The global business process outsourcing services market was valued at over USD 148 billion in 2016 and is expected to surpass USD 206 billion by 2021.
Procurement market intelligence analysts have announced its latest market research report on business process outsourcing services for the period 2017-2021. This market analysis discusses the main drivers and key evolving trends that will influence the growth of the global business process outsourcing services market during the forecast period. Some of the top vendors listed in this industry analysis include Accenture, Infosys BPO, HCL Technologies, TCS BPO, and Genpact.
In terms of geographical analysis, the Americas are the largest shareholder in the global market, with a market share of around 41%. The presence of several suppliers in onshore and nearshore locations will fuel the development of the American market during the forecast period.
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According to Angad Singh, a procurement specialist at Technavio for research on category spend intelligence, “The shift to cloud and analytics-based solutions will enhance the flexibility and scalability of suppliers’ applications and services. The use of these technologies improves the agility, operational efficiency of service providers, and their ability to deliver high-quality services. The analytics-based solutions help buyers take better business decisions by providing actionable insights about competitors, the market, and customer behavior.”
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The new procurement market intelligence report studies some of the significant drivers and trends responsible for the growth of this market and its sub-segments.
Need to minimize operational costs
The outsourcing of non-core business activities such as customer support, data entry, and telemarketing to third party service providers enables buyers to focus on core business processes. The need for organizations to control their expenditure on employee wages and health insurance is one of the primary factors attributing to the outsourcing of non-core business processes to other service providers. The outsourcing of business activities eliminated the need to upgrade infrastructure and employ a skilled workforce for these non-core processes, which, in turn, helps to reduce operational costs.
Focus on enhancing customer satisfaction levels
The growing requirement to retain consumers will encourage business owners to utilize the services of BPOs to resolve queries and issues of existing customers. The level of customer satisfaction is an indication towards successful businesses and a direct impact on customer loyalty. Furthermore, the costs associated with acquiring new customers are very high due to the high cost of marketing and promotional activities, which will consequently increase the need for business process outsourcing services in the global market.
Need to focus on core business functions
Outsourcing of non-core business activities provides owners an opportunity to leverage their expertise and enhance their efficiency and service levels for core functions. The ability of BPOs to enhance services levels enable buyers to offer high-quality services that use the latest technologies, and best processes will encourage the adoption of business process outsourcing services across the world.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global Business Process Outsourcing Services Market – Procurement Market Intelligence Report 2017-2021.’
