Published Date : Sep 19, 2016
ALBANY, NY, Sep 19, 2016: MarketResearchReports.biz has recently announced the addition of a new study on the global business process outsourcing (BPO) market to its vast repository. The report, titled “Strategic Focus Report - Business Process Outsourcing: Technology And Market Trends,” presents an reports of the market with a special emphasis on its competitive landscape.
As per the research report, the worldwide market for BPO demonstrates a highly fragmented landscape and is driven by small- and medium-sized service providers. In 2012, the top ten BPO service providers held a share of 33.4% in the overall market. The intense rivalry between players caused a decline in this figure by 1.7% in 2013.
The report provides a comprehensive assessment of the global BPO market with an in-depth reports of its past and current performance, key trends, and growth prospects. The market has been nearing maturity since the last few years; however, it still holds lucrative opportunities due to the strong demand from multinational organizations.
Business process outsourcing can be defined as the practice of allocating operations related to specific business processes of an organization to a third-party, which holds proficiency in the required domains. BPOs help organizations in increasing their functional efficacy, decreasing time-to-market, and creating a reasonable cost structure for their offerings.
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Though the advent of BPOs has been beneficial to a number of enterprises across the world, their proliferation has brought in many consequences too. According to the study, the growth in this market has a direct impact on the existing workforce of organizations that are engaged in outsourcing their business operations.
Going forward, this factor may lead to a high rate of unemployment in various nations across the world. Apart from this, the rising number of issues associated with tractability of the business are likely to create hindrance in the growth trajectory of this market in the near future.
Currently, the emergence of developing economies in Asia, Latin America, and Eastern Europe as the most-preferred outsourcing locations is the key trend in the global BPO market. BPO service vendors in these regions provide cost effective services, owing to the availability of skilled professionals at relatively low wages. As a result, the BPO markets in these regions are witnessing a strong rise and exhibit significant potential for future growth, states the research report.
The major participants of the global business process outsourcing market are CGI Group Inc., Automatic Data Processing Inc., Ceridian HCM Inc., Infosys BPO Ltd., Accenture Plc., International Business Machines Corp., Capita Plc., EXLService Holding Inc., Dell Inc., Genpact Ltd., Aon Hewitt, Computer Sciences Corp., Hewlett-Packard Development Co., Capgemini, and Cognizant Technology Solutions Corp.
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