U.S. Business Process Outsourcing Market To Reach $139.32 Billion By 2030

U.S. Business Process Outsourcing Market Growth & Trends

The U.S. business process outsourcing market size is anticipated to reach USD 139.32 billion by 2030, growing at a CAGR of 9.1% from 2023 to 2030, according to a recent study by Grand View Research, Inc. The Business Process Outsourcing (BPO) industry is expanding due to innovations, increasing global competitive rivalry, and advanced technologies. BPO has provided companies with the capabilities to increase profits effectively and reduce costs. The advantages of cutting-edge technology, such as process automation, cloud computing, and social networking, encourage businesses to adopt new technologies. BPOs can further increase the efficiency of the services offered by businesses by leveraging the benefits of the growing adoption of these technologies.

The U.S. outsourcing service providers are expected to use technological advancements effectively to manage talent shortages, improve products and services, and resolve market issues while maintaining low operating costs. New technologies such as robotic process automation (RPA) have significantly impacted the BPO sector. RPA rapidly penetrates all corporate processes and industries owing to its benefits, such as increased cost savings, speed, and efficiency. In the management sector, robotic process automation has emerged as a BPO trend with the fastest growth rate, providing the higher generation with accelerated time-to-value and sizable cost reductions.

The customer service industry depended on websites and Interactive Voice Responses (IVR) to pass calls to the appropriate representative. However, most people have at least one social media account, which has led to a significant change in consumer behavior. Most people identify social media browsing as the third-most-popular online activity. Businesses are becoming aware of the popularity of social media, which offers consumer data and inputs that can improve a company's capacity for trend analysis and innovation.

Organizations have different types of processes across various business operations. These processes may primarily need a system-to-system exchange, human interaction, alteration of information, and creation of documents, or necessitate arrival at a significant decision. Additionally, processes can be categorized as simple or complex based on a limited or considerable number of transactions. Sales campaigns are time-consuming and may take several months, or years, whereas other processes might take less than a second to complete.

Processes may also be categorized as highly structured with repetitive tasks or unstructured, where the workflow can be identified during execution. The diversity of these processes has conventionally compelled enterprises to utilize multiple process management systems, which focus on handling a subgroup of these process types. This consequently increases the complexity of the system. However, efficiency may be achieved in a few processes, but complete efficiency and agility still need to be challenged due to the barriers imposed by a point process solution.

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U.S. Business Process Outsourcing Market Report Highlights

• The customer services segment occupied the largest share of more than 30% in 2022. Customer service in BPOs refers to businesses focused on responding in real time to customer inquiries received by chat, social media, email, phone, and other channels. It entails successfully responding to client issues using online resources like live chat, chatbots, and co-browsing

• The healthcare segment is projected to witness a significant CAGR of more than 8% over the forecast period, owing to various benefits such as reduced costs, improved efficiency, and better time and resource utilization, among others

• Top companies in the U.S. business process outsourcing industry have been coming up with various strategies to gain better traction. For instance, in September 2022, Capgemini acquired Aodigy Asia Pacific Pte Limited to strengthen its capabilities in end-to-end digital transformation. The company was looking forward to leveraging the acquisition to provide sustainable business solutions to regional clients

U.S. Business Process Outsourcing Market Segmentation

Grand View Research has segmented the U.S. business process outsourcing market based on service and end-use:

U.S. Business Process Outsourcing Service Outlook (Revenue, USD Billion, 2018 - 2030)

• Finance & Accounting

  • Order-to-Cash

  • Procure-to-Pay

  • Record-to-Report

  • Source-to-Pay

  • Multi Processed

• HR

  • Payroll

  • HR Consulting

  • Administrative Services Organization (ASO)

  • Recruitment

  • Performance Management

  • Others

• KPO

• Procurement & Supply Chain

• Customer Services

• Fund Administration Business

• Others

U.S. Business Process Outsourcing End-use Outlook (Revenue, USD Billion, 2018 - 2030)

• BFSI

• Healthcare

• Manufacturing

• IT & Telecommunications

• Retail

• Others
  

List of Key Players in the U.S. Business Process Outsourcing Market

• Accenture

• Capgemini

• Cognizant

• Concentrix Corporation

• ExlService Holdings, Inc.

• Genpact

• HCL Technologies Limited

• IBM Corporation

• Infosys Limited

• NCR Corporation

• NTT DATA Corporation

• TATA Consultancy Services Limited

• TTEC

• Wipro Limited

• WNS (Holdings) Ltd.