Business Process Outsourcing (BPO)

Business Process Outsourcing (BPO) is the term used to describe the practice of contracting out certain business processes to external service providers. Most commonly outsourced tasks include customer service, accounting, human resources, and payroll. By outsourcing to specialised service providers, businesses can also incorporate essential functions like Cloud Computing Services and Cybersecurity Services. This allows them to leverage the provider’s expertise and resources to fulfil ancillary tasks while concentrating on other critical processes and business strategies.

Businesses can save money, enhance operational efficiency, and provide better service by outsourcing these non-core tasks, including BPO services. However, for BPO to be successful, it is crucial to select service providers carefully, communicate clearly, and manage the outsourcing relationship effectively to maintain high service quality and align with business goals.

• Revenue in the Business Process Outsourcing market is projected to reach US$29.31bn in 2024.
• Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.67%, resulting in a market volume of US$38.61bn by 2029.
• The average Spend per Employee in the Business Process Outsourcing market is projected to reach US$0.84k in 2024.
• In global comparison, most revenue will be generated in the United States (US$146.30bn in 2024).

(Source: Statista)