Skip to main content

Business Process Outsourcing Market Outlook [2022]

By June 23, 2022May 1st, 2024Banking and Finance, How to Outsource to the Philippines4 min read

Business Process Outsourcing Market Outlook [2022]

The demand for specialized services and expertise in end-use industries has led businesses to tap into the global workforce through Business Process Outsourcing (BPO).

In Business Process Outsourcing, businesses can choose talent with the right technical expertise, and build a dedicated team of outsourced employees who have highly specialized skills perfect for providing industry-specific business support.

With a business process outsourcing provider, you can hire both Front office and Back-office Support Specialists to handle tasks ranging from customer service and technical support to efficient billing collections and more.

Business Process Outsourcing has evolved to meet process-specific demands across all Industries such as:

  • Finance & Accounting
  • Human Resources
  • Supply Chain Management
  • Customer Service
  • Banking and Financial Services
  • Healthcare
  • Manufacturing
  • Information Technology
  • Telecommunications
  • Retail

Learn more about the current Business Process Outsourcing Market Outlook:

  • The global business process outsourcing market was valued at USD 245.9 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 9.1% from 2022 to 2030. (Grand View Research)

The global talent pool, improved operations and streamlined business processes contribute to the growth of the global business process outsourcing market.

Some key players in this market include:

  • Accenture
  • IBM
  • Triniter
  • Capgemini
  • Cognizant
  • Infosys
  • Wipro
  • Genpact
  • Tata Consultancy Services (TCS)
  • Meanwhile, the customer care outsourcing market segment, which is the leading business process outsourcing segment, is expected to grow to around 30.4 billion U.S. dollars by 2027. (Statista)

Customer Service Outsourcing provides a reduced cost structure and efficient business model which can improve overall customer service operations and lesser turnaround time.

  • Among the key players in the business process outsourcing industry are the Healthcare business process outsourcing sector and the Information Technology outsourcing sector.

The global market for Healthcare Business Process Outsourcing [is] estimated at US$248.2 Billion in the year 2020 and is projected to reach a revised size of US$449.8 Billion by 2027, growing at a CAGR of 8.9% over the analysis period 2020-2027. (ReportLinker)

The global market for healthcare IT outsourcing estimated to reach $64 billion by 2027, expanding at a CAGR of 4.9% over the forecast period, driven by availability and early adoption of low-cost third-party technology services.  (iHealthcareAnalyst)

The continued growth of the IT outsourcing market is brought about by the countless benefits. IT Outsourcing helps businesses hire technical support specialists with proper technical knowledge to build and deploy a scalable product, and assist and resolve both client and employee-related troubleshooting, or technical to process queries.

  • Telecom outsourcing has increased its demand with the fast pace of updates on networks and services. According to a report by Market Research Future, the global telecom outsourcing market is still expected to rise up to 4.3% CAGR up to 2023.

Connext provides Industry-leading Staffing Solutions

Connext Global Solutions is a remote staffing provider that offers industry-leading staffing solutions that helps manage a client’s team as if it was theirs and makes sure the performance matches or exceeds that of your local teams.

Connext Global Solutions powers small to medium businesses by hiring, building, training, and managing offshore remote teams.

The company provides innovative solutions to companies looking to streamline operations, increase the bottomline, and unlock growth.

Connext provides world-class service to our clients standing by our 100% client satisfaction claim. This is backed up with over 350 quality, productivity, and utilization metrics per client, transparent and cost-effective pricing system and consultation sessions. There is a 60% reduction in the client’s average cost through outsourcing services via Connext. 

Industries Connext Caters to:

1. Healthcare Providers

2. Distribution

3. Telecommunications

4. Title and Escrow

5. Property Management

6. Accounting

7. Banking

8. Technology

9. E-Commerce

10. Retail

11. Construction

12. Professional Employer Organization

13. Insurance

Partner with Connext and receive:

  • Geographically diverse talent
  • 100% virtual recruitment and employment process
  • Productivity, utilization, and quality monitoring
  • Dedicated account management
  • Standing IT support
  • Talent management and employee engagement

Work with Connext Global Solutions today.

Discover how IT outsourcing can be a game changer for small businesses in our latest blog post. Understand the key reasons and align them with the insights from our 2022 Business Process Outsourcing Market Outlook.