Market Size (2018)
2018
$186.22M
ICT
Business Process Outsourcing Services Market
By Segment, By Region, And Segment Forecasts, 2018 – 2024
Vertical: ICTBase Year: 20189 Sections
Executive Summary
Business Process Outsourcing Services Market — Snapshot
Projected (2024)
2024
$335.23M
CAGR (2018–2024)
10.3%
10.3%Key Players
114+
Business process outsourcing is a model where some of the business processes are outsourced to third-party service providers on a contractual basis. Processes like human resources, financial & accounting, customer management, supply chain management are widely outsourced to third-party BPO providers. The growing need to increase operational efficiency in order to remain competitive in the market is one of the key factors that enterprises are turning to third-party BPO service providers. Companies operating in the market are heavily investing in the development of advanced technologies like analytics, big data, cloud computing, and artificial intelligence (AI) in order to provide comprehensive BPO services to its clients. The market is dominated by a few big players, however, new players are entering the market due to revenue opportunities in regions like Asia-Pacific, the Middle East and Africa, and South America. The entry of new players is expected to increase the competition in the market.
The global business process outsourcing (BPO) market is expected to reach USD 335.2 billion by the end of 2024, with 10.8% CAGR during the forecast period, 2019–2024. In 2018, the market was led by North America with 69% market share, followed by Europe and Asia-Pacific with shares of 16.2% and 9.3% respectively
Key Insight
The Business Process Outsourcing Services Market market is projected to grow at a CAGR of 10.3% from 2018 to 2024.
Market Performance Trend
Historical performance and future projections (2020–2030, USD Billion)
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What this report covers
- Geographic Coverage: This analysis covers 5 regions: South America, North America, Europe, Asia Pacific, Middle East and Africa.
- Market Segmentation: The market is analyzed across 8 segments: IT Outsourcing, Finance and Accounting Outsourcing, Back Office Outsourcing, Human Resource & Recruitment Outsourcing, Training & Development Outsourcing, E-Commerce Support Services, Procurement Outsourcing, Others. Forecasts are provided for each segment from 2018 to 2024.
- Competitive Landscape: 114 leading companies are profiled, covering market positioning, strategies, and recent developments.
Market Size (USD Mn)
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View Subscription PlansMarket Overview
Business Process Outsourcing Services Market — Growth Trajectory
Business process outsourcing (BPO) services are provided for IT, finance & accounting, back office process, e-commerce and support, procurement, human resource & recruitment process among others, by third-party providers to various organizations. Outsourcing these services, help the organizations to focus on their core business and efficiently manage their business processes without any hassle or additional investments. With the growing number of enterprises across the globe, the need for such outsourcing services is growing significantly. In order to fill the demand-supply gap, BPO service providers are offering comprehensive BPO services backed with advanced technologies. These technologies include analytics, cloud computing, and artificial intelligence. With the help of these technologies, BPO providers can offer more enhanced services and real-time insights to the client, which in turn helps clients to make better and productive decisions
Business Process Outsourcing Services Market — Growth Trajectory
IT Outsourcing
Finance and Accounting Outsourcing
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View Subscription PlansMarket Dimensions
How this market is segmented
- Type Type is broken down into: IT Outsourcing, Finance and Accounting Outsourcing, Back Office Outsourcing, E-Commerce Support Services, Training & Development Outsourcing, Human Resource & Recruitment Outsourcing, Procurement Outsourcing, Others.
- Deployment Deployment is broken down into: On-Premise, Cloud.
- Organization Size Organization Size is broken down into: Small- and Medium-Sized Enterprises, Large Enterprises.
- Vertical Vertical is broken down into: BFSI, IT & Telecom, Government & Defence, Manufacturing, Retail, Healthcare, Vertical_Others.
Geographic Analysis
Regional market breakdown
- South America South America market size reached $3.88M in 2018 and is projected to reach $8.61M by 2024, growing at a CAGR of 14.2%.
- North America North America market size reached $128.58M in 2018 and is projected to reach $209.26M by 2024, growing at a CAGR of 8.5%.
- Europe Europe market size reached $30.34M in 2018 and is projected to reach $58.43M by 2024, growing at a CAGR of 11.5%.
- Asia Pacific Asia Pacific market size reached $17.38M in 2018 and is projected to reach $44.82M by 2024, growing at a CAGR of 17.1%.
- Middle East and Africa Middle East and Africa market size reached $6.05M in 2018 and is projected to reach $14.11M by 2024, growing at a CAGR of 15.2%.
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View Subscription PlansResearch Methodology
Business Process Outsourcing Services Market — How We Researched This Market
This report applies a rigorous multi-stage research process combining primary interviews, secondary data sources, and bottom-up market modelling to ensure accuracy and completeness across all segments and geographies.
Base Year
2018
Historical Period
2018 – 2018
Forecast Period
2018 – 2024
Primary Interviews
150+
Research Process
Historical data (2018–2018) and forecast period (2018–2024)
1
Problem Definition
- Market scoping
- Objective setting
- Framework design
2
Secondary Research
- Literature review
- Data mining
- Trend analysis
3
Primary Research
- Expert interviews
- Field visits
- Surveys
4
Data Analysis
- Quantitative modeling
- Statistical testing
- Validation
5
Insights & Reporting
- Synthesis
- Recommendations
- Visualization
Research Depth
Our research process spans primary interviews with industry stakeholders combined with comprehensive secondary data analysis, validated through triangulation across multiple independent sources.
Historical vs. Forecast Data
Historical (observed)
Forecast (modelled)
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View Subscription PlansCompetitive Landscape & Porter's Five Forces
Business Process Outsourcing Services Market — Competitive Analysis
1.1.1 Threat of New Entrants
The global BPO service market is expected to witness substantial growth in the forecast period. The established players in the market along with third-parties, hold a significant market share. The initial capital requirement for entering the market to build the infrastructure and process various transactions effectively and efficiently is moderate to high. Moreover, the requirement of expert individuals with moderate stringency of government regulations also makes the threat of new entrants moderate.
1.1.2 Bargaining Power of Suppliers
The bargaining power of the suppliers is moderate due to high switching cost for the customer, as shifting the work allocation from one company to another, costs time and money. Additionally, shifting of existing employee base to a new base and system will require a change of management and training models which can lead to an increase in the expenditure for the organization; this factor also increases the bargaining power of the suppliers.
1.1.3 Threat of Substitutes
There are various types of substitutes for BPO services in the market such as consulting firms, advisory firms, and freelancers. Currently, there are no substitutes for the BPO services, however, the automation and robotic process automation (RPA) has the potential to affect the BPO services market as companies are automating their systems and websites by providing chatbots and other services. This can lead to a low to moderate threat of substitutes in the near future.
1.1.4 Bargaining Power of Buyers
BPO services enhance business processes by providing several services such as marketing, customer support, management, and operations. The bargaining power of buyers is high due to the presence of a large number of global players and third-party service providers. Moreover, the services offered by the BPO providers are almost similar, which results in high bargaining power of buyers.
1.1.5 Competitive Rivalry
The competition among the existing players in the BPO service market is high, with companies investing heavily in new technologies and process management. Moreover, the BPO service market is increasing with the increasing number of businesses, industries, and the degree of digitalization. There has been an increase in the rivalry among the providers due to cost differences in the services which vary from region to region. The presence of various local service providers also plays a role in increasing competition among the existing players.
Quantitative Analysis
Regional Breakdown
Regional market breakdown for Business Process Outsourcing Services Market.
Regional Market Size (USD Mn)
Market estimates by geography (2024)
USD Mn
InsightNorth America leads with $209.26M by 2024, while Asia Pacific is projected to grow fastest at a 17.1% CAGR.
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View Subscription PlansRegional Market Data
| REGION | 2018 | 2018 | 2024 | CAGR | SHARE |
|---|---|---|---|---|---|
| South America | $3.88M | $5.57M | $8.61M | 14.2% | 3% |
| North America | $128.58M | $158.98M | $209.26M | 8.5% | 62% |
| Europe | $30.34M | $40.61M | $58.43M | 11.5% | 17% |
| Asia Pacific | $17.38M | $26.92M | $44.82M | 17.1% | 13% |
| Middle East and Africa | $6.05M | $8.91M | $14.11M | 15.2% | 4% |
| Total | $186.23M | $240.99M | $335.23M | 10.3% | 100% |
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View Subscription PlansSegment Revenue (2024)
IT Outsourcing
Finance and Accounting Outsourcing
Back Office Outsourcing
Human Resource & Recruitment Outsourcing
Training & Development Outsourcing
E-Commerce Support Services
Procurement Outsourcing
Others
03877115153
Segment Market Share
- IT Outsourcing41%
- Finance and Accounting Outsourcing16%
- Back Office Outsourcing13%
- Human Resource & Recruitment Outsourcing10%
- Training & Development Outsourcing6%
- E-Commerce Support Services6%
- Procurement Outsourcing5%
- Others3%
Total Market Size
$335.23M
Market by Segment (2024)
| APPLICATION | REVENUE ($B) | GROWTH RATE | MARKET PENETRATION |
|---|---|---|---|
| IT Outsourcing | $138.38M | 10.3% | 89% |
| Finance and Accounting Outsourcing | $52.67M | 10.3% | 66% |
| Back Office Outsourcing | $44.07M | 10.3% | 82% |
| Human Resource & Recruitment Outsourcing | $33.73M | 10.3% | 77% |
| Training & Development Outsourcing | $20.54M | 10.3% | 66% |
| E-Commerce Support Services | $20.01M | 10.3% | 87% |
* Revenue projections based on 2025 estimates. Growth rates represent CAGR 2024–2030. Market penetration indicates current adoption rate within addressable market segments.
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Analytics
Business Process Outsourcing Services Market — Key Findings
Analytical insights on Business Process Outsourcing Services Market covering market dynamics, competitive landscape, and strategic outlook.
Key Analytical Findings
The Business Process Outsourcing Services Market market is projected to reach $335.23M by 2024, growing at 10.3% CAGR. The IT Outsourcing segment holds the largest share.
Market Dynamics
In the past few years, the introduction of automated assembly lines has greatly helped the food and beverages industry. The automated packaging systems have greatly improved efficiency. The introduction of stringent laws regarding food preservation techniques have driven the market to introduce inline BPO servicess to remove moisture from packaged items and make them edible for longer periods. Also, the year on year growth in the oil and natural gas production has greatly benefitted from moisture analysis and removal for optimum purity in fossil fuel production.
Market Drivers
The advancement in technology and services among the IT and telecom companies is leading to high competition among them. To retain their position in the market and gain a competitive edge, there is a huge demand from enterprises for tackling security issues, offering connectivity and innovation for advanced devices and technology paradigms. There are several benefits offered by BPO services in the IT and telecom sector. For instance, BPO offers customer support service which enables the organizations to maintain the customer relationship, with call centres offering various facilities such as call routing or interactive voice response, call management, and customer services that enables the customers to contact the companies in an easy way and raise their issues if any. Moreover, BPO services also provide IT & telecom companies an accurate and quick reporting, improves the productivity of the process, and can reassign the resources swiftly according to requirement. BPO service providers also offer account management, order management, technical support, document management, and other services that enhance the overall efficiency of the company at low cost. In 2017, more than 700 information technology outsourcing (ITO) contracts and over 160 BPO contracts were signed globally. The increasing data and customer services offered by the companies is leading to increasing requirement of BPO leading to drive the market
Market Opportunities
Over the years, BPO service providers had been offering services with cost-effective solutions through the traditional way. However, the emergence of new cloud computing and artificial intelligence (AI) is changing the process of BPO services by reducing the cost and accelerating the growth. The companies are investing in cloud computing for reducing the cost related to office space and infrastructure. Additionally, the small- and medium-sized enterprises are adopting virtual storage and systems to overcome the cost of hardware, data centers, and software and increase mobility. Moreover, with the advancement in technology, the BPO sector is shifting towards robotic process automation (RPA). The introduction of RPA in BPO services is expected to reduce the number of employees, save the cost and time with the help of process automation. Moreover, AI and omni-channel solutions for clients to interact with businesses can prove to be an advantage for the organizations in the near future, with ongoing developments. Thus, the emergence and adoption of technologies in the coming years is expected to drive the market.
Market Restraints
The business process outsourcing (BPO) offers various services to the clients and partner organizations such as bookkeeping, financial analysis services, IT staffing, and helpdesk services, keeping all the essential information or data of client and organization. The BPO service providers have to follow the rules and regulation set up by the client/organization for maintaining the privacy of data or information. The threat of cyberattacks and data breaches faced by the organization and BPO service providers is increasing as hackers can access critical customer information. A BPO company [24]7.ai in India had witnessed a few instances of data breaches in 2017 as the company servers were hacked and information of online customer payment of a small number of clients was exposed. As BPO is a method in which third-parties gets involved which increases the chances of breach of data privacy of the client, as they are more prone to the such attacks; this factor is likely to hamper the growth of the market.
Strategic Outlook and Future Directions
Near-term growth will likely concentrate in modular bioreactor lines and closed-system media workflows that shorten validation cycles while preserving batch traceability.
Partnerships between CDMOs and instrumentation vendors should accelerate standard datasets for comparability across sites, improving forecasting models used in capacity planning.
Longer horizon, organoid and microphysiological adoption may reshape segment mix; teams that invest early in assay interoperability and cloud QC hooks are better positioned to capture upside without fragmenting their analytics stack.
Market Value by Segment (2024)
Value (USD Mn)
IT Outsourcing
Finance and Accounting Outsourcing
Back Office Outsourcing
Human Resource & Recruitment Outsourcing
Training & Development Outsourcing
E-Commerce Support Services
Procurement Outsourcing
Others
Companies
Key companies profiled in Business Process Outsourcing Services Market
Profiles of 114 companies operating in the Business Process Outsourcing Services Market market, including revenue, employee count, and market positioning where available.
Showing 114 of 114 companies
Genpact
Genpact
ICT
Company Headquarters: US Founded: 1997 Workforce: ~87,000 Company Working: Genpact is a global provider of business solutions and professional services. The company offers varied BPO services, including finance & accounting, procurement & supply chain, risk and compliance management, and other core business services. The company offers its services in all the regions, including Asia-Pacific, the Americas, and Europe.
Revenue$2.6B
Employees87,000
Market CapN/A
Founded1996
US
eNoah
eNoah
ICT
Company Headquarters: India Founded: 2005 Workforce: NA Company Working: The company is a global provider BPO and IT solutions and offers its services across various industry verticals, including insurance, manufacturing, healthcare, and media & entertainment. The company has a presence in countries including India, the US, Australia, the UK, and Singapore.
RevenueN/A
EmployeesN/A
Market CapN/A
Founded2004
India
Tech Mahin
Tech Mahindra Limited
ICT
Company Headquarters: India Founded: 1986 Workforce: ~ 103,822 Company Working: Tech Mahindra Limited designs and develops integrated solutions and computer software across the globe. It is one of the leading companies in software development and artificial intelligence, and mobility solutions, around the globe. It offers software for telecommunication equipment manufacturers, telecom service providers, software vendors, and systems integrators. It also offers solutions including big data, cloud computing, Internet of Things (IoT), remote vehicle diagnostics, remote patient monitoring, connected service experience solution, freezer monitoring and digital enterprise services. The company has offices located in China, Japan, Malaysia, South Korea, Germany, France, Spain, Italy, Norway, Spain, the US, Canada, Mexico, and Brazil. Pininfarina Engineering S.R.L., Tech Mahindra LLC, Inter-Informatics SRL, TC Inter-Informatics a.s., YABX Technologies, and K-Vision Co., Ltd are some of the subsidiaries of the company.
Revenue$0.0B
Employees103,822
Market CapN/A
Founded1985
India
Aegis
Aegis
ICT
Company Headquarters: India Founded: 1992 Workforce: 40,000 Company Working: Aegis is a provider of business process outsourcing services. It offers comprehensive suite and solutions across various industry verticals. The company caters to BFIS, telecom, energy & utilities, travel & hospitality, healthcare, retail, and technology, among others. The company provides its services across various countries including India, Argentina, Malaysia, Peru, and Saudi Arabia. The company manages the outsourcing services of over 150 clients, globally.
RevenueN/A
Employees40,000
Market CapN/A
Founded1991
India
Conneqt Bu
Conneqt Business Solution Limited
ICT
Company Headquarters: India Founded: 2004 Workforce: ~27,000 Company Working: Conneqt Business Solution Limited (Conneqt) is a business process service company that offers outsourcing services across various industry verticals. The company caters to clients from telecom & media, retail, manufacturing, and BFSI industries. The company was formerly known as TATA business support services; it was renamed as Conneqt, in 2018. Conneqt is a subsidiary of Quess Corp., a provider of technology and business services. The company offers customer life cycle management and business process management service in India, North America, and Europe. The company handles approximately 500 million customer transactions every year through 29 delivery centers and 470 field offices.
Revenue$0.5B
Employees27,000
Market CapN/A
Founded2003
India
Tata Consu
Tata Consultancy Services Limited
ICT
Company Headquarters: India Founded: 1968 Workforce: ~ 6,16,171 Company Working: Tata Consultancy Services Limited is a multinational information technology (IT) consulting and services firm. Banking, financial services, and insurance; manufacturing; retail and consumer business; communication, media, and technology; life sciences and healthcare; and other segments are all part of the company's operations. TCS assisted the customer in strengthening AWS network security by integrating data privacy policies across numerous cloud accounts. It supports the capital market, consumer goods and distribution, education, insurance, life sciences and healthcare, manufacturing, retail, hi-tech, travel, transportation, and hospitality industries, communications, media, and technology industries, as well as the energy, resource, and utility industries. It also supports these sectors' needs. Also, the business works with Microsoft to develop autonomous solutions. It is one of India's largest global corporations, employing over 500,000 highly qualified consultants in 46 countries. It collaborates with its customers to create digital solutions and grow its business. Its workforce comprises of 606,331 employees from 153 nationalities and 55 countries.
Revenue$0.0B
Employees616,171
Market CapN/A
Founded1967
India
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I am very pleased with how market segments have been defined in a relevant way for my purposes (such as "Portable Freezers & refrigerators" and "last-mile"). In general the report is well structured. Thanks very much for your efforts.
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Group Product Manager HVAC & Fire Protection GMA, Rockwool
I have been reading the first document or the study, the Global HVAC and FP market report 2021 till 2026. Must say, good info! I have not gone in depth at all parts, but got a good indication of the data inside!
Jason Lee
R&D Director, Seojin
Thanks for your great support. Appreciate it. Well received report. It helps us to understand market well. We're planning other area of survey in the future, let's keep in touch.
Akif Moroglu
Strategy & Business Development Director, Dogan Holding
We got the report in time, we really thank you for your support in this process. I also thank to all of your team as they did a great job.
Noah Malgeri
Co-Founder, Mojave Rail Fabrication Limited
This is really good guys. Excellent work on a tight deadline. I will continue to use you going forward and recommend you to others. Nice job.
Michael Robert
Manager, JavolVision
Thanks, I am so happy that we worked together. Maybe we still can work together in the future.
Joseph Aguayo
Sales Operations & Pricing Manager, Intel
Thanks. It's been a pleasure working with you, please use me as reference with any other Intel employees.
Bong Lau
Sales Leader, Bamberg
We bought your "2025 report" in 2020. Everything is fine and very good.
Peter Groot Koerkamp
Account and Business Manager, EFS-Holland BV
Thanks for sending the report it gives us a good global view of the Betaïne market.
Younghwan Choi
Senior Retail Manager, LG Chem
We found the report very insightful! we found your research firm very helpful. I'm sending this email to secure our future business.
Mark Irwin
Management Consultant, Level 21
I am very pleased with how market segments have been defined in a relevant way for my purposes (such as "Portable Freezers & refrigerators" and "last-mile"). In general the report is well structured. Thanks very much for your efforts.
Rob Kooiker
Group Product Manager HVAC & Fire Protection GMA, Rockwool
I have been reading the first document or the study, the Global HVAC and FP market report 2021 till 2026. Must say, good info! I have not gone in depth at all parts, but got a good indication of the data inside!
Jason Lee
R&D Director, Seojin
Thanks for your great support. Appreciate it. Well received report. It helps us to understand market well. We're planning other area of survey in the future, let's keep in touch.
Akif Moroglu
Strategy & Business Development Director, Dogan Holding
We got the report in time, we really thank you for your support in this process. I also thank to all of your team as they did a great job.
Business Process Outsourcing Services Market
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