This report provides exclusive insights into the COVID-19 impact on the Business Process Outsourcing. The detailed analysis provides information about the impact of the outbreak on the demand and supply conditions, trends and forecasts of the Business Process Outsourcing. Moreover, the impact analysis covers the study of the COVID-19 on the supply chain of Business Process Outsourcing. The sectoral impact shall provide insights into both short term and long term effects of the pandemic on the related and support industries.
A recent report published by Infinium Global Research on the business process outsourcing (BPO) market provides an in-depth analysis of
segments and sub-segments in the global as well as regional business process
outsourcing (BPO) market. The study also highlights the impact of drivers,
restraints, and macro indicators on the global and regional business process
outsourcing (BPO) market over the short term as well as long term. The report
is a comprehensive presentation of trends, forecast, and dollar values of the global
business process outsourcing (BPO) market. According to the report, the global
business process outsourcing (BPO) market is projected to grow at a CAGR of
8.2% over the forecast period of 2019-2025.
Business process outsourcing (BPO) services are
provided for IT, finance & accounting, E-commerce and support, procurement,
back-office process, human resource & recruitment process among others, by
third-party providers to countless organizations. The increasing need to upsurge
operational efficiency in order to remain competitive in the market is one of
the significant factors that organizations are turning to third-party BPO
service providers. Businesses operating in the market are heavily investing in
the development of advanced technologies such as analytics, big data, cloud
computing, and artificial intelligence (AI) in order to deliver comprehensive
BPO services to their clients.
Improved telecommunication and IT capabilities and
reduced international trade barriers have led to a situation where
organizations are progressively interlinked with each other for carrying out
business. Furthermore, enterprises are focusing on dropping the cost of
conducting business to access global resources to meet the demands of the
industry. Therefore, organizations are leveraging the advantages of outsourcing
and are focusing on core competencies, thereby producing opportunities in the
market for business process outsourcing. Even though the market is anticipated
to grow significantly over the prediction period; market vendors exhibit a
dependency on external outsourcing service providers; this dependency presents
a potential security risk with reference to integrity and confidentiality of
consumer’s data. In addition, maintaining and preserving the confidentiality
and integrity of user’s data is a major concern common for all companies.
Besides, increasing budgetary pressures and deficiency of effective frameworks
to ensure the quality of service are some of the crucial factors restraining
the growth of the business process outsourcing (BPO) market.
The COVID-19 outbreak has adversely impacted almost
all sectors worldwide, with disturbed supply chains, country-wide lockdowns,
and organizations exploring the possibility of long-term and even permanent
remote working. The Business Process Outsourcing (BPO) industry features
contact center agents working from different locations and answering millions
of calls every single day. Some important concerns faced by BPO organizations
are data security and the impact on productivity owing to either inadequate
infrastructure at employees’ homes or the dearth of supervision. Some other
concerns like difficulties in recording calls when working remotely and the
exposure of personal employee data to clients.
Among the geographies, North America region is
expected to hold the largest share in the global business process outsourcing
(BPO) market. The availability of a skilled workforce along with the quality of
service and operational efficiency are the major factors that are driving the
companies to outsource their business processes to the American countries.
Furthermore, the Asia Pacific market for business process outsourcing is
projected to witness the fastest CAGR over the forecast period. The regional
market growth is ascribable to increasing support from the Asian government
towards the promotion of English language learning programs in order to gain
attraction from global service providers in several Asian countries is also
expected to propel market growth.
The report on global business process outsourcing (BPO)
market covers segments such as service, and end user. On the basis of service,
the sub-markets include finance & accounting, human resources, procurement
& supply chain, customer services, and others. On the basis of end user,
the sub-markets include BFSI, healthcare, manufacturing, IT &
telecommunication, retail, and others.
The report provides profiles of the companies in the market
such as Accenture plc, Infosys Limited, HCL Technologies Limited, Wipro
Limited, Capgemini SE, Amdocs, IBM Corporation, Genpact, TATA Consultancy
Services Limited, and Cognizant.
The report provides deep insights into the demand forecasts,
market trends, and micro and macro indicators. In addition, this report
provides insights into the factors that are driving and restraining the growth
in this market. Moreover, The IGR-Growth Matrix analysis given in the report
brings an insight into the investment areas that existing or new market players
can consider. The report provides insights into the market using analytical
tools such as Porter's five forces analysis and DRO analysis of the business
process outsourcing (BPO) market. Moreover, the study highlights current market
trends and provides forecast from 2019-2025. We also have highlighted future
trends in the market that will affect the demand during the forecast period.
Moreover, the competitive analysis given in each regional market brings an
insight into the market share of the leading players.