Business Process Outsourcing Market: Finance And Accounting Segment Is Expected To Dominate The Industry By 2030

San Francisco, Calif., USA, June 29, 2022 — /EPR Network/ —

Business Process Outsourcing Industry Overview

The global business process outsourcing market is anticipated to reach USD 525.2 billion by 2030, registering a CAGR of 9.1% from 2022 to 2030, according to a new study by Grand View Research Inc. Factors such as the growing demand for outsourcing services across BFSI, IT & telecommunication, and human resource industries and the rising inclination of organizations to focus on their core competencies are expected to drive the market. Furthermore, the emergence of next-generation services, such as smart self-service and personalized consumer experience, and increasing consumer demand for multi-channel communication are expected to create opportunities for the BPO market during the forecast period. 

The growing popularity of cloud computing in business process outsourcing is one of the prominent factors influencing the growth of BPO services. Cloud computing assists BPO providers in increasing the time to market, improving the quality control process, and reducing costs. Additionally, cloud computing in BPO ensures instant computing support and system access, flexible provisioning, and universal access whenever needed to meet the business purposes. These benefits are anticipated to positively impact the adoption of cloud computing in the business process outsourcing market during the forecast period.

Business Process Outsourcing Market Segmentation

Grand View Research has segmented the business process outsourcing market based on service type, end use, and region:

Based on the Service Type Insights, the market is segmented into Finance & Accounting, Human Resource, KPO, Procurement & Supply Chain, Customer Services and Others.

• The customer services segment dominated the market in 2021, with a revenue share exceeding 30%. The segment is expected to retain its dominance, registering the fastest CAGR during the forecast period.
• The finance and accounting segment is expected to witness significant growth during the forecast period. This can be ascribed to the rising number of banking facilities and stringent regulatory requirements in the banking sector, resulting in the need for outsourcing services that can bring a significant reduction in operating costs.

Based on the End Use Insights, the market is segmented into BFSI, Healthcare, Manufacturing, IT & Telecommunications, Retail and Others.

• The IT & telecommunication segment held the largest revenue share in 2021, accounting for around 34.0% of the overall market.
• The rise in the number of IT companies and rapid industrialization worldwide are some of the key factors driving the demand for BPO services across IT and telecommunication companies.
• The BFSI segment is likely to witness the fastest growth by 2030, attaining a CAGR of over 9.0% during the forecast period.

Business Process Outsourcing Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• MEA

Key Companies Profile & Market Share Insights

Apart from increasing their size and broadening their reach, companies focus on market trends to develop technologically advanced and differentiated services to gain a competitive edge.

Some prominent players in the Business Process Outsourcing market include

• Accenture
• Amdocs
• Capgemini
• CBRE Group, Inc.
• HCL Technologies Limited
• Infosys Limited (Infosys BPM)
• NCR Corporation
• Sodexo
• TTEC Holdings, Inc.
• Wipro Limited

Order a free sample PDF of the Business Process Outsourcing Market Intelligence Study, published by Grand View Research.