Chart on Global - Market size and forecast 2019-2029 (USD bn)
Historic Data 2019 - 2023 (USD bn )
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Forecasted Data 2024 - 2029 (USD bn )
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Business Process Outsourcing (BPO) involves companies contracting external service providers to manage specific business functions or processes. This practice aims to reduce costs, enhance efficiency, and enable organizations to concentrate on their core competencies. Functions commonly outsourced include customer service, payroll, human resources, and technical support. Telecommunication, human resource services, and adoption of Internet of Things (IoT) and Artificial Intelligence (AI) technologies are significant trends driving BPO market growth. Technical improvements and investment in power transmission are also contributing factors. Awareness and understanding of BPO benefits continue to increase, leading to the expansion of various outsourcing types, including offshore. Key factors fueling this growth include the need for cost savings, improved operational efficiency, and access to specialized expertise.
- Technavio reports elaborately highlights the historic market size from 2019 to 2024. Furthermost we also provide the forecast till 2029 with in-depth market share and their CAGR.
- We also have 10+ specific vendor with their key offering and product/service segments in specific.
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