Global Software And BPO Services Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends
19 Feb, 2021
The software and BPO services market consists of sales of software and BPO services by entities (organizations, sole traders and partnerships) that provide software and BPO services including application software programming services, computer program (software) development, computer software support services and web design services. This market includes sales of related goods.
Global Software And BPO Services Market Size And Drivers:
The global software and BPO services market is expected to grow from $2.37 trillion in 2020 to $2.49 trillion in 2021 at a compound annual growth rate (CAGR) of 5.2%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $3.83 trillion in 2025 at a CAGR of 11%.
The emergence of startups as major clients of software and BPO service providers is expected to drive the market. Driven by cost efficiency and the necessity to focus on core operations, startups have started outsourcing non-core operations such as finance and recruitment to specialized agencies and companies
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Trends In The Global Software And BPO Services Market
Many software services companies are adopting quality standards such as Information Technology Infrastructure Library (ITIL) and International Organization for Standardization (ISO) 9001 to align IT services with business requirements. ITIL describes processes, procedures and tasks that can be applied by an organization to deliver software products and services that meet predefined quality metrics. Similarly, ISO 9001 is a standard for quality products and services that meet desired quality standards and are reliable.
Global Software And BPO Services Market Segments:
The global software and BPO service market is further segmented based on type, organization size, end use industry and geography.
By Type:BPO Services, Software Services
By Organization Size:Large Enterprises, Small And Medium Enterprises
By End-Use Industry:Financial Services, Retail & Wholesale, Information Technology, Manufacturing, Healthcare, Others
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
By Geography:The global software and BPO services market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global software and BPO services market, accounting for 36% of the total market.
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Software And BPO Services Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides software and BPO services market overviews, analyzes and forecasts market size and growth for the global software and BPO services market, software and BPO services market share, software and BPO services market players, software and BPO services market segments and geographies, software and BPO services market’s leading competitors’ revenues, profiles and market shares. The software and BPO services market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.