BPO is a segment of outsourcing, which consists of subcontracting the business processes of an organization to a third-party vendor that has expertise in required domains. 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. It helps client firms to increase their operational efficiency, concentrate on their core competencies, reduce time to market, obtain access to fresh talent and experience along with latest technologies, and build an organization with an economical cost structure in the long run.
Human labor is required in most business processes for productive delivery. Resorting to BPO which provides human labor at a lower cost helps companies maximize their ROI in such a situation. Growing competition also demands continuous innovation. By outsourcing some tasks, companies can focus more on their core activities to bring about innovation in their products as well as services. Furthermore, developments in IT and telecommunications infrastructure have enabled companies to transfer data to any place in the world. One of the major restraints to the growth of this market is the issue of security of valuable data. The client firm provides sensitive data to the service provider firm, which if misused can prove to be harmful to the interests of the client firm. Other factors such as loss of control of operations of processes, financial instability of the vendors, loss of expertise, etc. are some of the restraints to the growth of the BPO market. Problem of high attrition rates amongst workers is also one of the challenges faced by the BPO industry as the workers show a tendency of not pursuing BPO as a full time career. 

Market Analysis and Insights: Global BPO Market
The global BPO market size is projected to reach US$ 281540 million by 2027, from US$ 186460 million in 2020, at a CAGR of 6.0% during 2021-2027.
With industry-standard accuracy in analysis and high data integrity, the report makes a brilliant attempt to unveil key opportunities available in the global BPO market to help players in achieving a strong market position. Buyers of the report can access verified and reliable market forecasts, including those for the overall size of the global BPO market in terms of revenue.
On the whole, the report proves to be an effective tool that players can use to gain a competitive edge over their competitors and ensure lasting success in the global BPO market. All of the findings, data, and information provided in the report are validated and revalidated with the help of trustworthy sources. The analysts who have authored the report took a unique and industry-best research and analysis approach for an in-depth study of the global BPO market.

Global BPO Scope and Market Size
BPO market is segmented by company, region (country), by Type, and by Application. Players, stakeholders, and other participants in the global BPO market will be able to gain the upper hand as they use the report as a powerful resource. The segmental analysis focuses on revenue and forecast by Type and by Application in terms of revenue and forecast for the period 2016-2027.

Segment by Type
Finance & Accounting
Customer Services
HR Outsourcing
KPO
Procurement Outsourcing

Segment by Application
Manufacturing
Telecommunications & Technology
Banking
Insurance & Finance Services
Retail
Others

By Region
North America
U.S.
Canada
Europe
Germany
France
U.K.
Italy
Russia
Nordic
Rest of Europe
Asia-Pacific
China
Japan
South Korea
Southeast Asia
India
Australia
Rest of Asia
Latin America
Mexico
Brazil
Rest of Latin America
Middle East & Africa
Turkey
Saudi Arabia
UAE
Rest of MEA

By Company
Accenture
Capgemini
Genpact
IBM
Tata Consultancy Services
3i Infotech