The global software and BPO services market size is expected to grow from $2.16 trillion in 2021 to $2.44 trillion in 2022 at a compound annual growth rate (CAGR) of 13%. The growth in the market 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 software and BPO service market is expected to reach $3.86 trillion in 2026 at a CAGR of 12.1%.
What is the Global Software And BPO Services Market?
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.
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What drives the Global Software And BPO Services Market?
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. For instance, outsourcing of finance and tech operations helps Leverage Edu, an India-based EdTech startup connecting students with mentors, save approximately 40% of its capital through outsourcing. The increasing number of startups is also expected to positively impact the market. The number of startups in India is expected to increase to 10,500 by 2020, a 4000 increase from the current number, depicting new opportunities for the software and BPO services market in the client expansion and revenue generation.
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Global Software And BPO Services Market Segments
The global software and BPO services market is segmented:
By Type: BPO Services, Software Services
By Organization Size: Large Enterprises, Small and Medium Enterprises
By End-Use Industry: Financial Services, Retail and Wholesale, Information Technology, Manufacturing, Healthcare, Others
By Geography: The regions covered in the software and BPO services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Software And BPO Services Global Market Report 2022provides market size and growth forecasts for the global software and BPO services market, global software and BPO services market share, software and BPO services market segments and geographies, software and BPO services market competitive landscape including 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.
Global Software And BPO Services Industry Playersinclude 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. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
