![]() The impact of high attrition is expected to increase hiring costs for training and development of new employees, failure to attract new clients and decrease in productivity of the BPO services sector. According to the Analytics India Employee Attrition Study, in 2017, the USA accounted for the highest attrition rate of 42% in the BPO services industry, followed by Australia - 29%, Europe - 24% and India - 18% attrition. High employee attrition in the BPO services industry is expected to hinder the growth of the BPO services market in the forecast period. ![]() 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. The increasing number of startups is also expected to positively impact 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.įor 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 emergence of startups as major clients of software and BPO service providers is expected to drive the market. The regions covered in the software and BPO services market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. ![]() North America was the second largest region in software and BPO services market. The market is expected to reach $3,862.69 billion in 2026 at a CAGR of 12.1%.Īsia Pacific was the largest region in software and BPO services market in 2021. 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 global software and BPO services market is expected to grow from $2,163.82 billion in 2021 to $2,444.93 billion in 2022 at a compound annual growth rate (CAGR) of 13%. DUBLIN-( BUSINESS WIRE)-The "Software And BPO Services Global Market Report 2022, By Type, Organisation Size, End-Use Industry" report has been added to 's offering.
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