Software And BPO Services Market Characteristics
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.
Competitive Landscape of the Software And BPO Services Market
Major players in the global software and BPO services market include IBM, Fujitsu, HPE, SAP, and Accenture.
Software And BPO Services Market Size
The software and BPO services market size is expected to reach $1.2 trillion by 2022, significantly growing at a CAGR of around 10% during the forecast period. The growth in the software and BPO services market is due to increase in economic growth and expanded smart cities.
However, the market for software and BPO services is expected to face certain restraints from several factors such as cloud computing technology and trade restrictions.
Software And BPO Services Market Segmentation
The global software and BPO services market is further segmented based on type and geography.
By Type - The software and BPO services market is segmented into BPO services, software and BPO services among these segments, BPO services market accounts for the largest share in the global software and BPO services market.
By Geography - The global software and BPO services is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific was the largest region in the global software and BPO services market.
Trends in the Software And BPO Services Market
Many BPO companies are automating processes through Robotic Process Automation (RPA).RPA automates processes that are repetitive, rule-based and frequent. RPAs are considered to be cost effective as they normally cost one-tenth of a Full Time Equivalent (FTE) person working in the US, UK or a third of the cost of an FTE working offshore. For instance, a major bank automated Fraudulent Account Closure, Loan Application Opening and Right of Set Off processes that saved over 120 FTE and reduced bad debt provision by £175m per annum.
Potential Opportunities in the Software And BPO Services Market
With increase in technological development and high valuations on technology companies the scope and potential for the global software and BPO services market is expected to significantly rise in the forecast period.
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