Business Process Outsourcing (BPO) enables industries in outsourcing their responsibilities or operations of a process to third-party service providers. The front office BPO services are services related to customer interactions such as inbound or outbound sales, help desks, customer service centres, and telemarketing. The front office BPO services also include document management services such as accounting and finance.
Valley Cottage, NY -- (SBWIRE) -- 03/19/2018 -- Future Market Insights (FMI), in one of its recent research reports, has projected the global front office BPO services market to exhibit a CAGR of 7.4% throughout the forecast period (2017-2022). The global front office BPO services market is estimated to surpass US$ 200,000 Mn in revenues by 2022-end.
Shifting focus towards Non-voice Contact Centre Channel – A Key Trend
The global market for front office BPO services has experienced a significant expansion over the past few years. This can be primarily attributed to robust economic expansion worldwide, and surge in revenues from customer relations management, insurance, human resource, and finance & accounting. Outsourcers bring various competitive benefits, while aiming to tap into new businesses. Emergence of digital channel management capabilities, and the data protection provisions are one of the major trends being witnessed in the global front office BPO services market. In addition, shifting focus towards non-voice contact centre channels, and digitisation of the customer touch-points are other key trends being observed in the market.
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Industries focusing on Expansion by Offshoring their Business Operations to Front Office BPO Services
Several predominant industries from various verticals such as healthcare & pharmaceuticals, BFSI, and manufacturing, are concentrating on expansion of their business, and gaining access to new markets by offshoring their operations to the front office BPO services. These industries are relocating their production base, and service delivery points closer to areas of their end-users. Offshoring the business operations helps industries in mitigating risks, as their business functions, which are difficult to control & manage, are handled by external companies, while realising their benefits.
A tremendous surge has been witnessed in the practice adopted by several industries in approaching front office BPO service providers to perform their business functions. Industries are able to save time, and labour & operational costs, with the help of front office BPO services.
These industries, having great expertise in development & design of their products, lack in bandwidth and access to resources when it comes to customer services. These are catered by front office BPO services, which by leverage their global knowledge base to access world class capabilities.
Key Research Findings from FMI's Report on Global Front Office BPO Services Market
In terms of revenues, manufacturing will continue to be the most lucrative vertical in the global front office BPO services market. Revenues from manufacturing vertical are estimated to exceed US$ 40,000 Mn by 2022-end. In contrast, education will remain the least lucrative vertical for front office BPO services. Front office BPO services are projected to witness the fastest expansion in BFSI vertical through 2022, followed by healthcare and pharmaceuticals.
On the basis of service type, customer management services are expected to remain dominant in the global front office BPO services market. Customer management services are projected to account for approximately two-third revenue share of the market over the forecast period. Document management services, on the other hand, will remain comparatively less lucrative than customer management services in the market.
Asia-Pacific excluding Japan (APEJ) has been projected to register the fastest expansion in the market, with sales poised to reach nearly US$ 30,000 Mn in revenues by 2022-end. Middle East & Africa (MEA), and Japan will also witness an impressive expansion in the market through 2022. Although North America and Europe will register relatively lower CAGRs through 2022, these two regions are anticipated to remain the largest market for front office BPO services in terms of revenues.
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Key players profiled in FMI's report on the global front office BPO services market include TeleTech Holdings, Inc., Alliance Data Systems Corporation, Atento S.A., Ricoh USA, Inc., Williams Lea Limited, IBM Global Services, Sitel Worldwide Corporation, Convergys Corp., Hewlett Packard Enterprise Co., and Xerox Corporation.