The global Cloud BPO Market is estimated to be valued over USD xx million by 2025. High adoption of cloud computing globally are significantly providing opportunities for the growth of this market. Owing to the ongoing trend for adoption of cloud based services several companies are expected to offer high quality services. In addition, the awareness among customers for their burgeoning power as they have encountered with the digital economy and attained access to various cloud based services worldwide.. The major factor restraining the growth of this market is rising security concerns such as malware injection, ransomware, data breach, and DoS (Denial of Service) associated with the use of cloud BPO services.
Growing adoption across the e-commerce and retail sectors is estimated to boost the cloud BPO market in the forecast time. Several retail brands are accepting this technology to escalate customer satisfaction, thus enhancing the markets growth. The technology assists retailers in offering enriched shopping experience by generating a 360-degree view of all the products.
An increased need for cost-effective business processes drives the market growth. Small and medium-sized enterprises (SMEs), especially emerging countries that have limited finances and prefer for economical solutions.
The key players in cloud BPO market include CGI Group, Inc, Capita plc, Accenture, Capgemini, Xerox Corporation, HCL Technologies Limited, Genpact Ltd., IBM and Oracle Corporation. For instance, Cognizant’s Order Management as a Service (OMaaS) provides major benefits such as enhanced retention and cross-selling, real-time negotiation, etc. In order to contend with increasing service and product complexity, and thus, companies rely heavily on their order management systems. Unfortunately, many legacy systems are not up to the task, therefore, cognizant have developed a new cloud-based services approach to improving order management i.e. Order Management as a Service (OMaaS). OMaaS also increases the effectiveness of the entire order management process.
However, privacy concerns and data security remain is challenging the market growth. Unauthorized access or loss of sensitive enterprise information can defame the service provider’s reputation. Outsourcing services are in great demand in emerging economies in APAC such as Southeast Asia, China, and India with rapidly growing data.
Also, cloud allows storing of large data in scalable and flexible infrastructure or hosted data centers thus, driving the demand for this market. Cloud BPO service providers need to ensure the latest data security measures to gain customer’s confidence. Any glitches/anomalies in the provider’s server could disrupt client’s data access and may lead to downtime. This would have a high influence on industries such as healthcare and BFSI.