The global business process outsourcing market size is anticipated to reach USD 344.2 billion by 2026, registering at a CAGR growth of 8.3% over the forecast period.
Business process outsourcing (BPO) is the contracting of non-primary business activities and functions to a third-party provider. BPO services include payroll, human resources (HR), accounting and customer/call center relations. BPO is also known as information technology enabled services (ITES). Business process outsourcing (BPO) is the practice of contracting a specific work process or processes to an external service provider. ... BPO is often divided into two main types of services: back office and front office.
The outsourcing saw its unbelievable growth right after the global recession and there sure are a few trends that give us an insight into the future.
The pricing structures would be stabilized up to a great extent with buyers seeking standardized solutions. This means that BPO in India would have to prove themselves on the basis of efficient performance rather than pricing. Contrary to the usual belief that common and shared services being a threat, they are actually being welcomed whole-heartedly with the changing times. This is because it enhances productivity, reduces errors and cuts costs. With the continuous rise in the prices of oil, companies would have to take full benefit of the technology and keep outsourcing work so as to make more profit.
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