Business Process Outsourcing Services in the US Industry Market Research Report from IBISWorld Has Been Updated
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Business Process Outsourcing (BPO) is a form of subcontracting that involves the delegation of specific business functions to third-party service providers. "It is the process of hiring another company to handle certain business activities in order to achieve maximum savings, increased efficiency and a greater return on investment," according to IBISWorld Industry Analyst
The Business Process Outsourcing Services industry fared well over the five years to 2014, supported by an improving overall economy and rising revenue in the human resource, finance and accounting, customer relations management and insurance sectors, which provide a large portion of BPO business. "Additionally, rising wages and increased operating costs associated with the passage of Patient Protection and Affordable Care Act (PPACA) helped drive employers to BPO companies as a method of cost control," says Morea. As a result, in the five years through 2014, BPO Services industry revenue is expected to increase at an annualized 4.1% to reach
In the next five years, wages will continue to rise with federal legislation presently in the pipeline to increase the federal minimum wage to
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Operators in this industry provide third-party outsourcing services on a contract basis. Clients can outsource specific operations and business functions, including both back and front office tasks, to companies this in this industry.
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