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Global Business Process Outsourcing Market Growth to Increase by $76.9 Billion During 2020-2024 | IT and Telecommunication Segment to Register High Growth | TechnavioThe business process outsourcing market is expected to grow by USD 76.90 billion, progressing at a CAGR of over 7% during the forecast period. The rising focus on reducing operational costs is one of the major factors propelling market growth. However, increasing costs for BPOs will hamper the growth during the forecast period. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201203005842/en/ Technavio has announced its latest market research report titled Global Business Process Outsourcing Market 2020-2024 (Graphic: Business Wire) Develop Smart Strategies for Your Business: Get a Free Sample Report Delivered in a Minute! Setting up an in-house BPO team requires additional workforce, infrastructure, and training, which increases OPEX (News - Alert) for organizations. Hence, organizations are increasingly outsourcing various business processes such as procurement, logistics, and customer support to BPO service providers. It helps expand their market share, expand their customer base, and enhance customer relationships while increasing focus on core competencies. Besides, outsourcing various processes to BPO service companies services could help an organization save between 30%-50% of operational costs. Many such benefits are driving the growth of the global business process outsourcing market. Business Process Outsourcing Market: End-user Landscape The IT and telecom segment is currently the largest end-user segment for business process outsourcing, followed by BFSI, retail, healthcare, and others. The growth of the IT and telecommunication segment is driven by factors such as technological advances, fast growth in data traffic, and the growing demand for digital content and communication by consumers. In addition, several vendors operating in the IT and telecommunication industry are partnering with service providers to enhance operational excellence and transform their digital operations. These factors are fostering the growth of the business process outsourcing market in the IT and telecommunication segment. Business Process Outsourcing Market: Geographic Landscape By geography, North America is going to have a lucrative growth during the forecast period. About 39% of the market's overall growth is expected to originate from North America. The market in the region is more mature compared to other regions. Many vendors operating in the region are launching new technological platforms and forming partnerships to ease business processes. Besides, the high adoption of advanced technologies such as cloud computing solutions, social media, AI, and RPA by BPOs is significantly contributing to the growth of the business process outsourcing market in North America. Give Your Business a Head Start for 2021: Download Our Free Sample Report Related Reports on Information Technology Include: Global Call Center Outsourcing Market - Global call center outsourcing market is segmented by end-user (IT and telecom, BFSI, healthcare, retail, and others) and geography (APAC, Europe, MEA, North America, and South America). Click Here to Get an Exclusive Free Sample Report Global Document Outsourcing Market - Global document outsourcing market is segmented by outsourcing services (onsite contracted services, statement printing services, and DPO services) and geography (APAC, Europe, MEA, North America, and South America). Click Here to Get an Exclusive Free Sample Report Companies Covered:
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Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio's in-depth research has direct and indirect COVID-19 impacted market research reports. Subscribe to World-Class Market Intelligence and gain instant access to 17,000+ market research reports and connect with expert analysts Key Topics Covered: Executive Summary Market Landscape
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Customer Landscape Geographic Landscape
Vendor Landscape
Vendor Analysis
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About Us Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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