BPO Services Market Report 2024 (Global Edition)

Global BPO Services Market Report 2024 Market Size Split by Service Type (Finance and Accounting Outsourcing, Marketing & Sales Outsourcing, Customer Support Outsourcing, Training & Development Outsou...

BPO Services Market Report Description

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Competitive Landscape of the BPO Services Market

Key players deploy strategic initiatives such as product innovations, partnerships, and mergers. Companies prioritize R&D to introduce cutting-edge reagents, ensuring a competitive edge. Robust distribution networks and adherence to quality standards amplify market presence, fostering an environment where agility and innovation define industry leaders.

BPO Services Industry News 

In November 2023, the opening of a customer experience delivery center in Cape Town, South Africa, was announced by TTEC Holdings, Inc., a company that offers customer experience BPO services. Customer experience services are offered by TTEC Holdings, Inc. to a wide range of businesses in the manufacturing, automotive, healthcare, and telecommunications sectors. The Cape Town delivery center can accommodate several hundred workers. 

(Source:https://www.prnewswire.com/news-releases/ttec-opens-new-global-customer-experience-delivery-center-in-cape-town-302000066.html)

Top Companies Market Share in BPO Services Industry: (In no particular order of Rank)

• Infosys
• Alorica
• Blackstone Group
• Tata Consultancy Services
• ADP
• LLC
• HP Infosystem
• Sykes
• Genpact
• WNS Global Services
• Capgemini
• Synnex (Convergys included)
• Sodexo
• CBRE Group
• Teleperformance
• Accenture
• Wipro
• NCR Corporation
• Conduent
• Inc.
• Transcosmos
• Cognizant
• VXI Global Solutions
• TTEC Holdings Inc.
• Confidential Data
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of BPO Services Market 

Which Region will dominate the BPO Services Devices Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024 and accounted for around 40% of the global revenue. The BPO services market in North America is expanding due to the region's robust economy, technological advances, and changing business needs. Businesses in North America are progressively outsourcing non-core operations to specialized service providers with an emphasis on cost-effectiveness and efficiency. This tendency is anticipated to persist as businesses look to boost output and stay competitive in the marketplace.

Which Region is Expanding at the Fastest CAGR?

The European region is witnessing an increase in the sales of reagents. The market for business process outsourcing (BPO) services is developing in Europe due to several factors, including the rising use of digital technology, changing regulations, and rising demand for affordable business solutions. In Europe, companies are increasingly turning to specialized service providers to outsource non-core operations to maximize resources and improve operational efficiency.

The current report Scope analyzes BPO Services Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America BPO Services Market

According to Cognitive Market Research, the global BPO Services market size was estimated at USD 281542.2 Million out of which North America held the major market of more than 40% of the global revenue with a market size of USD 112616.88 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.8% from 2024 to 2031. The BPO services industry in North America is expanding rapidly, propelled by the region's highly qualified labor pool, sophisticated technology infrastructure, and exciting business climate. The Information Technology (IT) and Telecommunications sector is a major driver of this expansion, as it depends on BPO solutions to improve customer service, generate innovation, and streamline operations. Businesses in North America are rapidly outsourcing non-essential operations to specialized service providers, placing a strong emphasis on efficiency and innovation. This allows them to concentrate on their core capabilities and strategic projects. As businesses look to use outsourcing as a strategic tool for growth and competitiveness in the ever-changing global market landscape, this trend is predicted to continue.

Country Analysis

• According to Cognitive Market Research, the US had a major share in the BPO Services market with a market size of USD 88854.72 million in 2024 and is projected to grow at a CAGR of 7.6% during the forecast period. The demand is amplified by the nation's the need for cost reduction and efficiency improvement.
• The Canada BPO Services market had a market share of USD 13514.03 million in 2024 and is projected to grow at a CAGR of 8.6% during the forecast period. Canada's rising access to specialized skills and expertise.
• The Mexico BPO Services market is projected to witness growth at a CAGR of 8.3% during the forecast period with a market size of USD 10248.14 million in 2024.

Europe BPO Services Market

According to Cognitive Market Research, with a market value of USD 281542.2 million in 2024 and projected to expand at a compound annual growth rate (CAGR) of 8.1% from 2024 to 2031. Europe accounted for a share of over 30% of the global market size of USD 84462.66 million. The desire for cost-effective solutions, technical improvements, and regulatory compliance requirements are driving the continuous growth of the BPO services market in Europe. The Banking, Financial Services, and Insurance (BFSI) industry, which depends on BPO services to enhance customer service, streamline procedures, and maintain regulatory compliance, is a prominent sector propelling this growth. European companies are outsourcing non-core services to specialized service providers more frequently in order to boost productivity and spur innovation. These companies prioritize efficiency and agility. It is expected that businesses would continue to emphasize adaptability and scalability in response to changing market conditions, establishing Europe as a major participant in the global BPO services industry.

 

• The United Kingdom BPO Services market had a market share of USD 14189.73 million in 2024 and is projected to grow at a CAGR of 8.9% during the forecast period. In the UK, BPO Services sales witness an upswing due to the nation's technological advancements driving digital transformation. 
• The France BPO Services market is projected to witness growth at a CAGR of 7.3% during the forecast period with a market size of USD 7770.56 million in 2024.
• According to Cognitive Market Research, the Germany BPO Services market size was valued at USD 16723.61 million in 2024 and is projected to grow at a CAGR of 8.3% during the forecast period. In Germany, BPO Services sales surge due to the nation's focus on core competencies and strategic initiatives. 
• The Italy BPO Services market is projected to witness growth at a CAGR of 7.5% during the forecast period with a market size of USD 7263.79 million in 2024.
• The Russia BPO Services market is projected to witness growth at a CAGR of 7.1% during the forecast period with a market size of USD 13091.71 million in 2024.
• The Spain BPO Services market is projected to witness growth at a CAGR of 7.2% during the forecast period with a market size of USD 6925.94 million in 2024.
• The Luxembourg BPO Services market is projected to witness growth at a CAGR of 8.2% during the forecast period with a market size of USD 2618.34 million in 2024.
• The Portugal BPO Services market is projected to witness growth at a CAGR of 7.9% during the forecast period with a market size of USD 1773.72 million in 2024.
• The Greece BPO Services market is projected to witness growth at a CAGR of 8.4% during the forecast period with a market size of USD 1013.55 million in 2024.
• Rest of Europe BPO Services market is projected to witness growth at a CAGR of 6.8% during the forecast period with a market size of USD 13091.71 million in 2024.

Asia Pacific BPO Services Market

According to Cognitive Market Research, the global BPO Services market size was estimated at USD 281542.2 Million out of which Asia Pacific held the market of around 23% of the global revenue with a market size of USD 64754.71 million in 2024 and will grow at a compound annual growth rate (CAGR) of 11.6% from 2024 to 2031. The need for BPO services is rising quickly in the Asia Pacific area because to factors such growing globalization, advances in technology, and a trained labor pool. The Information Technology (IT) and Telecommunications sector is a major driver of this expansion, as it uses business process outsourcing (BPO) solutions to increase customer service, streamline operations, and spur innovation. Businesses in Asia Pacific are rapidly outsourcing non-core tasks to specialized service providers with an emphasis on cost-effectiveness and scalability. This helps them to improve productivity and stay competitive in the global market. This pattern is anticipated to continue as businesses take advantage of Asia Pacific's advantageous business climate and rising demand for outsourcing solutions, establishing the area as a major hub for BPO services.

• According to Cognitive Market Research, the China BPO Services market size was valued at USD 29139.62 million in 2024 and is projected to grow at a CAGR of 11.1% during the forecast period. BPO Services sales surge in China due to the nation's rapid expansion in the growing demand for outsourcing services from both domestic and international companies.
• The Japan BPO Services market is projected to witness growth at a CAGR of 10.1% during the forecast period with a market size of USD 8936.15 million in 2024.
• The India BPO Services market had a market share of USD 7770.56 million in 2024 and is projected to grow at a CAGR of 13.4% during the forecast period. The demand is augmented by India's increasing the availability of a large and skilled workforce at competitive cost..
• The South Korea BPO Services market is projected to witness growth at a CAGR of 10.7% during the forecast period with a market size of USD 6475.47 million in 2024.
• The Australia BPO Services market is projected to witness growth at a CAGR of 11.3% during the forecast period with a market size of USD 3367.24 million in 2024.
• The South East Asia BPO Services market is projected to witness growth at a CAGR of 12.6% during the forecast period with a market size of USD 4468.07 million in 2024.
• The Rest of Asia Pacific BPO Services market is projected to witness growth at a CAGR of 11.4% during the forecast period with a market size of USD 4597.58 million in 2024.

South America BPO Services Market

According to Cognitive Market Research, the global BPO Services market size was estimated at USD 281542.2 Million out of which Latin America market of more than 5% of the global revenue with a market size of USD 14077.11 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.0% from 2024 to 2031. The market for BPO services is expanding in Latin America due to benefits in cost, a skilled and bilingual workforce, and a hospitable corporate environment. The outsourced contact center industry, which meets the growing need for multilingual customer support services from North American and European businesses, is a key sector fueling this rise. Latin American companies are increasingly choosing to outsource to other regions due to their emphasis on quality, efficiency, and language competency. It is anticipated that businesses will carry on with this trend as they look to capitalize on the competitive advantages of the region, grow their outsourcing operations, and establish Latin America as a major player in the global BPO services industry.

• According to Cognitive Market Research, the Brazil BPO Services market size was valued at USD 6025.00 million in 2024 and is projected to grow at a CAGR of 9.6% during the forecast period. BPO Services sales flourish in Brazil due to the nation's government support for the services sector.
• The Argentina BPO Services market had a market share of USD 2364.95 million in 2024 and is projected to grow at a CAGR of 9.9% during the forecast period. The demand is augmented by Argentina's commitment to the focus on enhancing operational efficiency and competitiveness.
• The Colombia BPO Services market is projected to witness growth at a CAGR of 8.8% during the forecast period with a market size of USD 1252.86 million in 2024.
• The Peru BPO Services market is projected to witness growth at a CAGR of 9.2% during the forecast period with a market size of USD 1154.32 million in 2024.
• The Chile BPO Services market is projected to witness growth at a CAGR of 9.3% during the forecast period with a market size of USD 1013.55 million in 2024.
• The Rest of Latin America BPO Services market is projected to witness growth at a CAGR of 8.1% during the forecast period with a market size of USD 2266.41 million in 2024.

Middle East and Africa BPO Services Market

According to Cognitive Market Research, the global BPO Services market size was estimated at USD 281542.2 Million out of which Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 5630.84 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.3% from 2024 to 2031. The BPO services industry is expanding in the Middle East and Africa (MEA), propelled by reasons like a younger labor force, bettering technology infrastructure, and heightened globalization. The business process outsourcing for finance and accounting industry, where corporations use outsourcing to comply with international standards and expedite financial operations, is a prominent segment driving this expansion. Businesses in MEA are taking advantage of the region's competitive advantages by outsourcing non-core operations to specialized service providers with an emphasis on quality and cost-effectiveness. As businesses look to increase productivity and maintain their competitiveness in the global market, this trend is anticipated to continue, establishing MEA as a rising force in the BPO services industry.

• According to Cognitive Market Research, the GCC Countries BPO Services market size was valued at USD 2410.00 million in 2024 and is projected to grow at a CAGR of 10.1% during the forecast period. BPO Services sales flourish in the GCC Countries due to the region's the need for cost optimization.
• The Egypt BPO Services market is projected to witness growth at a CAGR of 9.6% during the forecast period with a market size of USD 591.24 million in 2024.
• The South Africa BPO Services market is projected to witness growth at a CAGR of 10.3% during the forecast period with a market size of USD 889.67 million in 2024. BPO Services sales flourish in the South Africa due to the region's and process efficiency.
• The Turkey BPO Services market is projected to witness growth at a CAGR of 8.8% during the forecast period with a market size of USD 484.25  million in 2024.
• The Nigeria BPO Services market is projected to witness growth at a CAGR of 8.4% during the forecast period with a market size of USD 591.24 million in 2024.
• The Rest of MEA BPO Services market is projected to witness growth at a CAGR of 8.3% during the forecast period with a market size of USD 664.44 million in 2024.

BPO Services Market Analysis

BPO services Market Type Segment Analysis 

According to Cognitive Market Research, Finance and Accounting Outsourcing held the major market share over the forecast period. Businesses are increasingly using specialized FAO suppliers to cut expenses, increase accuracy, and enhance compliance with financial processes. Businesses can improve efficiency and strategic decision-making by concentrating on optimizing financial operations, which will increase demand for FAO services and help the BPO market as a whole.

Marketing & Sales Outsourcing is the fastest-growing category over the forecast period. Companies are increasingly using specialized providers to increase sales, broaden their market reach, and streamline marketing operations. Through outsourcing marketing and sales operations, businesses can access resources, technology, and experience that improve customer engagement and boost revenue, hence supporting the BPO market's overall growth.

• Finance and Accounting Outsourcing
• Marketing & Sales Outsourcing
• Customer Support Outsourcing
• Training & Development Outsourcing
• Human Resource and Recruitment Outsourcing
• Document Management & Processing
• Others

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of BPO Services Industry. Request a Free Sample PDF!

Application of BPO Services Market

According to Cognitive Market Research, Business Process-as-a-Service (BPaaS) (Cloud-Based) holds a prominent market share. As more firms embrace digital transformation, BPaaS provides flexible and scalable outsourcing options that let them access vital business operations through cloud platforms. This strategy increases productivity, lowers expenses, and offers flexibility, which fuels the need for BPaaS and aids in the general growth of the BPO industry.

Traditional (On-Premises) is the fastest-growing category over the forecast period. Even if cloud-based solutions are becoming more popular, traditional on-premises BPO services are still a major factor in the market's expansion. Several firms prefer on-premises solutions because of restrictions in their current infrastructure, security concerns, or legal requirements. These conventional BPO services address a variety of corporate demands and aid in the market's growth by providing specialized solutions, thorough system integration, and committed support.

• Traditional (On-Premises)
• Business Process-as-a-Service (BPaaS) (Cloud-Based)

The above Graph is for representation purposes only. This chart does not depict actual Market share.

BPO Services Organization Size Segment Analysis

According to Cognitive Market Research, SMEs held the major market share over the forecast period. Due to resource constraints and the demand for cost-effective solutions, SMEs are resorting to outsourcing to gain specialized expertise and streamline operations. BPO services give SMEs access to cutting-edge technologies, scalability, and flexibility. This allows them to enhance productivity, streamline operations, and concentrate on their primary goals, which drives market expansion.

Large Enterprises is the fastest-growing category over the forecast period.These companies use business process outsourcing (BPO) solutions to maximize productivity, cut expenses, and improve flexibility. Large corporations can concentrate on their core skills and strategic ambitions by contracting non-core operations to specialized service providers. BPO services are also essential for large businesses trying to stay competitive since they provide scalability and access to specialized expertise.

• SMEs
• Large Enterprises

BPO Services Vertical Segment Analysis

According to Cognitive Market Research, BFSI held the major market share over the forecast period. BFSI companies utilize BPO solutions to optimize workflows, enhance customer support, and guarantee adherence to regulations. BFSI organizations can concentrate on their core competencies by outsourcing non-core responsibilities like data management, customer support, and back-office operations. This allows them to take advantage of the cost efficiencies and operational excellence BPO partners offer.

IT & Telecommunication is the fastest-growing category over the forecast period. Businesses in this sector use business process outsourcing (BPO) solutions to simplify network management, software development, IT support, and customer care processes. IT and telecom companies can concentrate on innovation, product creation, and broadening their market reach by contracting non-core operations to specialized service providers. This approach will propel the BPO market's overall growth.

• BFSI
• IT & Telecommunication
• Retail & Consumer Goods
• Manufacturing
• Healthcare and Life Sciences
• Government and Défense
• Transportation & Logistics
• Energy & Power
• Others

BPO Services Outsourcing Type Segment Analysis

According to Cognitive Market Research, Offshore held the major market share over the forecast period. Businesses in various sectors use offshore BPO services to access affordable labor, specialized knowledge, and round-the-clock assistance. By using offshore sites, businesses can save much money on outsourcing while keeping service quality and scalability. Through offshore BPO services, businesses may become more efficient and competitive in a globalized marketplace, which stimulates market expansion.

Onshore is the fastest-growing category over the forecast period. The BPO market is growing more and more due to onshore BPO services. Businesses choose onshore outsourcing because of its proximity, cultural fit, and legal compliance advantages. Businesses can reduce the risks of language barriers, time zone variances, and data security concerns by outsourcing to local service providers. Dependability, flexibility, and smooth communication are provided by onshore BPO services, which support the BPO market's general growth.

• Offshore
• Onshore

BPO Services Ownership Segment Analysis

According to Cognitive Market Research, Captive held the major market share over the forecast period. Businesses set up captive centers to internalize outsourcing operations and gain more control, customisation, and alignment with corporate goals. Businesses can gain access to specialized expertise, improve operational efficiency, and preserve competitive advantages by utilizing captive BPO services, which in turn helps to propel the BPO market's overall growth.

Third-Party is the fastest-growing category over the forecast period. The expansion of the BPO industry is largely dependent on third-party BPO services. Companies use outside vendors to outsource non-core tasks, which allows for cost savings, scalability, and access to specialist knowledge. Through collaborating with independent BPO providers, businesses can enhance productivity, streamline processes, and concentrate on their core skills. The flexibility, inventiveness, and strategic advantages provided by third-party BPO services support the expansion of the market as a whole.

• Captive
• Third-Party

Author's Detail

Vinayak Bali

Senior Research Analyst at Cognitive Market Research

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