to the growing market for Consumer Packaged Goods and manufacturing industries across the region.
Maximize Market Research, India market research firm with a dedicated team of specialists and data has carried out extensive research about the Global Business Process Outsourcing Market. The report encompasses the market by different segments and regions, providing an in-depth analysis of the overall industry ecosystem, useful for making an informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics and future opportunities that might exist in the Global Business Process Outsourcing Market. The driving forces, as well as considerable restraints, have been explained in depth. In addition to this, competitive landscape describing the strategic growth of the competitors has been taken into consideration for enhancing market know-how of our clients and at the same time explains Global Business Process Outsourcing Market positioning of competitors.
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