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Digitization considered vital to business success and efficiency edited

Posted by managedoutsource on July 13th, 2020

Business process outsourcing is an important element of business strategy for all organizations. It is the practice of contracting specific work to an external service provider. The outsourcing of non-core business functions has emerged as one of the largest industries and today almost all businesses that are relying on business process outsourcing services to focus on their core business can increase productivity, minimize staff management, improve customer satisfaction and keep their enterprise running smoothly. The BPO industry is highly tech savvy and utilizes advanced technology to provide the best solutions to their clients. BPO companies are now expanding their service line and developing new business models to match the latest technological trends like artificial intelligence, big data, cloud computing, machine learning etc.

 According to an article posted in The Cloud Tribune, businesses are outsourcing their business processes to focus on their core competencies and survive in the present cut-throat competitive environment. Market Research shows that the business process outsourcing market is expected to grow at a robust CAGR of 7.5 percent during the period 2019 to 2029. Key findings regarding the business process outsourcing market are:

  • IT & telecommunication has the leading market share due to the rapidly evolving IT infrastructure.
  • Industries like banking, financial services, and insurance are contributing significantly to the market growth.
  • Knowledge process outsourcing is expected to have an impressive growth rate during the forecast period.
  • North America holds more than 60% share in the global business process outsourcing market.
  • Asia Pacific will create remunerative opportunities for key players in the business process outsourcing market.

The key driving factors of this market are:

  • Increasing demand for cost-effective outsourcing is a strong factor for the growth of this market.
  • Rising number of lean business models is complementing the market growth in Europe.
  • BFSI (Banking, Financial Service and Insurance) sector is strengthening the market growth due to the innovative financial technologies.
  • Growing digital economy is boosting the business process outsourcing market in Asia Pacific.

The challenges of the marketing according to the report are:

  • Strict government regulations with off- shoring and outsourcing activities are limiting the growth of the market.
  • Security risks that come with confidential data is restraining the business process outsourcing market growth.

Some of the major players of this market are Helpware, Plaxonic Technologies, Wipro Octopus Tech, EXL Service, Genpact, Accenture, Cognizant Intetics, Invensis, ADP, Unity Communication, SunTec India etc.  The companies are focused on seamless integration of various different models.

How Businesses Can Do Well with BPO services

The business processing outsourcing industry offers a wide range of functions and services. By outsourcing mundane tasks, businesses can focus more on the core activities and also focus on providing those processes at the highest levels with greater accuracy, efficiency and speed. It also offers better flexibility to the business to adjust to the everchanging dynamics of the market. Another advantage of hiring a BPO service provider is that they are well aware of the latest advances and innovation happening in their areas of specialization, and are likely to invest more in software and technologies. This helps to improve the quality of work and provide better service to the organization. 

With every year, the need for BPO Service is increasing drastically and to meet the changing demands of clients it is important for business process outsourcing services to evolve, adapt new solutions and remain informed to mitigate any possible risks.     

Also See: Process Outsourcing, Business Process, Outsourcing Market, Market Growth, Process, Outsourcing, Market

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