Software And BPO Services Global Market Report 2022: Emergence of Startups as Major Clients of Software and BPO Service Providers Driving Growth - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Software And BPO Services Global Market Report 2022, By Type, Organisation Size, End-Use Industry" report has been added to ResearchAndMarkets.com's offering.
The global software and BPO services market is expected to grow from $2,163.82 billion in 2021 to $2,444.93 billion in 2022 at a compound annual growth rate (CAGR) of 13%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $3,862.69 billion in 2026 at a CAGR of 12.1%.
Asia Pacific was the largest region in software and BPO services market in 2021. North America was the second largest region in software and BPO services market. The regions covered in the software and BPO services market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The emergence of startups as major clients of software and BPO service providers is expected to drive the market. Driven by cost efficiency and the necessity to focus on core operations, startups have started outsourcing non-core operations such as finance and recruitment to specialized agencies and companies.
For instance, outsourcing of finance and tech operations helps Leverage Edu, an India-based EdTech startup connecting students with mentors, save approximately 40% of its capital through outsourcing. The increasing number of startups is also expected to positively impact the market. The number of startups in India is expected to increase to 10,500 by 2020, a 4000 increase from the current number, depicting new opportunities for the software and BPO services market in the client expansion and revenue generation.
High employee attrition in the BPO services industry is expected to hinder the growth of the BPO services market in the forecast period. According to the Analytics India Employee Attrition Study, in 2017, the USA accounted for the highest attrition rate of 42% in the BPO services industry, followed by Australia - 29%, Europe - 24% and India - 18% attrition. The impact of high attrition is expected to increase hiring costs for training and development of new employees, failure to attract new clients and decrease in productivity of the BPO services sector. All these factors are expected to reduce BPO providers' profitability and stability in the market, hindering the growth.
Many software services companies are adopting quality standards such as Information Technology Infrastructure Library (ITIL) and International Organization for Standardization (ISO) 9001 to align IT services with business requirements. ITIL describes processes, procedures and tasks that can be applied by an organization to deliver software products and services that meet predefined quality metrics.
Similarly, ISO 9001 is a standard for quality products and services that meet desired quality standards and are reliable. For instance, about 1.1 million ISO 9001 certificates have been issued till date, to companies including software services, medical devices, oil and gas, automotive companies and government organizations.
1) By Type: BPO Services; Software Services
2) By Organisation Size: Large Enterprises; Small And Medium Enterprises
3) By End-Use Industry: Financial Services; Retail & Wholesale; Information Technology; Manufacturing; Healthcare; Others
Key Topics Covered:
1. Executive Summary
2. Report Structure
3. Software And BPO Services Market Characteristics
4. Software And BPO Services Market Product Analysis
5. Software And BPO Services Market Supply Chain
6. Software And BPO Services Market Customer Information
7. Software And BPO Services Market Trends And Strategies
8. Impact Of COVID-19 On Software And BPO Services
9. Software And BPO Services Market Size And Growth
10. Software And BPO Services Market Regional Analysis
11. Software And BPO Services Market Segmentation
12. Software And BPO Services Market Segments
13. Software And BPO Services Market Metrics
14. Asia-Pacific Software And BPO Services Market
15. Western Europe Software And BPO Services Market
16. Eastern Europe Software And BPO Services Market
17. North America Software And BPO Services Market
18. South America Software And BPO Services Market
19. Middle East Software And BPO Services Market
20. Africa Software And BPO Services Market
21. Software And BPO Services Market Competitive Landscape
22. Key Mergers And Acquisitions In The Software And BPO Services Market
23. Market Background: IT Services Market
26. Copyright And Disclaimer
- Nippon Telegraph And Telephone Corp.
- telefonaktiebolaget lm ericsson
- Cognizant Technology Solutions Corp.
- Dell Technologies Inc.
- Hewlett Packard Enterprise Co.
- Cisco Systems Inc.
- Infosys ltd.
For more information about this report visit https://www.researchandmarkets.com/r/l8szru
Laura Wood, Senior Press Manager
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