South Africa Business Process Outsourcing Market: …
(MENAFN – GetNews) According to a new report released by Grand View Research, the growth of the market is characterized by technological advancements, continued innovation and intensified competition, a trend that is expected to continue from 2020 to 2027
The South Africa Business Process Outsourcing Market the size should reach $ 3.6 billion through 2027 , pushing to a 13.2% CAGR during the forecast period, according to a study conducted by Grand View Research, Inc. The BPO industry in South Africa has been very successful over the past few years. The strong performance of the BPO sector in South Africa is due to the support it has received from the national government. Operational resilience, combined with continued government support, can maintain or even exceed the growth rate of the regional BPO industry and expand its range of solutions offered to global clients.
Supporting government initiatives are expected to accelerate market growth. The Ministry of Commerce and Industry has played a vital role in attracting international investment in the BPO sector. Government incentives to the BPO market have helped encourage a wave of international investment in the regional market.
However, the cost of telecommunication solutions and services prevails as a major challenge for the growth of the market. The relatively higher cost of telecom solutions and services in South Africa compared to other preferred BPO destinations across the world is forcing the government, IT and telecom companies as well as other industry players and stakeholders to work collaboratively to increase local manufacturing, expand networks, and further reduce connectivity prices to help drive market growth.
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Highlights of South Africa Business Process Outsourcing Market Report
• The market has become one of the main global BPO hubs and continues to grow at a positive pace
• The BPO industry in South Africa is fueled by a tech savvy and educated workforce and a business climate conducive to exceptional quality customer engagement BPOs.
• The regional government is strongly committed to the constant development of the skills of its BPO workforce to ensure the expansion and growth of the sector.
• Financial and Accounting Services segment is expected to grow at a CAGR of 13.6% over the forecast period as banks and several financial institutions have consistently viewed BPO as a way to improve profitability.
• Information and telecommunications technology end-use segment accounted for the largest revenue share of over 35% in 2019
• However, BFSI is expected to be the fastest growing end-use segment during the forecast period.
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South Africa Business Process Outsourcing Market Segmentation
Grand View Research has segmented the South Africa BPO market on the basis of service and end use:
South Africa BPO Service Outlook (Revenue, USD Million, 2016 – 2027)
• Finance and accounting
• Human ressources
• Outsourcing of knowledge processes (KPO)
• Procurement and supply chain
• Customer service
South Africa BPO End Use Outlook (Revenue, USD Million, 2016 – 2027)
• Banking, financial services and insurance (BFSI)
• Health care
• IT and telecommunications
List of Major BPO Market Players in South Africa
• Accenture Plc
• HCL Technologies Ltd.
• IBM Corp.
• Infosys Ltd. (Infosys BPM)
• NCR Corp.
• TTEC Holdings, Inc.
• Wipro Ltd.
• Mango5 BPO
• Indox (PTY) Ltd.
• Outworx contact center
• Commercial SA
• Discussion group
• Boomerang marketing
• 121 BPO services
• IT specialists
• Merchants SA (Pty) Ltd.
• CCI South Africa
• Capita plc
• Digital call group
• DSG Group
• WNS (Holdings) Ltd.
• Online help
• O’Keeffe and Swartz
• Ignition group
• SE Teleperformance
• Encore Capital Group
• Pra Group, Inc.
• Paschoalotto logo
• Pioneer Credit
• Group of credit companies
• Collection House Ltd.
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Business Process Outsourcing Market Size, Share and Trend Analysis Report by Service Type (Customer Services, Finance & Accounting), End Use (IT & Telecom, BFSI), Region & Segment Forecast, 2021-2028
About Grand View Search
Grand View Research is a California-based market research and consulting company headquartered in San Francisco. The company offers tailored advisory services to businesses to help them understand and explore their potential at scale. At the same time, Grand View Research responds to individual research needs to provide personalized research service.
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