Business Process Outsourcing (BPO) Market is expected to gain market growth in the forecast period of 2022 to 2029. Data Bridge Market Research analyses that the market is growing with the CAGR of 8.1% in the forecast period of 2022 to 2029 and expected to reach USD 208,105.38 million by 2029. The increasing trend of new and smart technologies for process automation of various business function are major factors for the market growth.
Penetration of automation in household appliances is the major driving factor in the market. Lack of skilled workforce and high attrition rate can prove to be a challenge however focus on multi-workflow scheduling of business prove to be an opportunity. The restraint is growing concerns regarding data security and privacy concern. Also challenges faced due to the impact of Covid-19 on the supply chain of the raw materials are the restraining factors.
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North America Business Process Outsourcing (BPO) Market Analysis:
This North America Business Process Outsourcing (BPO) Market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the North America Business Process Outsourcing (BPO) market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Key players operating in the North America Business Process Outsourcing (BPO) market include:
The major players covered in the report are IBM Corporation, Cognizant, Capgemini, Genpact, ADP, Inc., Wipro Limited, Accenture, Tata Consultancy Services Limited, HCL Technologies Limited, NTT DATA, Inc., WNS (Holdings) Ltd., NCR Corporation, Tech Mahindra Limited., Infosys Limited, Triniter, Concentrix Corporation, TTEC, SunTec Web Services Pvt. Ltd., Invensis Technologies Pvt. Ltd., Plaxonic Technologies, Sodexo, ExlService Holdings, Inc. and Affiliates, AMDOCS, CBRE, Unity Communications, eNoah, Helpware and Octopus Tech, and Conduent Inc. among other domestic and global players. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Recent Development:
- In May 2020, Wipro Limited announced launch of Finance and Accounting Business-Process-as-a-Service in partnership with NetSuite. This F&A BPaaS is an end-to-end business process solution which helps to improve business agility, user experience and process efficiency. BPaaS empowers customers to manage and control their finance and accounting processes on a standardized platform. This has helped the company to enhance their product portfolio in the market.
- In May 2020, WNS (Holdings) Ltd introduced new business models for the higher employee presence in the IT-ITES/BPM sector during the COVID-19 crisis creating various opportunities in the business process services. The company is going to enhance its business portfolio along with innovation which is going to generate more income to it.
North America Business Process Outsourcing (BPO) Market Segmentations:
- On the basis of outsourcing type, business process outsourcing (BPO) market is segmented into offsource, nearshore and onshore. In 2022, offsource is expected to dominate this segment as organizations are focusing on reducing the cost of conducting business.
- On the basis of service, business process outsourcing (BPO) market is segmented into voice processing, telemarketing services, 3D visualization services, image edition services, virtual staffing services and others. In 2022, voice processing segment augments the market with largest market share due to the due to rising demand for customer support and voice based services.
- On the basis of application, business process outsourcing (BPO) market is segmented into human resource, sales & marketing, finance & accounting, procurement & supply chain, facilities & administrations, customer care, training, product engineering and others. In 2022, customer care segment held the largest share due to rising need of assistance and customer support services.
- On the basis of deployment mode, business process outsourcing (BPO) market is segmented into on premise and cloud. In 2022, cloud segment will dominate the market as due to easy accessibility, reduced cost and others.
- On the basis of organization size, business process outsourcing (BPO) market is segmented into large enterprises and SMEs. In 2022, large enterprise segment is dominating the market owing to the several factors such as cost benefits and improved workflow distribution.
- On the basis of ownership, global business process outsourcing (BPO) market is segmented into third party and captive. In 2022, captive segment augments the market with largest market share due to improved control over business processes.
- On the basis of outsourcing approach, business process outsourcing (BPO) market is segmented into best-shore, bundled services, contract based and fee for services. In 2022, contract based segment holds the largest market share due to rising demand for flexibility and professional services.
- On the basis of end-user, business process outsourcing (BPO) market is segmented into BFSI, IT & telecom, healthcare, manufacturing, retail & ecommerce, government & defense, transportation & logistics, travel & hospitality, education, energy & utilities and others. In 2022, IT and telecommunication segment dominates the overall market due to increasing usage of IT & telecommunication services across all countries.
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North America Business Process Outsourcing (BPO) Market Country Level Analysis
The countries covered in the North America business process outsourcing (BPO) market report are U.S., Canada and Mexico.
The U.S. is dominating the business process outsourcing (BPO) market due to increasing focus towards cost effectiveness and enhancing business operations without affecting the productivity of core activities.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
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