Need to Lower Operational Costs Drives the Global Business Process Outsourcing Market, According to New Report by Global Industry Analysts, Inc.

GIA announces the release of a comprehensive global report on Business Process Outsourcing (BPO) markets. Global market for BPO is projected to reach US$250 Billion by 2020, driven by the need to lower operational costs, enhance operational efficiency, reduce time-to-market, and channelize company resources towards core business areas.

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Business Process Outsourcing: A Global Strategic Business Report

San Jose, California (PRWEB) May 16, 2014

Follow us on LinkedIn – BPO is strongly linked to the Information Technology Outsourcing (ITO) market wherein IT functions are contracted out to third parties. With changing definition of an ideal business model and rapidly changing market environment, organizations across the world are reinstating their focus on core competencies. This leads companies to outsource non-core business functions and processes that were earlier handled by internal departments. Third party service providers possess specialized skills and employ low-cost workforce, which in turn translates into greater cost savings compared to in-house operations. The industry has witnessed rapid transformation from its focus on lift and shift cost arbitrage strategy to a comprehensive model wherein the emphasis is also on standardizing and optimizing processes, and reengineering processes.

The outsourcing and offshoring industry exhibited early signs of recovery during 2010 as companies focused on outsourcing activities to better capitalize on emerging opportunities. The trend towards offshoring of business operations to low-cost destinations such as India, Philippines and China is likely to continue gaining strength, due to the rising cost pressures. Additionally, the rapid shift towards "as-a-service" models is expected to eat into the space of traditional BPO delivery models, owing to benefits such as improvement in process reliability, lower costs, reduction in error rates and quicker processing times. With reference to pricing, companies are poised to benefit as "as-a-service" model has given way to "pay by the drink" basis, which has further made these services accessible to a larger range of companies. The year 2014 is expected to witness high level of standardization and the introduction of next generation intelligent technologies primarily to achieve the goal of absolute automation.

Future growth will be driven by increased outsourcing in emerging verticals such as utility, and retail. For the BPO industry, food, pharmaceutical, and biotechnology sectors are expected to emerge as revenue generators. Additionally, BPOs continue to shift towards high-end services such as knowledge-based services and business analytics. This shift is aided by a mix of technology-enabled platforms, re-engineering skills, newer operating models, and expanded depth of services. In addition, convergence of latest technologies and platforms, including social network and mobility platforms, is expected to create the demand for high-value outsourcing services. Companies are expected to put greater emphasis on using social media technologies for gaining access to talent, and to position products and services.

As stated by the new market research report on Business Process Outsourcing (BPO), the United States represents the largest market in the world. Asia Pacific ranks as the fastest growing market with a CAGR of 10% over the analysis period. Growth in the region is led by increasing domestic demand for outsourcing services, low cost of rendered services, and increasing penetration of automation and technology innovations.

Key players covered in the report include Aon Hewitt, Automatic Data Processing Inc., Capgemini, Capita Plc, Ceridian Corporation, CGI Group, Inc, Cognizant Technology Solutions Corporation, Computer Sciences Corporation, Dell Services, EXLService Holding Inc., Genpact Limited, HP Enterprise Services, Infosys BPO Ltd, Intelligroup Inc., International Business Machines Corporation, KARVY Global Services Limited, NTT DATA Corporation, NGA Human Resources, Randstad Holding n.v. , Serco Group Plc, StarTek Inc., Steria, Syntel Inc., Tata Consultancy Services Limited, TriNet Group Inc. , Wipro Limited, and WNS (Holdings) Limited.

The research report titled “Business Process Outsourcing : A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of the market, industry overview, trends, growth drivers, issues, and recent industry activity. The report provides market estimates and projections for BPO in US dollars for major geographic markets including the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (Australia, China, India and Rest of Asia Pacific), Latin America (Brazil and Rest of Latin America) and Rest of World. Key horizontal segments analyzed for the global and regional markets include Finance & Accounting, Customer Services, HR, KPO and Procurement. The report also analyzes the global market by major end-use sector such as Manufacturing, Telecommunications & Technology, Banking, Insurance & Finance Services, Retail and Others.

For more details about this comprehensive market research report, please visit –
http://www.strategyr.com/Business_Process_Outsourcing_BPO_Market_Report.asp

About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes 1500+ full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.

Global Industry Analysts, Inc.
Telephone: 408-528-9966
Fax: 408-528-9977
Email: press(at)StrategyR(dot)com
Web Site: http://www.StrategyR.com/

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  • Raghu Gopal
    Global Industry Analysts Inc
    +1 408-528-9966
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