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Business Process Outsourcing (BPO) Market to be Valued at US$ 620 Bn by 2032 - Exclusive Fact.MR Report
NEW YORK , Feb. 7, 2022 /PRNewswire/ -- The global business process outsourcing market size will grow at an impressive 8.5% CAGR to touch the market value of the US$ 620 Bn mark through the forecast period of 2032. North America is likely to capture a lion's share in the overall BPO market.
Organizations are looking for specialized companies that provide much-needed support services that can be outsourced without the direct investment of dedicated time and human resources. Hence, the demand for BPO services experienced a spike in the past half-decade and has reached US$ 232.3 Bn in 2021, growing market size at 7% CAGR throughout the historic period
The advance of e-commerce and health industries combined with the pre-existing IT industries has led to generating a high demand for BPOs.
With remote working becoming a possibility, BPOs are likely to benefit a lot. First bigger organizations will rely on them and secondly, they will be open to hiring the best employees from across the country or globe. The COVID-induced pandemic has introduced new normal and opened boundaries for BPOs.
The BPO market is anticipated to benefit from the swelling focus of organizations on enhancing business agility, surviving the constant changes in business dynamics. Also, organizations are increasingly looking for specialized companies that provide much-needed support services to business processes that can be outsourced without any direct investment of dedicated time and human resources.
The BPO industry has adopted robotic process automation which is used as coding and assigned to the existing workstream where they perform tasks with greater speed, accuracy, and precision.
North America dominates the BPO market, accounting for more than 3/5ths of the total market value. The presence of important tech corporations and start-ups in the region has contributed significantly to the region's growth.
Firms operating in the province are profoundly relying on the advancement of modern technologies like analytics, big data, cloud computing, and artificial intelligence (AI) to deliver full BPO services to their clients.
The overall number of worldwide BPO firms in the United States is 265,679, up 4.1 percent from 2021. After North America , Europe comes in second with more than a quarter of the global market value.
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The competitive landscape of the business process outsourcing market focuses on offering various ground-breaking marketing tactics, technological advancements, mergers, and acquisitions to expand their market ground
Fact.MR, in its report, offers a market analysis of the global business process outsourcing Market analysing the forecast period through 2022 and beyond. This survey reveals the growth of technology in the business process outsourcing market with detailed segmentation as follows:
How much is the business process outsourcing industry worth?
What was the last 5 years CAGR for the business process outsourcing industry?
What are the future growth projections for the business process outsourcing demand?
How attractive are growth prospectus for the business process in outsourcing in North America ?
Will Europe emerge as an opportunistic market for business process outsourcing?
Computer-assisted detections allow for the early detection of diseases that can be devastating, such as cancer. Patients have been encouraged to choose for random tests and checkups as a result of this. As a result of these factors, the global computer-aided detection market is expected to experience rapid expansion.
Network access control (NAC) has gone a long way, and a number of industry leaders have developed solutions to help it continue to evolve throughout the years. With an ever-increasing number of major and small and medium-sized businesses, North America will continue to be the most attractive market for network access control.
The growing importance of big data technology in Internet of Things is the most recent trend gaining pace in the big data and service business (IoT). As a result, several industries are adopting big data services in order to handle enormous amounts of data and generate useful insights.
Low code development platforms are offering SMEs the sense of flexibility to develop custom applications with nominal coding and minimal cost as compared to conventional coding, empowering millions of SMEs to take a lead for allowing ideas to turn into reality.
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