The Growth of the Business Process Outsourcing Industry
According to a study conducted by Grand View Research, Inc., 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)
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.
Other outsourcing market segments have emerged and are forecasted to grow. 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 IT outsourcing market share is expected to increase by USD 97.51 billion from 2019 to 2024.
Why do Firms Outsource Processes?
According to Statista, as of 2021, 74% of firms use the business process outsourcing industry for their information technology services.
Also, 59% of businesses use outsourcing services to cut costs. 57% of companies use business process outsourcing to concentrate on core issues, operations, and activities.
Businesses must choose the perfect external outsourcing provider that can enable overhead reduction, efficiency, and decreased costs and most specially, allows for an end-to-end customer experience. In business process outsourcing, you can tap into a huge talent pool with highly specialized skills and comprehensive experience. Read our previously published article on what to look for in an outsourcing provider.
Connext Global Solutions provides High-Quality Outsourcing Solutions
Connext Global Solutions powers small to medium businesses by hiring, building, training, and managing offshore remote teams.
Connext Global Solutions is a customer service outsourcing provider with industry-leading staffing solutions. The company provides Business Process Outsourcing 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 We Currently Cater 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
Connext Global Solutions handles talent acquisition, management, and training done in close coordination with the client. The company actively sources required offshore talent. Comprehensive assessments, screening, testing, and interviewing are conducted by Connext, ensuring the client the highest level of talent from the pool.
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
Connext Global Solutions provides custom offshore staffing and process solutions to improve the productivity, cycle time, accuracy, and scalability to improve customer experience. Outsource to Connext today.
