Global outsourcing services market to reach $900Bn in 2027

DUBLIN, IRELAND — The global outsourcing services market is forecasted to reach a total market size of US$904.948 billion in 2027, growing at a compound annual growth rate (CAGR) of 5.54%.

According to a report by market data and statistics provider Research and Markets, the growing adoption of virtualization across organizations made cost-effective outsourcing services popular. 

Re-engineering initiatives also led companies to work with outsourcing agencies that are best suited to perform a specific task with the greatest efficiency and highest quality.

Due to this collaboration, Research and Markets said that re-engineered companies would gain competitive advantages because they, through their planning, have already built the processes that turn out to be the best in terms of cost, quality, and customer satisfaction.

The report also stated that, unlike other industries, the outsourcing services sector saw increased demand during the pandemic. The COVID-19 outbreak boosted the demand for standardized platform services that help BPOs handle complicated corporate procedures, opening up new market opportunities.

Moreover, as governments worldwide have started to relax the lockdown protocols, most major industries have reported the resumption of processes, which is expected to increase the market demand further.

Research and Markets sees Accenture, Tata Consultancy Services Limited, Capgemini, IBM, Genpact, and Concentrix Corporation to be the “prominent key players” in the global outsourcing services industry as they already hold a significant share of the market due to their excellent brand image and product offerings.