Market outlook of cloud-based BPO market
The increased need for cost-effective business processes is driving the growth of the cloud-based BPO market. Technavio’s market research analyst estimates the cloud-based BPO market to reach around USD 70 billion by the end of 2019. The emergence of the hybrid cloud business process solutions is also expected to fuel the growth of the market.
The technical complexities of the cloud environment would prove to be a challenge for the growth of this market. For instance, the low performance of a cloud network application can result in delayed loading of pages for end users. High availability of data is another challenge for organizations as they cannot afford any downtime in their service. Security issues and data privacy concerns are other challenges faced by the cloud-based BPO market.
Segmentation by services and analysis of the cloud-based BPO market
- HR
- Finance and Accounting
- Payments
- Customer Management
- E-commerce
The HR service segment is expected to reach around USD 18 billion by 2019, growing at a rate of 7% during the forecast period.
Geographical segmentation and analysis of the global cloud-based BPO market
The cloud-based BPO market in the APAC region is expected to reach USD 13 billion by the end of 2019 and is predicted to be the fastest growing region globally. Countries such as China, India, Japan, Hong Kong, and Singapore are the market leaders in this region.
Competitive landscape and key vendors
The cloud-based BPO market is highly competitive with leading vendors such as Accenture, Cognizant, and IBM dominating the global market.
The leading vendors in the market are –
- Accenture
- Cognizant
- IBM
- TCS
- SAP
Other vendors in the market include ADP, Atos, CA, Capgemini, CSC, Firstsource, Fujitsu, Genpact, HCL, HP, Infosys, NGA, Oracle, SunGard, Wipro, WNS, and Xerox.
Key questions answered in the report include
- What will the market size and the growth rate be in 2019?
- What are the key factors driving the cloud-based BPO market?
- What are the key market trends impacting the growth of the cloud-based BPO market?
- What are the challenges to market growth?
- Who are the key vendors in the US market space?
- What are the market opportunities and threats faced by the vendors in the global cloud-based BPO market?
- What are the key outcomes of the five forces analysis of the global cloud-based BPO market?
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