Business Process Outsourcing Services
Business process outsourcing (BPO) is a form of subcontracting that involves the delegation of specific business functions to third-party service providers. Outsourcing functions through the process of hiring another company to handle business activities to achieve maximum savings, increased efficiency and a greater return on investment. BPO services are distinct from information technology (IT) outsourcing, which hires a third-party business to conduct IT-related activities such as application management and data center operations. The Business Process Outsourcing Services industry has fared well over the five years to 2018, supported by an improving economy and rising revenue in the human resource, finance and accounting, customer relations management and insurance sectors, which collectively generate a large portion of BPO business. Over the next five years, the healthcare sector will encounter an upsurge in costs due to the continued aging of the population as seniors compose a larger portion of the domestic population. In response to trends such as this, companies will continue to pursue outsourcing to reduce personnel expenditures and offset escalating back office costs.
Operators in this industry provide third-party outsourcing services on a contract basis. Clients can outsource specific operations and business functions, including both back and front office tasks, to companies in this industry.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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