BPO Market in EU 2015-2019
About BPO market in EU
BPO is a segment of outsourcing that includes the subcontracting of the specific business process of an organization to third-party service providers. It is an effective strategy of delegating one or more business activities to external companies (vendors), which, in turn, administer and manage the selected activity, based on defined and measurable performance criteria. The BPO market in the EU is competitive and growing at a steady pace. The EU is becoming a prominent destination for BPO companies to expand their services due to the availability of skilled workforce. Cultural and language proximity among the EU countries facilitates BPO service providers to enhance their customer service. Operational efficiency and quality of service are the other major reasons for companies to outsource their business process to the EU.
Technavio's analysts forecast the BPO market in EU to grow at a CAGR of 5.44% during the period 2014-2019.
Covered in this report
The report provides the present scenario and the growth prospects of the BPO market in EU for the period 2015-2019. The market can be categorized into three broad segments based on the following: application, end-users, and geography.Technavio's report, BPO Market in EU 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. It covers the market landscape and its growth prospects in the coming years. The report includes a discussion of the key vendors operating in this market.
Technavio Announces the Publication of its Research Report – BPO Market in EU 2015-2019
Technavio recognizes the following companies as the key players in the BPO Market in EU: Accenture, Capgemini, IBM, Infosys and TCS
Other Prominent Vendors in the market are: 3i Infotech, Aegis, Aon Associates, Cognizant, Convergys, EXL, Firstsource, First Data, HCL, HP, Sitel, Wipro, WNS, Xerox and Xchanging
Commenting on the report, an analyst from Technavio’s team said: “Companies are looking for BPO service providers who can understand their overall business model and help in solving critical business challenges. To achieve this, the companies are implementing collaboration strategies to understand client requirements and formulate a plan to work together to provide optimum level of service agreements. This also helps achieve operational efficiency at low costs. In addition, training and development of employees, change management, infrastructure developments, and transparency are required from both sides. BPO companies can succeed in the end by collaborating with their clients to gain new technical skills, getting new process and to improve the performance through advanced systems and solutions.”
According to the report, the major reason why various companies in the EU choose to outsource their business process is to reduce the operational cost and reach the optimum economy of scale, to be prepare for unstable economic conditions. Enterprises in the UK and Spain are trying to minimize these costs by outsourcing their support business processes, such as finance, HR, accounting, and technical support, to third-party service providers. Companies that outsource their support business functions are able to put increased focus on their core business processes.
Further, the report states that lack of external control over BPO service providers is a major challenge hindering the market growth.
Accenture, Capgemini, IBM, Infosys, TCS, 3i Infotech, Aegis, Aon Associates, Cognizant, Convergys, EXL, Firstsource, First Data, HCL, HP, Sitel, Wipro, WNS, Xerox, Xchanging