Cloud BPO market is expected to grow from US$ US$ 34801.2 Mn in 2017 to US$ 94522.7 Mn by 2025 at a CAGR of 22.1% between 2017 and 2025.
The Cloud BPO offers various types of services for different sectors such as human resource, e-commerce, finance and accounting, customer care, sales & marketing and others.
High adoption of cloud computing in different regions is providing significant opportunities for the providers of cloud BPO services to increase the market share in the regions. By the end of 2016, the cloud computing industry had achieved significant adoption across all the major industries worldwide. Owing to this trend the companies are anticipated to produce high quality service by adopting cloud based technology. In coming years, the cloud adoption is further expected to lighten up the business process outsourcing services by cost effectiveness and automated processes.
Also, the customers in today’s highly competitive environment are well aware about their burgeoning power and value as they have encountered with the digital economy and attained access to various services worldwide. This has further raised their expectations with respect to cloud based services as organizations have become more aware about the benefits of cloud based BPO services. The cloud as a core platform has been already been leveraged by the clients as a novel external as well as internal initiative, which has subsequently increased the competition among the BPO service providers, further motivating them to adopt improvised technologies such as cloud based technologies to serve their customers/clients in a better way
Rising concerns regarding data security as a restraining factor in the Cloud BPO market such as security concerns regarding data breach, ransomware, malware injection and DoS (Denial of Service).
The overall Cloud BPO market size has been derived using both primary and secondary source. The research process begins with an exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the market. It also provides the overview and forecast for the global Cloud BPO market based on all the segmentation provided with respect to five major reasons such as North America, Europe, Asia-Pacific, Middle East and Africa, and South America. Also, primary interview were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers and national sales managers, and external consultant such as valuation experts, research analysts and key opinion leaders specializing in the Cloud BPO market.
Some of the key players influencing the Cloud BPO market are