BPO is a segment of outsourcing, which consists of subcontracting the business processes of an organization to a third-party vendor that has expertise in required domains. It is an effective strategy of delegating one or more business activities to external companies (vendors), which, in turn, administer and manage the selected activity, based on defined and measurable performance criteria. It helps client firms to increase their operational efficiency, concentrate on their core competencies, reduce time to market, obtain access to fresh talent and experience along with latest technologies, and build an organization with an economical cost structure in the long run.
Analysts forecast the Global BPO market will grow at a CAGR of 5.63 percent over the period 2013-2018.
T he Report recognizes the following companies as the key players in the Global BPO Market : Accenture Plc, Capgemini S.A., Genpact Ltd., IBM Corp., Tata Consultancy Services Ltd., 3i Infotech Ltd., Aditya Birla Nuvo Ltd., Aegis Ltd., Aon plc, Cognizant Technology Solutions Corp., Convergys Corp., EXLService Holdings Inc., Firstsource Solutions Ltd.,HCLTechnologies Ltd., Hewlett-Packard Co., Hinduja Global Solutions, Infosys Ltd., Intelenet Global Services, NCO Financial Systems Inc., Wipro Ltd. , WNS (Holdings) Ltd., Xerox Corp.
Cloud technology is revolutionizing the mode of outsourcing business processes. With its usage, BPO clients can have instant access to applications on demand and eliminate the need to invest in IT infrastructure. Though many BPO clients are still hesitant regarding its usage because of concerns of data security, return on investment, high initial investment, high cost of upgrades, maintenance, and acquiring a new project, several clients are increasingly adopting this technology in view of its disruptive levels of productivity improvement and business enablement. Some of the advantages associated with adopting a cloud-based BPO service are cost reduction, reliability, scalability, and agility.
Covered in this Report
The Global BPO market can be segmented on the basis of BPO applications into the following: CRM, F&A, HR and Others that include procurement, and engineering and R&D BPO functions. The report also discusses in detail the market spending across end-user segments and covers the spending across key geographical regions in the market.
Global BPO Market 2014-2018, has been prepared based on an in-depth market analysis with inputs from industry experts. The report also covers the Global BPO market landscape and its growth prospects in the coming years and also includes a discussion of the key vendors operating in this market.
According to the report, cost-effectiveness of outsourcing certain capital and labor intensive operations is one of the major factors driving the growth of the market. These firms are increasingly outsourcing their back office functions that require more infrastructure, capital investment, and human resources. Outsourcing these functions enable the firms to improve efficiency of operations and cut costs though labor arbitrage.
Further, the report states that the future of the Global BPO market is, however, constrained by certain factors; the most important among them being the rising attrition rates. BPO jobs are mainly taken up on a temporary or part-time basis and hence the turnover rates of employees are very high.
- Accenture Plc
- Capgemini S.A.
- Genpact Ltd.
- IBM Corp.
- Tata Consultancy Services Ltd.