Global Software and BPO Services Market: Surging Growth Fueled by Startup Adoption

November 29, 2023 03:00 PM GMT | By EIN Presswire
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LONDON, GREATER LONDON, UK, November 29, 2023 / -- The global software and BPO services market witnessed remarkable expansion, surging from $1886.15 billion in 2022 to $2073.16 billion in 2023, showcasing a robust Compound Annual Growth Rate (CAGR) of 9.9%. Forecasts for the software and BPO services market suggest continued growth, reaching $2961.61 billion by 2027, with a CAGR of 9.3%.

Startup Surge Driving Market Momentum
The market is propelled by the emergence of startups as significant clients for software and BPO service providers. With a focus on cost efficiency and the imperative to concentrate on core operations, startups are increasingly outsourcing non-core functions like finance and recruitment to specialized agencies. For instance, Leverage Edu, an India-based EdTech startup, achieves approximately 40% capital savings by outsourcing finance and tech operations. The expanding number of startups, predicted to reach 10,500 in India by 2020, presents new opportunities for the software and BPO services market, contributing to client expansion and revenue growth.

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Key Market Players Shaping the Industry Landscape
Major companies influencing the dynamics of the software and BPO services market include TCS, Nippon Telegraph And Telephone Corp, Telefonaktiebolaget LM Ericsson, Cognizant Technology Solutions Corp, Dell Technologies Inc., Hewlett Packard Enterprise Co, Microsoft, Capgemini, Cisco Systems, Inc., and Infosys Ltd.

Adoption of Quality Standards for Enhanced Services
Numerous software services companies are embracing quality standards such as Information Technology Infrastructure Library (ITIL) and International Organization for Standardization (ISO) 9001 to align IT services with business requirements. ITIL outlines processes and tasks for delivering software products and services meeting predefined quality metrics, while ISO 9001 is a standard for ensuring quality products and services. This commitment to quality is exemplified by the issuance of about 1.1 million ISO 9001 certificates to companies across diverse sectors.

Regional Insights: Asia-Pacific at the Helm
In 2022, Asia-Pacific emerged as the largest region in the software and BPO services market, showcasing significant market share. North America followed as the second-largest region in the industry. The regions covered in the market analysis include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Segmentation Overview: Catering to Diverse Requirements

The global software and bpo services market is segmented -
1) By Type: BPO Services, Software Services
2) By Organisation Size: Large Enterprises, Small And Medium Enterprises
3) By End-Use Industry: Financial Services, Retail & Wholesale, Information Technology, Manufacturing, Healthcare, Other End-User Industries

Subsegments Covered: CRM BPO, HRO BPO, F&A BPO, Other BPO Services, Application Software, Infrastructure Software, Vertical - Specific Software, Software Outsourcing Services, Other Software Services

For comprehensive insights into market dynamics and future trends, please refer to the complete report:

Software And BPO Services Global Market Report 2023 from TBRC covers the following information:
•Market size date for the forecast period: Historical and Future
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Software And BPO Services Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on software and BPO services market size, software and BPO services market drivers and trends, software and BPO services market major players, software and BPO services market competitors' revenues, software and BPO services market positioning, and software and BPO services market growth across geographies. The software and BPO services market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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