NelsonHall has published its global BPS market forecasts for 2021 to 2025, arguably the most crucial period for business planning in a very long time. BPS market sizes and forecasts, plus vendor market share data, are available for:

• 32 geographies around the world
• 58 service lines, including all key sub-services within IT Services, Customer Experience Services, HR, F&A, Supply Chain, Procurement, Digital Transformation (RPA, AI, Analytics, BPaaS, Blockchain) and more
• 28 industry sectors, including Banking, Insurance, Healthcare, Pharmaceuticals, Retail, Telecom, Utilities, Travel, and many more.

These are the world's most comprehensive BPS market forecasts, charting the pace of recovery of every BPS market in the wake of the pandemic.

While COVID-19 caused BPS transaction volumes to fall markedly in travel and hospitality during 2020, as well as in automotive insurance claims and recruiting activity, the BPS market held up well compared to the overall drop in economic activity, remaining relatively flat year-on-year. The market will now strengthen during 2021 and show modest growth as troubled sectors begin to recover and companies continue to focus strongly on digital and operational transformation. But for many of the worst affected sectors, the economic recovery will take effect more slowly over several years.

Importantly, COVID-19 has accelerated the move to digital transformation, and this will continue apace, with most enterprises recognizing a need for one or more of heightened cost reduction, reduced revenue leakage, improvements in customer experience, and increases in business model effectiveness. Key factors driving accelerated digital transformation include:

• The forced transition to 'Work From Home'
• Accelerated recognition of the role of public cloud
• The need to decouple the numbers of personnel employed from business volumes
• An increased emphasis on digitization, both removing paper from operations and introducing cognitive NLP
• A need for real-time monitoring of business processes for more rapid insight.

The need to act quickly in response to COVID-19 has also led to enhanced cooperation and partnership between vendors and their clients, with much quicker and less bureaucratic decision-making than previously. Plus, BPS vendors are increasingly assisting enterprises in enhancing their own GBS and shared service operations, with separate transformation projects now often accounting for up to a quarter of BPS vendor revenues.

All of these market dynamics and more are reflected in the 2021-2025 BPS market forecasts. So, if you need access to critical market data in a business planning or knowledge management role, or if you're involved in digital transformation initiatives or decision-making for business process outsourcing within your organization, the new BPS market forecasts 2021-2025 are a must-have. Furthermore, the forecasts are available as standalone reports for download and online as part of NelsonHall's Self-Service Forecasting Tool, the only fully comprehensive, fully customizable, online market forecasting service available, enabling you to:

• Create rapid, customized views of market forecast data based on your exact business requirements, selecting from across service lines, geographies, and industry sectors
• Access vendor market share data based on any combination of service line, geography, and industry sector
• Export and disseminate customized data views for easier sharing with your key decision-makers.

To find out more, and arrange for a demonstration, contact Guy Saunders.