Brazil, Russian Federation, India and China (BRIC) are the emerging and fast growing countries within the bpo services industry and had a total market value of $4,725.4 million in 2016.
Albany, NY -- (SBWIRE) -- 05/16/2017 -- Today, outsourcing has become one of the most efficient industries acquiring an unbelievable growth rate in the past few years. Many companies choosing to take advantage of such BPO services in order to streamline their business and cut costs. A new study titled "BPO Services BRIC (Brazil, Russia, India, China) Industry Guide 2017" has been recently added to the broad database of Market Research Hub (MRH), which presents an in-depth analysis on the market size and value of BPO services in BRIC countries during the review period of 2012-16. Additionally, the report provides top-line qualitative and quantitative information of the market to analyze market growth and expected market size within the forecast period of 2016 to 2021.
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Initially, the research study introduces the Business process outsourcing services in brief and its market overview in the BRIC countries. BPO is a term used to denote the services based on outsourcing. These are mainly based on IT enabled services and are meant to reduce costs. A number of services are available in this sector like healthcare, insurance, pharmacy etc. along with an excellent customer care facility. BPO Services have been popular in recent years for a multitude of reasons. First, Business Process Outsourcing Services can be provided at a fixed cost. This helps a business determine how beneficial outsourcing functions can be, as well as helping them to compare different BPO Companies in terms of cost. The second is the flexibility these services provide a business. The majority of business owners would agree these non-core functions of the office, such as HR & IT, have a tendency to restrict a business' ability to grow.
As per the key findings of the report, Brazil, Russian Federation, India and China (BRIC) are the emerging and fast growing countries within the bpo services industry and had a total market value of $4,725.4 million in 2016. Among BRIC nations, India is a major market for BPO Outsourcing Services. Research evaluates that India is the leading country with market revenues of $1,470.2 million in 2016. Also, this growth in the country expected to lead the bpo services industry in the BRIC nations with a value of $2,304.5 million in 2021, followed by China, Brazil, Russia with expected values of $2,078.8, $1,822.8 and $964.2 million, respectively.
Over the 2012-16 period, China was the fastest growing country with a CAGR of 13.8%. But, The BPO services outsourced by Indian companies have evolved drastically over the years. Today, companies are offering a variety of outsourced BPO services ranging from customer care, transcription, billing services and database marketing, to web sales/marketing, accounting, tax processing, transaction document management, telesales/telemarketing, HR hiring and biotech research among others.
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Furthermore, the research also explores the major segments and leading players in the BRIC BPO services market. Analysts have also used the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the BRIC bpo services market.
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