Business process outsourcing has come a long way and is advancing rapidly with professional discipline, knowledge-based management practices and high-value business models. The way companies do business is influenced by trends such as rural and impact sourcing, corporate social responsibility, the cloud, technology convergence, crowdsourcing, collaborative and strategic models, and governance.
According to, ‘Global BPO Market 2014-2018’, a new market research publication from Reportstack, the global BPO services market is expected to grow at a CAGR of 5.63% from 2014 to 2018. The study segments the global BPO market on the basis of applications such as customer relations management, finance and accounting, HR, procurement, engineering, research and development BPO functions, and more. The major highlights of the report are as follows:
- The healthcare industry is expected to witness the fastest growth in business process outsourcing (BPO) services spending. The sector is expected to grow at a CAGR of 6.9% from 2014 to 2018
- Vertical-specific BPO which comprises the major proportion (28%) of the overall BPO services market is expected to reach $47.4 billion by 2018
- Large Enterprise spend on BPO services is predicted to reach $106.6 billion by 2018
The report also discusses the details in spending across key geographical regions in the market and the spending across end-user segments.
Another study by MarketsandMarkets reports that the U.S. Healthcare BPO Market will be worth $141.7 billion by 2018. In this report, the healthcare BPO market in U.S is categorized in to three segments:
- Payer outsourcing – claims processing, HR services, member services/customer care, and finance and accounts
- Provider outsourcing – medical billing, medical coding, medical transcription, and finance and accounts
- Pharmaceutical outsourcing – clinical research organizations (CROs), contract manufacturing organizations (CMOs), and non-clinical services
As per this study, in 2013, the U.S. healthcare payer, provider, and pharmaceutical outsourcing markets were valued at $11.1 billion, $6.8 billion and $65.6 billion, respectively. The highlights of the report are as follows:
- In terms of market value, the U.S. pharmaceutical outsourcing market is the largest, followed by payer and provider outsourcing
- The U.S. provider outsourcing market is the fastest-growing segment in U.S healthcare BPO market, the result of conversion reform to ICD-10 and paucity of skilled professionals, especially medical coders, in the U.S.
As in the past, the stress is on providing outsourcing solutions to help clients reduce costs, increase savings, and enhance efficiency, productivity, and business results.