Business Process Outsourcing - Peru

Revenue in the Business Process Outsourcing market is projected to reach US$456.20m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.90%, resulting in a market volume of US$579.50m by 2029.
The average Spend per Employee in the Business Process Outsourcing market is projected to reach US$24.92 in 2024.
In global comparison, most revenue will be generated United States (US$146.30bn in 2024).

Definition :
The Business Process Outsourcing (BPO) market refers to the transfer of entire business processes or individual activities from a company to a third party and is often IT based. BPO covers a wide variety of business processes, usually either in the back office (e.g., human resources) or in the front office (e.g., customer service in call centers). A distinction is made between horizontal and vertical outsourcing. Horizontal BPO combines function-centric as well as cross-sector and cross-industry services, such as human resources management or payroll accounting. Vertical BPO, on the other hand, focuses on specialized services and is especially appealing to customers from the financial services industry, the healthcare sector, the manufacturing industry, or the retail sector.

Additional Information:

The Business Process Outsourcing market comprises revenues, revenue change, average spend per employee, and the market shares of the different business sectors. Market values represent revenues that are generated by primary vendors either directly or through distribution channels at the manufacturer price level (excluding VAT). Reported market revenues include spending by enterprises (B2B) and governments (B2G). Detailed definitions of each market can be found on the respective page where the market data is displayed. Key players in the market include Accenture, Cognizant, Wipro, and IBM.

For more information on the data displayed, use the info button right next to the boxes.

Back office process outsourcing, such as Genpact, Concentrix, HCL Technologies, Sutherland Global Services, EXL Services, Remote Coworker, and TechSpeed
Front office process outsourcing, such as IBM Global Services, Hewlett Packard Enterprise (HPE), Sitel Group, Teleperformance, and Qualfon

Application outsourcing, such as ScienceSoft, Arcanys, and SumatoSoft
Administration outsourcing, such as Conduent, Genpact, and ADP (Automatic Data Processing)
Infrastructure outsourcing, such as IBM Global Technology Services, Wipro Infrastructure Engineering, and Cognizant Infrastructure Services

Peru, a country known for its rich history and culture, has been experiencing a steady growth in the Business Process Outsourcing (BPO) market in recent years.

Customer preferences: Peruvian businesses have been increasingly outsourcing their non-core business processes to third-party service providers, allowing them to focus on their core competencies. The most commonly outsourced services in Peru include customer service, finance and accounting, and human resources. Peruvian companies prefer outsourcing to other Latin American countries due to their similar time zones and cultural similarities.

Trends in the market: The BPO market in Peru has been driven by the growth of the country's economy, which has led to an increase in the number of businesses seeking to outsource their non-core processes. Additionally, the rise of digital technologies has made it easier for businesses to outsource their processes to service providers located in other countries. The COVID-19 pandemic has also accelerated the growth of the BPO market in Peru, as businesses have been forced to adopt remote work models and are increasingly looking for cost-effective solutions.

Local special circumstances: The BPO market in Peru is characterized by a large number of small and medium-sized service providers, with only a few large players dominating the market. This has led to intense competition among service providers, with many offering specialized services to differentiate themselves from their competitors. Additionally, the Peruvian government has been actively promoting the country as an attractive destination for BPO services, offering tax incentives and other benefits to companies that choose to outsource to Peru.

Underlying macroeconomic factors: Peru's economy has been growing steadily in recent years, driven by strong domestic demand and increased investment in infrastructure and natural resources. This has led to an increase in the number of businesses operating in the country, many of which are looking to outsource their non-core processes to third-party service providers. Additionally, Peru's strategic location and membership in the Pacific Alliance trade bloc have made it an attractive destination for foreign investors looking to outsource their processes to Latin America.

Data coverage:

The data encompasses B2G, B2B, and B2C enterprises. Figures are based on enterprises' technology spending on products, consulting, and outsourcing services.

Modeling approach / Market size:

Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players in the industry, Statista's primary research and surveys, and IT associations. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, internet users, and telecommunication. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing method is used based on the market data characteristics. The main drivers are the GDP and its sector composition, internet penetration, the level of digitization, and the attitude toward IT security.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Technology market, in a PDF format.

Unseen yet omnipresent, Information Technology (IT) services are the invisible gears driving modern organizations. These services support business operations and digital transformation through outsourcing, managed services, security, data management, and cloud computing. By leveraging these services, companies enhance efficiency, reduce costs, and gain competitive advantages in a digital marketplace. Prominent cloud providers worldwide include Amazon Web Services, Microsoft Azure, Google Cloud, and Alibaba Cloud. In the managed services sector, Oracle, Accenture, and IBM are among the largest providers globally.