Global Digitalization in BPO Market is projected to grow at a CAGR of 13.7% during the forecast period: MRFR

Digitalization in BPO Market Trends

The Digitalization in BPO Market is predicted to reach USD 1,17,953.2 Million by 2032, registering a 13.7% CAGR during the forecast period, 2023–2032. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the market to offer a better glimpse of the market in the next few years. Contact centers around the globe have been unceasingly trying to catch up with an ever-changing landscape of customer expectations. The Internet has not only made the customers more demanding, but it has truly empowered them. No other industry has had to evolve so much in so little time as the BPO industry. The growing number of customer communication channels, a world centered around mobile apps and social media, the challenges posed by millennial customers all these factors are leading to a transformation in the BPO industry. The contact center is situated at the crossroads of customers, employees, and channels, and it has single-handedly led the evolution of customer service for a long time now. Today, there is a wide range of technologies working together in the BPOs. BPA, bots, big data & analytics, speech to text, and others, all with the single aim of improving the customer experience. Artificial Intelligence (AI) has recently burst into the scene similar to a ray of hope for BPO companies who have been unsuccessfully struggling with bad customer reviews, burgeoning costs, lost business opportunities, overworked employees, and broken processes.

In June 2021, L&T acquired Cuelogic Technologies, a Pune, India-based digital engineering and outsourced product development organization. This is expected to boost the former’s cloud-based web & mobile applications, modernization, and digital engineering capabilities. Key players functioning in the market are more focused on enchasing the opportunities of the market. During the forecasted period, major investments with mergers and acquisitions are likely to increase the market's growth as well.

Segmental Analysis

The scope of the global Digitalization in BPO market has been segmented based on technology, component, deployment, organization size, and industry vertical.

Based on technology, the global Digitalization in BPO market is segmented into business process automation, robotic process automation, artificial intelligence (AI), speech to text, big data & business analytics, and others. The big data & business analytics segment is expected to exhibit the fastest CAGR during the projected period.

Based on components, the global Digitalization in BPO market is segmented into software and service. The software segment will experience the highest CAGR.

Based on deployment, the global Digitalization in BPO market is segmented into cloud and on premises. On premises is expected to exhibit the fastest CAGR during the projected period.

Based on Organization Size, the global Digitalization in BPO market is segmented into SMEs and Large Enterprises. Large Enterprises is expected to exhibit the fastest CAGR during the projected period.

Based on Vertical the global Digitalization in BPO market is segmented into BFSI, IT & Telecommunications, retail and consumer goods, & e-commerce, manufacturing, healthcare and life sciences, media & entertainment, travel & logistics, energy & utilities, hospitality, and others. The BFSI segment is expected to grow at the highest CAGR during the forecast period.

Regional Analysis

Geographically, the global Digitalization in BPO market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.

North America is the largest revenue contributor to the digitalization in the business process outsourcing (BPO) market as the increasing demand for advanced technologies and increasing focus of organizations on improving business agility is high in the region.

During the forecast period, the Europe region is expected to exhibit the fastest CAGR. . The regional market is segmented into the UK, Germany, France, and the rest of Europe. The European digitalization in the business process outsourcing (BPO) market is expected to grow due to the adoption of BPO software by midsize companies.

Key Players

The key players in the global Digitalization in BPO market are UiPath’s, Blue Prism, Automation Anywhere, Inc., kore ai, Pegasystems Inc., Quale Infotech, Kofax Inc., Prolitus, Q3 technologies, Inc., AutomationEdge, Hexaware Technologies Limited., debabit, NextProcess, LP, Nividous, LivePerson, Inc., NTT data, and other.