Market Research Report
BPO Services Retail Global Industry Almanac - Market Summary, Competitive Analysis and Forecast to 2025
|BPO Services Retail Global Industry Almanac - Market Summary, Competitive Analysis and Forecast to 2025|
Published: October 26, 2021
Content info: 501 Pages
Delivery time: 1-2 business days
Global BPO Services industry profile provides top-line qualitative and quantitative summary information including: market size (value 2016-20, and forecast to 2025). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.
BPO services include revenues generated both from signed deals that remain under contract and the annual revenues associated with new contracts signed within a particular calendar year. The services include the outsourcing of functions such as customer relationship management, knowledge process outsourcing, finance & accounting, human resources, procurement, and vertical-specific processes. The total value of the market represents the demand for the service coming from a particular country.
CRM BPO services typically include consumer direct services, contact center outsourcing (which includes customer care, sales and marketing, and technical product support), collection services, and claims & warranty services.
Knowledge process outsourcing (KPO) services include research and analytics services such as competitive analysis, quantitative research & analytics, risk management & analytics, strategy & business development research, financial research, and legal process outsourcing (LPO).
Finance & accounting BPO covers operations relating to financial support functions, such as accounts payable and receivable, general ledger, payment processing, invoice, purchase order management & processing, receipt & reconciliation, and management reporting.
HR outsourcing services include benefits administration, payroll services, recruitment outsourcing, relocation and assignment services, workforce administration & development services / talent management, and performance management.
Procurement BPO covers the outsourcing of key procurement processes including sourcing support and administration, contract management, demand management, supplier relationship management, and performance reporting.
Vertical-specific BPO covers the outsourcing of services that require domain expertise. Vertical-specific BPO includes a range of processes such as insurance and annuities policy administration, claims and transaction processing, credit card analytics for banks and insurers, patient administration, medical coding, clinical research, and drug discovery & development for healthcare providers and pharmaceuticals.
All market data and forecasts are represented in nominal terms (i.e., without adjustment for inflation) and all currency conversions used in the creation of this report have been calculated using constant 2020 annual average exchange rates.
Forecast figures presented in this report are calculated using crisis scenarios for the market. The length of the pandemic and restrictions introduced by various countries are still difficult to predict. Many governments had introduced the national lockdowns and temporarily banned sales of products that are deemed "non-essential". As the length of the pandemic and its impact on this market is not certain, the data used in this report has been modeled taking forecast impacts on national economics into consideration.
The global BPO services market had total revenue of $317.3bn in 2020, representing a compound annual growth rate (CAGR) of 1.6% between 2016 and 2020.
The Vertical-specific BPO segment was the market's most lucrative in 2020, with total revenue of $79.9bn, equivalent to 25.2% of the market's overall value.
The largest BPO service markets globally are the United States, Asia-Pacific, and Europe with 25%, 39.9% and 24.8% of the market value.