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| Global Business Process Outsourcing Market Size |
Business process outsourcing refers to the process of hiring a third party to
perform certain regular operational procedures and services in business. Key
operations typically outsourced include HR, finance and accounting, customer
relationship management, and supply chain management. These services help
businesses focus more on core operations by leveraging the expertise of
specialized service providers.
The global
Business Process Outsourcing Market is estimated to be valued at US$ 280.64 Bn in 2023 and is expected
to exhibit a CAGR of 9.0% over the
forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market key trends:
Digitization of processes and workflows has been a major driving factor
accelerating growth in the business process outsourcing market. Increased
adoption of cloud technologies, AI, RPA, and big data analytics by service
providers has enabled more efficient and automated delivery of outsourced
services. This has translated to better quality of services at reduced costs
for client organizations. Automation of routine tasks through technologies has
freed up resources enabling business process outsourcing companies to take on
higher-value and more complex work. The ability to digitally transform and
adopt new technologies has strengthened value propositions and driven greater
demand for outsourcing in recent years.
Segment
Analysis
The global business process outsourcing market is dominated by the IT and ITES
segment. IT and ITES processes account for over 60% share of the total
outsourced business processes globally. This is because IT and software
services like application development, maintenance, testing, cloud computing,
and infrastructure management provide significant scalability and cost
reductions to enterprises. Outsourcing non-core IT functions helps companies
focus more on their core businesses and competitive advantages.
Key Takeaways
Global
Business Process Outsourcing Market Size is expected to witness high
growth over the forecast period owing to rising globalization of business
operations and need for optimization of costs among enterprises.
Regional analysis: Asia Pacific region currently dominates the global business
process outsourcing market with over 40% share. Growing young workforce, lower
labor costs, and government initiatives to attract foreign investments have
made countries like India, Philippines, and China hub for BPO activities.
Significant presence of global BPO companies in Manila, Bangalore, and
Guangzhou has further strengthened Asia Pacific's leadership position.
Key players: Key players operating in the business process outsourcing market
are Kerry Group plc, Takasago International Corporation, Sensient Technologies
Corporation, Symrise AG, Givaudan SA, Firmenich International SA, Frutarom
Industries Ltd., Citromax Flavors, Inc., and International Flavors &
Fragrances Inc. These players are focusing on new product launches and
partnerships with technology providers to offer innovative solutions and gain
leadership position in the market.
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