Business process outsourcing is poised to increase at a CAGR (Compounded Annual Growth Rate) of 6.10% through 2018. Business process outsourcing is now recognized as a strategy that can inspire innovation and transformation within an organization, as agreed upon by 85% buyers, 87% advisors and 92% service providers. Cost reduction is not the prime objective of outsourcing anymore. Organizations partner with experienced, professional outsourcing firms to benefit from the skilled workforce, advanced technology and business insight that will help drive excellent business outcomes.
The global document outsourcing services market is set to grow at a single-digit CAGR over the next five years, as per a futuremarketinsights.com report. This growth is triggered by the increasing demand for end-to-end document outsourcing services. Other factors contributing to this growth are increasing demand for new technologies, decreasing print volumes and a focus on reducing operational costs. Expert third party service providers offer state-of-the-art document processing services that are drawn upon by organizations around the world. With more outsourcing service providers coming to the fore, it is expected that there will be an increase in the number of business outsourcing document conversion and other requirements, which will in turn result in a growth in the market through 2020.
Innovative technology offered by service providers is another factor that has persuaded many organizations to increasingly favor document process outsourcing to third party vendors. With outsourcing, organizations can avoid recruiting employees and training them on new systems and tools.
The global healthcare BPO market is expected to reach USD 126, 000 million in 2019 and grow at 20.9% during 2013-2019. Healthcare insurance companies, hospitals and pharmaceutical companies are the chief segments of healthcare outsourcing covered. Among these, the pharmaceutical segment is expected to account for more than 60% of the overall healthcare BPO market through 2019, and the largest revenue generating segment. Healthcare provider outsourcing is expected to be the fastest growth segment followed by healthcare payer outsourcing during the analysis period. North America is expected to spend around 18% of their GDP on healthcare and therefore lead in healthcare spending capacity.
By increasing automated and more integrated/organized services, the healthcare sector is expected to surely benefit from productivity improvement. Healthcare business process outsourcing services include revenue cycle management, disease management, customer relations, clinical cost containment, supply chain logistics, human resources management, health plan administration and claims administration. The healthcare sector is bound to make use of these services largely on account of factors such as shortage of skilful resources, rising healthcare costs, prevalence of quality and performance-based reimbursement models and increasing physician-hospital-patient dynamics.
