Software And BPO

Services Global Market

Briefing 2024

The Business Research Company

January 2024
 Software And BPO Services Global Market Briefing 2024 PAGE|2

Table of Contents
Software And BPO Services Market Characteristics ........................................................................... 6
Software And BPO Services Market Trends and Strategies ................................................................ 8
Cloud/Software As A Service (SaaS) ............................................................................................... 8
Virtualization .................................................................................................................................. 8
Data Analytics................................................................................................................................. 8
ITIL/ISO Certifications In The IT Industry ........................................................................................ 9
Software And BPO Services Market Historic Growth........................................................................ 10
Drivers Of The Market ................................................................................................................... 11
Restraints On The Market ............................................................................................................. 12
Software And BPO Services Market Forecast Growth ....................................................................... 13
Drivers Of The Market .................................................................................................................. 14
Restraints On The Market ..............................................................................................................15
Software And BPO Services Market Segmentation .......................................................................... 16
Global Software And BPO Services Market, Split By Segment, 2023, $ Billion ............................. 16
Global Software And BPO Services Market, Historic And Forecast, Split By Segment, 2018-2028 18
Software And BPO Services Market Geography Regional Comparison ............................................ 20
Global Software And BPO Services Market, Split By Region, 2023, $ Billion ................................. 20
Global Software And BPO Services Market, Historic And Forecast Growth Rate, Split By Region,
2018-2028 ..................................................................................................................................... 22
Asia Pacific Software And BPO Services Market Analysis ............................................................. 24
Asia Pacific Software And BPO Services Market, 2018–2028 .................................................... 24
Asia Pacific Software And BPO Services Market, Split By Country, 2023 .................................. 26
Asia Pacific Software And BPO Services Market, Historic And Forecast Growth Rate, Split By
Country, 2018-2028 .................................................................................................................. 28
North America Software And BPO Services Market Analysis ....................................................... 30
North America Software And BPO Services Market, 2018–2028 .............................................. 30
North America Software And BPO Services Market, Split By Country, 2023............................. 32
North America Software And BPO Services Market, Historic And Forecast Growth Rate, Split By
Country, 2018-2028 .................................................................................................................. 34
Western Europe Software And BPO Services Market Analysis ..................................................... 36
Western Europe Software And BPO Services Market, 2018–2028 ............................................ 36
Western Europe Software And BPO Services Market, Split By Country, 2023 .......................... 38
Western Europe Software And BPO Services Market, Historic And Forecast Growth Rate, Split
By Country, 2018-2028 ............................................................................................................. 40
Eastern Europe Software And BPO Services Market Analysis ....................................................... 42
Eastern Europe Software And BPO Services Market, 2018–2028 ............................................. 42
Eastern Europe Software And BPO Services Market, Split By Country, 2023 ............................ 44
Eastern Europe Software And BPO Services Market, Historic And Forecast Growth Rate, Split
By Country, 2018-2028 ............................................................................................................. 46
South America Software And BPO Services Market Analysis ....................................................... 48
South America Software And BPO Services Market, 2018–2028 .............................................. 48
South America Software And BPO Services Market, Split By Country, 2023 ............................ 50
South America Software And BPO Services Market, Historic And Forecast Growth Rate, Split
By Country, 2018-2028 ............................................................................................................. 52

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 PAGE|3

Africa Software And BPO Services Market Analysis...................................................................... 54

Africa Software And BPO Services Market, 2018–2028 ............................................................ 54
Africa Software And BPO Services Market, Split By Country, 2023........................................... 56
Africa Software And BPO Services Market, Historic And Forecast Growth Rate, Split By
Country, 2018-2028 .................................................................................................................. 58
Middle East Software And BPO Services Market Analysis ............................................................ 60
Middle East Software And BPO Services Market, 2018–2028 ................................................... 60
Middle East Software And BPO Services Market, Split By Country, 2023 ................................. 62
Middle East Software And BPO Services Market, Historic And Forecast Growth Rate, Split By
Country, 2018-2028 .................................................................................................................. 64
Software And BPO Services Market Competitive Landscape ........................................................... 66
Company Profiles.......................................................................................................................... 69
Tata Consultancy Services Limited ............................................................................................... 69
Company Overview................................................................................................................... 69
TCS Offers Products And Services Across Industries ................................................................. 69
TCS Financial Performance ........................................................................................................70
Capgemini SE ................................................................................................................................ 71
Company Overview.................................................................................................................... 71
Capgemini Offers Products And Services Across Industries ....................................................... 71
Capgemini Financial Performance .............................................................................................72
Microsoft Corporation ................................................................................................................... 73
Company Overview.................................................................................................................... 73
Microsoft Offers Products And Services Across Industries ......................................................... 73
Microsoft Financial Performance ...............................................................................................74
Appendix ........................................................................................................................................... 75
Market Data Sources ..................................................................................................................... 75
NAICS Definition Of The Industry Covered In This Report .............................................................76
Global Outlook Assumptions .........................................................................................................76
Research Methodology ..................................................................................................................76
Abbreviations ................................................................................................................................ 77
Currencies ...................................................................................................................................... 77
Research Inquiries ..........................................................................................................................78
The Business Research Company...................................................................................................78
Copyright And Disclaimer ..............................................................................................................78

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 PAGE|4

List Of Figures
Figure 1: Global Software And BPO Services Market, Historic Market Size, 2018-2023, $ Billion ..... 10
Figure 2: Global Software And BPO Services Market, Forecast Market Size, 2023-2028, $ Billion ..... 13
Figure 3: Global Software And BPO Services Market, Split By Segment, 2023, $ Billion ................... 16
Figure 4: Global Software And BPO Services Market, Historic And Forecast, Split By Segment, 2018-
2028.................................................................................................................................................. 18
Figure 5: Global Software And BPO Services Market, Split By Region, 2023, $ Billion ...................... 20
Figure 6: Global Software And BPO Services Market, Historic And Forecast Growth Rate, Split By
Region, 2018-2028 ............................................................................................................................ 22
Figure 7: Asia Pacific Software And BPO Services Market, 2018-2028, $ Billion ............................... 24
Figure 8: Asia Pacific Software And BPO Services Market, Split By Country, 2023, $ Billion ............. 26
Figure 9: Asia Pacific Software And BPO Services Market, Historic And Forecast Growth Rate, Split
By Country, 2018 - 2028 .................................................................................................................... 28
Figure 10: North America Software And BPO Services Market, 2018-2028, $ Billion ........................ 30
Figure 11: North America Software And BPO Services Market, Split By Country, 2023, $ Billion ...... 32
Figure 12: North America Software And BPO Services Market, Historic And Forecast Growth Rate,
Split By Country, 2018 - 2028............................................................................................................ 34
Figure 13: Western Europe Software And BPO Services Market, 2018-2028, $ Billion ...................... 36
Figure 14: Western Europe Software And BPO Services Market, Split By Country, 2023, $ Billion ... 38
Figure 15: Western Europe Software And BPO Services Market, Historic And Forecast Growth Rate,
Split By Country, 2018 - 2028............................................................................................................ 40
Figure 16: Eastern Europe Software And BPO Services Market, 2018-2028, $ Billion ....................... 42
Figure 17: Eastern Europe Software And BPO Services Market, Split By Country, 2023, $ Billion ..... 44
Figure 18: Eastern Europe Software And BPO Services Market, Historic And Forecast Growth Rate,
Split By Country, 2018 - 2028............................................................................................................ 46
Figure 19: South America Software And BPO Services Market, 2018-2028, $ Billion ........................ 48
Figure 20: South America Software And BPO Services Market, Split By Country, 2023, $ Billion ..... 50
Figure 21: South America Software And BPO Services Market, Historic And Forecast Growth Rate,
Split By Country, 2018 - 2028............................................................................................................ 52
Figure 22: Africa Software And BPO Services Market, 2018-2028, $ Billion ...................................... 54
Figure 23: Africa Software And BPO Services Market, Split By Country, 2023, $ Billion ................... 56
Figure 24: Africa Software And BPO Services Market, Historic And Forecast Growth Rate, Split By
Country, 2018 - 2028......................................................................................................................... 58
Figure 25: Middle East Software And BPO Services Market, 2018-2028, $ Billion............................. 60
Figure 26: Middle East Software And BPO Services Market, Split By Country, 2023, $ Billion .......... 62
Figure 27: Middle East Software And BPO Services Market, Historic And Forecast Growth Rate, Split
By Country, 2018 - 2028 .................................................................................................................... 64
Figure 28: Global Software And BPO Services Key Competitor Estimated Market Shares, 2023,
Percentage (%) ................................................................................................................................. 66
Figure 29: TCS – Financial Performance, $ Billion ..............................................................................70
Figure 30: Capgemini – Financial Performance, $ Billion ....................................................................72
Figure 31: Microsoft – Financial Performance, $ Billion ......................................................................74

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 PAGE|5

List Of Tables
Table 1: Global Software And BPO Services Market, Historic Market Size, 2018-2023, $ Billion ........ 11
Table 2: Global Software And BPO Services Market, Forecast Market Size, 2023-2028, $ Billion ..... 14
Table 3: Global Software And BPO Services Market, Split By Segment, 2023, $ Billion ..................... 17
Table 4: Global Software And BPO Services Market, Historic And Forecast, Split By Segment, 2018-
2028.................................................................................................................................................. 19
Table 5: Global Software And BPO Services Market, Split By Region, 2023, $ Billion ....................... 21
Table 6: Global Software And BPO Services Market, Historic And Forecast Growth Rate, Split By
Region, 2018-2028 ............................................................................................................................ 23
Table 7: Asia Pacific Software And BPO Services Market, 2018-2028, $ Billion................................. 25
Table 8: Asia Pacific Software And BPO Services Market, Split By Country, 2023, $ Billion ...............27
Table 9: Asia Pacific Software And BPO Services Market, Historic And Forecast Growth Rate, Split
By Country, 2018-2028 ..................................................................................................................... 29
Table 10: North America Software And BPO Services Market, 2018-2028, $ Billion .......................... 31
Table 11: North America Software And BPO Services Market, Split By Country, 2023, $ Billion ........ 33
Table 12: North America Software And BPO Services Market, Historic And Forecast Growth Rate,
Split By Country, 2018-2028 ..............................................................................................................35
Table 13: Western Europe Software And BPO Services Market, 2018-2028, $ Billion ........................ 37
Table 14: Western Europe Software And BPO Services Market, Split By Country, 2023, $ Billion .... 39
Table 15: Western Europe Software And BPO Services Market, Historic And Forecast Growth Rate,
Split By Country, 2018-2028 ............................................................................................................. 41
Table 16: Eastern Europe Software And BPO Services Market, 2018-2028, $ Billion ........................ 43
Table 17: Eastern Europe Software And BPO Services Market, Split By Country, 2023, $ Billion ...... 45
Table 18: Eastern Europe Software And BPO Services Market, Historic And Forecast Growth Rate,
Split By Country, 2018-2028 ..............................................................................................................47
Table 19: South America Software And BPO Services Market, 2018-2028, $ Billion ......................... 49
Table 20: South America Software And BPO Services Market, Split By Country, 2023, $ Billion .......51
Table 21: South America Software And BPO Services Market, Historic And Forecast Growth Rate,
Split By Country, 2018-2028 ..............................................................................................................53
Table 22: Africa Software And BPO Services Market, 2018-2028, $ Billion ....................................... 55
Table 23: Africa Software And BPO Services Market, Split By Country, 2023, $ Billion ...................... 57
Table 24: Africa Software And BPO Services Market, Historic And Forecast Growth Rate, Split By
Country, 2018-2028 .......................................................................................................................... 59
Table 25: Middle East Software And BPO Services Market, 2018-2028, $ Billion .............................. 61
Table 26: Middle East Software And BPO Services Market, Split By Country, 2023, $ Billion ........... 63
Table 27: Middle East Software And BPO Services Market, Historic And Forecast Growth Rate, Split
By Country, 2018-2028 ..................................................................................................................... 65
Table 28: Global Software And BPO Services Market, Key Competitors Estimated Market Shares,
2023, Percentage (%) .........................................................................................................................67
Table 29: TCS – Financial Performance, $billion ................................................................................70
Table 30: Capgemini – Financial Performance, $ Billion .....................................................................72
Table 31: Microsoft – Financial Performance, $billion ........................................................................74
Table 32: Software And BPO Services Market Data Sources ............................................................. 75

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 PAGE|6

Software And BPO Services Market

Characteristics
Software is a set of instructions, data, or programs used to operate a computer and perform specific tasks.
Business process outsourcing (BPO) is a business practice in which an organization contracts with an external
service provider to perform important business functions or tasks.

The software and BPO services market includes revenues earned by entities by providing software and BPO
services including application software programming services, computer program (software) development,
computer software support services and web design services. The market value includes the value of related
goods sold by the service provider or included within the service offering. Only goods and services traded
between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the
specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless
otherwise specified).

The revenues for a specified geography are consumption values – that is, they are revenues generated by
organizations in the specified geography within the specified market, irrespective of where they are produced.
It does not include revenues from resales either further along the supply chain or as part of other products.

Software and BPO services market is further classified into BPO services and software services.

• BPO services

Business process outsourcing (BPO) is a business practice in which an organization contracts with an
external service provider to perform important business functions or tasks. The business processes
outsourcing (BPO) market includes revenues earned by entities by providing BPO services such as
(CRM) customer relationship management, HRO (human resource outsourcing), KPO (knowledge
process outsourcing), data entry outsourcing, healthcare BPO, financial services outsourcing,
engineering services outsourcing and other BPO services. BPO services providers may use their own
software or buy from external vendors to provide service to their customers. The market value includes
the value of related goods sold by the service provider or included within the service offering. Only
goods and services traded between entities or sold to end consumers are included. The BPO services
market is segmented into CRM BPO; HRO BPO; F&A BPO and others BPO services.

© The Business Research Company 2024, All Rights Reserved

Software And BPO Services Global Market Briefing 2024 PAGE|7

• Software Services

Software is a set of instructions, programs, or data used to operate a computer and perform specific
tasks. The software services market includes revenues earned by entities by providing application
software programming services, computer program (software) development, computer software
support services and web design services. The market value includes the value of related goods sold by
the service provider or included within the service offering. Only goods and services traded between
entities or sold to end consumers are included. The software support services market is segmented into
application software; infrastructure software; vertical - specific software; software outsourcing services
and other software services.

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 PAGE|8

Software And BPO Services Market

Trends and Strategies
Major trends shaping the Software And BPO Services market include the following –

Cloud/Software As A Service (SaaS)

Cloud software solutions have been gaining acceptance from companies across all industries as it aid
companies to reduce IT expenditures. Cloud is a software delivery method where a vendor hosts a software
application in a remote server and customers can access it through the internet. Cloud software solutions are
widely used in customer relationship management (CRM), HR/payroll, project management and accounting
software systems.iiiIn 2022, SaaS accounted for 59% of the private cloud and the number is expected to
increase to 80% with revenue of $280 billion by 2026.iii

Since customers are increasingly looking for cost-effective solutions, companies should consider offering software
services on the cloud with pay-per-usage payment models.

Virtualization
Virtualization, which includes virtual computer hardware platforms, storage devices, and computer network
resources, in being widely used by enterprises globally to eliminate entire servers as well as the associated
infrastructure and operating costs. For instance, decommissioning of 1U rack server can annually save $500 in
energy, $500 in operating system licenses and $1500 in hardware maintenance costs.iv.This not only
streamlines a company’s IT infrastructure; it also lays the foundation for more strategic IT initiatives.
Virtualization has opened opportunities for IT services companies to offer Infrastructure–as–a–Service (where
businesses rely on equipment owned by IT service providers) and Platform–as–a–Service (where businesses
rely on software and platforms owned by IT service providers) to their clients.vThe virtualization services
market is expected to grow at a CAGR of 24% during forecast period.

Since customers are exploring opportunities to reduce operational costs associated with IT infrastructure, IT
services companies should consider offering cost effective virtualization solutions.

Data Analytics
Data analytics is increasingly being used across all industries to find key information from raw data for better
decision making. Data analytics examines large amounts of data to identify correlations and hidden patterns
that may directly or indirectly affect business. Major companies across different industries are using data
analytics tools. Data analytics tools are specific to the industry; and custom computer programming companies
are offering customized data analytics tools based upon the functioning and demands of their clients. For
example, in 2022, UK government os planning to use data analytics for detecting and convicting fraudsters.vi

Companies should focus on developing customer specific tools to capitalize on the growing demand for data
analytics.

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 PAGE|9

ITIL/ISO Certifications In The IT Industry

Many software services companies are adopting quality standards such as Information Technology
Infrastructure Library (ITIL) and International Organization for Standardization (ISO) 9001 to align IT services
with business requirements. ITIL describes processes, procedures and tasks that can be applied by an
organization to deliver software products and services that meet predefined quality metrics. Similarly, ISO
9001 is a standard for quality products and services that meet desired quality standards and are reliable. For
instance, about 916 thousand ISO 9001 certificates have been issued till date, to companies including software
services, medical devices, oil and gas, automotive companies and government organizations.vii

Software services companies should consider adopting ITIL and ISO 9001 standards to deliver quality services to
their customers.

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 10

Software And BPO Services Market

Historic Growth
Global software and BPO services market was worth $1950.9 billion in 2023. It was the largest segment within
the IT Services market accounting for 57.1%. In terms of per capita consumption, the market was $247.8 and in
terms of global GDP, the market was 1.86%. Software And BPO Services was the largest segment within the
computer hardware market accounting for 57.1% followed by hardware support services at 29.6% and cloud
services at 13.2% respectively.

The chart and table below show the year-on-year growth of the global software and bpo services market during
2018-2023.

Figure 1: Global Software And BPO Services Market, Historic Market Size, 2018-
2023, $ Billion

The Business Research Company

Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 11

Table 1: Global Software And BPO Services Market, Historic Market Size, 2018-
2023, $ Billion
Market 2018 2019 2020 2021 2022 2023 CAGR

Software 1461.96 1581.97 1620.98 1683.11 1833.33 1950.92 5.94%

And BPO
Services
The Business Research Company
Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

The global software and bpo services market grew from $1461.96 billion in 2018 to $1950.92 billion in 2023 at
a compound annual growth rate (CAGR) of 5.94%.

Drivers Of The Market

Rise In Corporate Profit– The corporate’ focus to improve profits in the historic period supported the growth
of the software and BPO services market. Corporate profit is defined as the amount of profit earned after all
costs, depreciation, interest, taxes, and other expenses have been deducted from total sales/revenues of the
company. Rise in the corporate profit in the historic period enabled companies to increase their spending in the
outsourcing sector by distributing non-core work to specialized companies, while keeping the focus on the core
companies’ business lines that resulted in the greater revenue generation. In 2017, corporate profits after tax
on a national income and product accounts (NIPA) in the USA increased by 3.2% comparing to the number in
2016 viii, while corporate profits in Singapore increased by 6.9% ix in the same period. Increased profit margins
of corporate in the historic period enabled companies to increase their outsourcing expenditure that directly
supported the growth of the global software and BPO services market.

Low-cost talent pool In Emerging Markets–The availability of the low-cost talent pool in emerging market
such as India, China and the Philippines supported the growth of the BPO services market in the historic period.
Companies in developed economies outsourced their business processes to emerging economies such as India
and China to capitalize on their affordable talent pool. In 2018, the hourly minimum wage in the UK equaled to
$10.34 while the minimum wage in the USA equaled to $7.25 x, around 5 and 3 times higher than the hourly
minimum wage in Brazil. The difference in wages enabled corporate to outsource non-core activities to
companies in emerging markets in the historic period, increasing the BPO activities in those geographies and
contributing to the growth of the market.

Growth In Retail And E-Commerce Verticals– Transformations in the retail and e-commerce sectors
supported the growth of the business processes outsourcing market in the historic period. Following the rapid
change in online and mobile usage, retail and e-commerce verticals had to evolve new back office services,
such as cross border payments, online support services and order management to stay competitive in the
market. For example, UK retail companies signed GBP 140 million worth of outsourcing contracts during the
first quarter of 2018xi, According to the Arvato UK Outsourcing Index in 2018, the retail and financial industries
outsourcing expenditure has seen an 8% increase in total contract value as compared to the last quarter of
2017xii.

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 12

Restraints On The Market

Stringent Government Regulations –Government regulations towards protection of jobs in the historic period
negatively influenced the growth of the software and BPO services market. During the historic period, state
and national governments enacted policies to discourage outsourcing and off shoring activities and decrease
the unemployment rate in respective countries. Many governments were also concerned about the security of
customer specific data and regulations of the data that can be shared with third party companies in a different
geography. For example, The Bring Jobs Home Act xiii is aimed at discouraging outsourcing outside the USA by
granting business taxpayers a tax credit for up to 20% of in sourcing expenses incurred for eliminating a
business located outside the USA and relocating it within the country. The introduction of regulations
discouraging outsourcing and off shoring activities outside the parent country limited the growth of the
software and BPO services market in emerging economies.

Cybersecurity Concerns – Security, password protection and personal and financial information protection
were key issues for the software and BPO services industry during the historic periodxiv. The reporting of
security breaches caused by process outsourcing threatened the growth of the BPO services market. Due to
security breaches, the need for firewall protection and network separation to ensure privacy was another major
need across all industries. According to a 2017 study, 96% of all web applications contained at least one serious
vulnerabilityxv.In July 2017, the Swedish government had a leak of confidential information from its transport
authority after outsourcing its IT activities to IBM Swedenxvi. Routine security assessments undertaken with the
help of security researchers were needed to analyze programming vulnerabilities, adding to the software and
BPO industry costs thus, restraining the overall attractiveness of the market.

Corona Virus Pandemic – The outbreak of Coronavirus disease (COVID-19) has acted as a significant restraint
on the software and BPO services market in 2020 as supply chains were disrupted due to trade restrictions and
employees working for these establishments faced difficulties related to infrastructure and communication
owing to lockdowns imposed by governments globally, forcing them to work from home. COVID 19 is an
infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first
identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including
Western Europe, North America and Asia. Steps by national governments to contain the transmission have
resulted in a decline in economic activity with countries entering a state of 'lock down' and the outbreak
continued to have a negative impact on businesses throughout 2020 and into 2021.

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 13

Software And BPO Services Market

Forecast Growth
The chart and table below show the year-on-year growth of the global software and bpo services market during
2023-2028.

Figure 2: Global Software And BPO Services Market, Forecast Market Size, 2023-
2028, $ Billion

The Business Research Company

Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 14

Table 2: Global Software And BPO Services Market, Forecast Market Size, 2023-
2028, $ Billion
Market 2023 2024 2025 2026 2027 2028 CAGR

Software 1950.92 2086.89 2246.37 2481.21 2740.99 3034.05 9.23%

And BPO
Services
The Business Research Company
Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

The global software and bpo services market is expected to grow from $1950.92 billion in 2023 to $3034.05
billion in 2028 at a CAGR of 9.23%.

Drivers Of The Market

Internet Of Things (IoT) – IoT technology adoption by manufacturing, transportation services and other
companies is expected to drive the software and BPO services market in the forecast period. IoT is a network
of physical objects such as devices, vehicles, buildings and other items which are embedded with electronics,
software, sensors and network connectivity that enable these objects to collect and exchange data. For
instance, in 2022, Amazon web services announced general availability of AWS IoT Twinmaker, a new service
which allows creating digital twins of real world entities.xviiThe emergence of IoT based support service
offerings by the software and BPO services industry using automation which eliminates the need for human
power at basic level operations such as customer care services is expected to drive revenues for companies in
the software and BPO service market xviii

Emergence Of Start-Ups –The emergence of startups as major clients of software and BPO service providers
is expected to drive the market. Driven by cost efficiency and the necessity to focus on core operations, startups
have started outsourcing non-core operations such as finance and recruitment to specialized agencies and
companies. For instance, outsourcing of finance and tech operations helps Leverage Edu, an India-based
EdTech startup connecting students with mentors, save approximately 40% of its capital through outsourcing.
The increasing number of startups is also expected to positively impact the market. In 2022, 14000 new startups
were recognized which was 20 times up in 5 years.xix

Increasing Investments In Smart Cities –The software and BPO services market is expected to be aided by
rapid growth in investments in smart city projects in many countries globally. Smart city technologies use
information and communication technologies to efficiently manage and operate urban services including
transportation systems, water supply and law and order. Smart cities uses system uses internet capabilities for
the transfer of data over a network without human interaction and minimal human to computer interaction.
As smart cities use a host of software for efficient functioning, the demand for software and BPO services is
expected to increase. In 2022, more than 5000 smart city projects were under progress in India which were
worth about USD 26.3 bnxx

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 15

Restraints On The Market

Skilled Workforce Shortage –With the growth in the automation adoption rate in the BPO services, the
demand for high skilled workforce is expected to increase exponentially. The BPO services in the historic period
mainly relied on entry level jobs that did not require experience. For instance, according to a survey conducted
by Infragistics, 53% of software and IT developers found it hard to find right people with right knowledge in
2022.xxi The high-skilled workforce is mainly required for the jobs in the accounting, human resources, web
design, and coding fields. The low availability of high skilled workforce, i.e. the workforce with a specific
background or of a managerial position with experience of five years and above, is expected to slow down the
revenue generation by BPO service providers due to the inability to perform high-cost projects requiring
experienced workforce, thereby, restraining the growth of the software and BPO services market in the
forecast period.

Reduction In Free Trade –The growth of the software and BPO services market is expected to be slowed down
by the global reduction in free trade. Brexit is expected to disrupt the free flow of professionals across the
nations following the introduction of new regulations and uncertainties in currency exchange rates Since the
Brexit referendum in 2016, the value of the British pound fell by 12% against the Euro and 5% against the US
dollar xxii.British pound depreciation negatively affected businesses of British companies abroad, whose
revenues declined following the currency depreciation. The trend is expected to continue as the uncertainties
of the Brexit deal continue raising up. The expected depreciation of the pound due to the possible no-deal
Brexit outcome and possible obstruction for free flow of professionals across nations are expected to limit the
business flow of British companies abroad, thereby, limiting the growth of the software and BPO services
market in emerging economies. In 2022, the Russia-Ukraine crisis has also affected global trade. The previous
predicted global trade growth for 2022 was 4.7% and the forecast after crisis was 2.4-3%.Also, the GDP growth
was reduced to 0.7-1.3%.xxiii

Rising Attrition –High employee attrition in the BPO services industry is expected to hinder the growth of the
BPO services market in the forecast period. According to the Analytics India Employee Attrition Study, in 2021,
the attrition rate in India was 28.1% which was up from 16.0% in 2020.xxivThe impact of high attrition is expected
to increase hiring costs for training and development of new employees, failure to attract new clients and
decrease in productivity of the BPO services sector. All these factors are expected to reduce BPO providers'
profitability and stability in the market, hindering the growth.

Russian-Ukrainian War - The Russia-Ukraine war is expected to hinder the growth of the software and BPO
services market during the forecast period. The political turmoil between the two nations has led to material
shortage and supply disruptions of various products and services. Russia and Ukraine are key producers of
major agricultural commodities, minerals and other essentials. The ongoing conflict between the two countries
is causing anxiety among traders and manufacturers due to fear of continued shortage of products and services,
thus impacting the software and BPO services market growth in the forecast period.

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 16

Software And BPO Services Market

Segmentation
Global Software And BPO Services Market, Split By Segment, 2023, $ Billion
The chart and table below show the split of the software and bpo services market by segment in 2023.

Figure 3: Global Software And BPO Services Market, Split By Segment, 2023, $
Billion

The Business Research Company

Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 17

Table 3: Global Software And BPO Services Market, Split By Segment, 2023, $
Billion
Segment Segment Share Market Value

Software Services 83.31% 1625.29

BPO Services 16.69% 325.63

The Business Research Company

Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

Software Services was the largest segment in the software and bpo services market at 83.31% of the market
worth about $1625.29 billion.

BPO Services was the smallest segment in the software and bpo services market at 16.69% of the market worth
about $325.63 billion.

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 18

Global Software And BPO Services Market, Historic And Forecast, Split By Segment,
2018-2028
The chart and table below show the software and bpo services market historic and forecast growth rates by
segment during 2018-2028.

Figure 4: Global Software And BPO Services Market, Historic And Forecast, Split
By Segment, 2018-2028

The Business Research Company

Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 19

Table 4: Global Software And BPO Services Market, Historic And Forecast, Split
By Segment, 2018-2028
Segment Historic CAGR (2018 - 2023) Forecast CAGR (2023 - 2028)

Software Services 6.59% 10.07%

BPO Services 3.03% 4.60%

The Business Research Company

Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

Software Services had the highest CAGR of 6.59% during 2018-2023; this segment is expected to grow at a
CAGR of 10.07% during 2023-2028.

BPO Services had the smallest CAGR of 3.03% during 2018-2023; this segment is expected to grow at a CAGR
of 4.60% during 2023-2028.

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 20

Software And BPO Services Market

Geography Regional Comparison
Global Software And BPO Services Market, Split By Region, 2023, $ Billion
The chart and table below show the split of the software and bpo services market by region in 2023.

Figure 5: Global Software And BPO Services Market, Split By Region, 2023, $
Billion

The Business Research Company

Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 21

Table 5: Global Software And BPO Services Market, Split By Region, 2023, $
Billion
Region Region Share Market Value

Asia Pacific 33.89% 661.18

Western Europe 27.80% 542.44

North America 23.24% 453.34

Eastern Europe 5.49% 107.18

Middle East 3.96% 77.20

South America 3.04% 59.29

Africa 2.58% 50.29

The Business Research Company

Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

Asia Pacific was the largest region in the software and bpo services market in 2023, accounting for $661.18
billion or 33.89% of the global software and bpo services market.

Western Europe was the second largest region in the software and bpo services market in 2023, accounting for
$542.44 billion or 27.80% of the global software and bpo services market.

Africa was the smallest region accounting for $50.29 billion.

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 22

Global Software And BPO Services Market, Historic And Forecast Growth Rate, Split By
Region, 2018-2028
The chart and table below show the software and bpo services market historic and forecast growth rates by
region during 2018-2028.

Figure 6: Global Software And BPO Services Market, Historic And Forecast Growth
Rate, Split By Region, 2018-2028

The Business Research Company

Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 23

Table 6: Global Software And BPO Services Market, Historic And Forecast Growth
Rate, Split By Region, 2018-2028
Region Historic CAGR (2018 - 2023) Forecast CAGR (2023 - 2028)

Middle East 12.95% 17.05%

South America 11.50% 23.78%

Africa 8.44% 12.90%

Eastern Europe 8.22% 10.52%

Asia Pacific 6.92% 9.74%

Western Europe 5.29% 7.99%

North America 3.18% 4.84%

The Business Research Company

Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

Middle East had the highest CAGR of 12.95% during 2018-2023; this region is expected to grow at a CAGR of
17.05% during 2023-2028.

South America had the second highest CAGR of 11.50% during 2018-2023; this region is expected to grow at a
CAGR of 23.78% during 2023-2028.

North America had the lowest CAGR of 3.18% during 2018 - 2023; this region is expected to grow at a CAGR of
4.84% during 2023 - 2028.

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 24

Asia Pacific Software And BPO Services Market Analysis

Asia Pacific was the largest region in the software and BPO services market worth $661.1 billion in 2023,
accounting for 33.8% of the global software and BPO services market, followed by Western Europe at 27.8%
and North America at 23.2% respectively. In the same year, the regions’ software and BPO services market was
67.7% of the Asia Pacific's IT Services market. In terms of per capita consumption, the market was $152.0, lower
than the global average per capita of $247.8. In terms of the region’s GDP, the market was 1.84%.

Asia Pacific Software And BPO Services Market, 2018–2028

The chart and table below show the year-on-year growth of the Asia Pacific software and bpo services market
during 2018-2028.

Figure 7: Asia Pacific Software And BPO Services Market, 2018-2028, $ Billion

The Business Research Company

Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 25

Table 7: Asia Pacific Software And BPO Services Market, 2018-2028, $ Billion
Segments 2018 2019 2020 2021 2022 2023 2027 2028f CAGR CAGR
(2018- (2023-
2023) 2028)
Software 473.07 533.52 551.86 572.87 617.37 661.18 949 1052.52 6.92% 9.74%
And BPO
Services
The Business Research Company
Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

The Asia Pacific software and bpo services market grew from $473.07 billion in 2018 to $661.18 billion in 2023
at a CAGR of 6.92%.

Asia Pacific software and bpo services is expected to grow to $1052.52 billion in 2028 at a CAGR of 9.74%.

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 26

Asia Pacific Software And BPO Services Market, Split By Country, 2023

The chart and table below show the split of the Asia Pacific software and bpo services market by country in
2023.

Figure 8: Asia Pacific Software And BPO Services Market, Split By Country, 2023, $
Billion

The Business Research Company

Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 27

Table 8: Asia Pacific Software And BPO Services Market, Split By Country, 2023, $
Billion
Country Country Share Revenue

China 42.36% 280.07

Japan 17.30% 114.36

Australia 8.88% 58.71

India 8.76% 57.93

South Korea 4.89% 32.34

Indonesia 3.20% 21.19

Thailand 1.64% 10.85

Vietnam 1.58% 10.43

Philippines 1.29% 8.51

Singapore 1.25% 8.28

Malaysia 1.16% 7.69

Hong Kong 1.11% 7.31

Bangladesh 0.89% 5.89

New Zealand 0.69% 4.59

Others 5.00% 33.03

The Business Research Company

Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

China was the largest country in the Asia Pacific software and bpo services market in 2023, accounting for
$280.07 billion.

Japan was the second largest country in the Asia Pacific software and bpo services market in 2023, accounting
for $114.36 billion.

New Zealand was the smallest country in the Asia Pacific software and bpo services market in 2023, accounting
for $4.59 billion.

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 28

Asia Pacific Software And BPO Services Market, Historic And Forecast Growth Rate, Split By Country,
2018-2028

The chart and table below show the Asia Pacific software and bpo services market historic and forecast growth
rates by country during 2018-2028.

Figure 9: Asia Pacific Software And BPO Services Market, Historic And Forecast
Growth Rate, Split By Country, 2018 - 2028

The Business Research Company

Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 29

Table 9: Asia Pacific Software And BPO Services Market, Historic And Forecast
Growth Rate, Split By Country, 2018-2028
Country CAGR (2018 - 2023) CAGR (2023 - 2028)

India 9.61% 15.16%

Bangladesh 8.65% 14.06%

Philippines 8.46% 12.74%

Vietnam 8.46% 15.14%

China 8.38% 10.66%

Indonesia 7.87% 11.08%

Singapore 7.27% 7.43%

New Zealand 6.95% 7.73%

Malaysia 6.10% 8.96%

South Korea 6.03% 7.35%

Thailand 5.56% 10.17%

Australia 4.67% 5.79%

Hong Kong 3.99% 8.28%

Japan 3.72% 5.70%

The Business Research Company

Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

India software and bpo services market had the highest CAGR of 9.61% during 2018-2023; this country is
expected to grow at a CAGR of 15.16% during 2023-2028.

Bangladesh software and bpo services market had the second highest CAGR of 8.65% during 2018-2023; this
country is expected to grow at a CAGR of 14.06% during 2023-2028.

Japan software and bpo services market had the smallest CAGR of 3.72% during 2018-2023; this country is
expected to grow at a CAGR of 5.70% during 2023-2028.

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 30

North America Software And BPO Services Market Analysis

North America was the third largest region in the software and BPO services market worth $453.3 billion in
2023, accounting for 23.2% of the global software and BPO services market, preceded and followed by Western
Europe at 27.8% and Eastern Europe at 5.4% respectively. In the same year, the regions’ software and BPO
services market was 47.1% of the North America's IT Services market. In terms of per capita consumption, the
market was $895.6, higher than the global average per capita of $247.8. In terms of the region’s GDP, the
market was 1.46%.

North America Software And BPO Services Market, 2018–2028

The chart and table below show the year-on-year growth of the North America software and bpo services
market during 2018-2028.

Figure 10: North America Software And BPO Services Market, 2018-2028, $ Billion

The Business Research Company

Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 31

Table 10: North America Software And BPO Services Market, 2018-2028, $ Billion
Segments 2018 2019 2020 2021 2022 2023 2027 2028f CAGR CAGR
(2018- (2023-
2023) 2028)
Software 387.58 401.98 398.09 412.92 438.86 453.34 540.06 574.07 3.18% 4.84%
And BPO
Services
The Business Research Company
Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

The North America software and bpo services market grew from $387.58 billion in 2018 to $453.34 billion in
2023 at a CAGR of 3.18%.

North America software and bpo services is expected to grow to $574.07 billion in 2028 at a CAGR of 4.84%.

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 32

North America Software And BPO Services Market, Split By Country, 2023

The chart and table below show the split of the North America software and bpo services market by country in
2023.

Figure 11: North America Software And BPO Services Market, Split By Country,
2023, $ Billion

The Business Research Company

Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 33

Table 11: North America Software And BPO Services Market, Split By Country,
2023, $ Billion
Country Country Share Revenue

USA 84.61% 383.58

Canada 7.81% 35.42

Mexico 7.57% 34.34

The Business Research Company

Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

The USA was the largest country in the North America software and bpo services market in 2023, accounting
for $383.58 billion.

Canada was the second largest country in the North America software and bpo services market in 2023,
accounting for $35.42 billion.

Mexico was the smallest country in the North America software and bpo services market in 2023, accounting
for $34.34 billion.

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 34

North America Software And BPO Services Market, Historic And Forecast Growth Rate, Split By Country,
2018-2028

The chart and table below show the North America software and bpo services market historic and forecast
growth rates by country during 2018-2028.

Figure 12: North America Software And BPO Services Market, Historic And
Forecast Growth Rate, Split By Country, 2018 - 2028

The Business Research Company

Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 35

Table 12: North America Software And BPO Services Market, Historic And
Forecast Growth Rate, Split By Country, 2018-2028
Country CAGR (2018 - 2023) CAGR (2023 - 2028)

Mexico 5.51% 6.46%

Canada 5.38% 5.96%

USA 2.80% 4.58%

The Business Research Company

Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

Mexico software and bpo services market had the highest CAGR of 5.51% during 2018-2023; this country is
expected to grow at a CAGR of 6.46% during 2023-2028.

Canada software and bpo services market had the second highest CAGR of 5.38% during 2018-2023; this
country is expected to grow at a CAGR of 5.96% during 2023-2028.

The USA software and bpo services market had the smallest CAGR of 2.80% during 2018-2023; this country is
expected to grow at a CAGR of 4.58% during 2023-2028.

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 36

Western Europe Software And BPO Services Market Analysis

Western Europe was the second largest region in the software and BPO services market worth $542.4 billion in
2023, accounting for 27.8% of the global software and BPO services market, preceded and followed by Asia
Pacific at 33.8% and North America at 23.2% respectively. In the same year, the regions’ software and BPO
services market was 51.6% of the Western Europe's IT Services market. In terms of per capita consumption, the
market was $1269.8, higher than the global average per capita of $247.8. In terms of the region’s GDP, the
market was 2.60%.

Western Europe Software And BPO Services Market, 2018–2028

The chart and table below show the year-on-year growth of the Western Europe software and bpo services
market during 2018-2028.

Figure 13: Western Europe Software And BPO Services Market, 2018-2028, $
Billion

The Business Research Company

Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 37

Table 13: Western Europe Software And BPO Services Market, 2018-2028, $ Billion
Segments 2018 2019 2020 2021 2022 2023 2027 2028f CAGR CAGR
(2018- (2023-
2023) 2028)
Software 419.18 444.44 461.48 480.6 518.56 542.44 729.83 796.55 5.29% 7.99%
And BPO
Services
The Business Research Company
Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

The Western Europe software and bpo services market grew from $419.18 billion in 2018 to $542.44 billion in
2023 at a CAGR of 5.29%.

Western Europe software and bpo services is expected to grow to $796.55 billion in 2028 at a CAGR of 7.99%.

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 38

Western Europe Software And BPO Services Market, Split By Country, 2023

The chart and table below show the split of the Western Europe software and bpo services market by country
in 2023.

Figure 14: Western Europe Software And BPO Services Market, Split By Country,
2023, $ Billion

The Business Research Company

Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 39

Table 14: Western Europe Software And BPO Services Market, Split By Country,
2023, $ Billion
Country Country Share Revenue

Germany 33.94% 184.12

UK 21.60% 117.16

Italy 8.40% 45.54

Spain 6.05% 32.84

France 4.59% 24.90

Netherlands 4.17% 22.64

Switzerland 3.49% 18.94

Sweden 3.15% 17.09

Austria 2.46% 13.35

Finland 2.25% 12.20

Belgium 2.06% 11.16

Norway 1.97% 10.71

Denmark 1.74% 9.45

Ireland 1.61% 8.74

Portugal 0.80% 4.34

Others 1.71% 9.26

The Business Research Company

Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

Germany was the largest country in the Western Europe software and bpo services market in 2023, accounting
for $184.12 billion.

The UK was the second largest country in the Western Europe software and bpo services market in 2023,
accounting for $117.16 billion.

Portugal was the smallest country in the Western Europe software and bpo services market in 2023, accounting
for $4.34 billion.

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 40

Western Europe Software And BPO Services Market, Historic And Forecast Growth Rate, Split By Country,
2018-2028

The chart and table below show the Western Europe software and bpo services market historic and forecast
growth rates by country during 2018-2028.

Figure 15: Western Europe Software And BPO Services Market, Historic And
Forecast Growth Rate, Split By Country, 2018 - 2028

The Business Research Company

Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 41

Table 15: Western Europe Software And BPO Services Market, Historic And
Forecast Growth Rate, Split By Country, 2018-2028
Country CAGR (2018 - 2023) CAGR (2023 - 2028)

Austria 8.16% 9.42%

Ireland 7.63% 5.12%

Norway 7.36% 10.62%

Switzerland 5.93% 7.68%

Spain 5.91% 8.11%

Portugal 5.83% 6.41%

Netherlands 5.65% 6.84%

UK 5.55% 11.10%

Italy 5.24% 4.95%

Germany 5.24% 7.56%

Finland 5.13% 6.39%

Belgium 4.51% 3.48%

Sweden 3.86% 7.42%

Denmark 2.85% 5.52%

France 2.54% 4.57%

The Business Research Company

Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

Austria software and bpo services market had the highest CAGR of 8.16% during 2018-2023; this country is
expected to grow at a CAGR of 9.42% during 2023-2028.

Ireland software and bpo services market had the second highest CAGR of 7.63% during 2018-2023; this country
is expected to grow at a CAGR of 5.12% during 2023-2028.

France software and bpo services market had the smallest CAGR of 2.54% during 2018-2023; this country is
expected to grow at a CAGR of 4.57% during 2023-2028.

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 42

Eastern Europe Software And BPO Services Market Analysis

Eastern Europe was the fourth largest region in the software and BPO services market worth $107.1 billion in
2023, accounting for 5.4% of the global software and BPO services market, preceded and followed by North
America at 23.2% and Middle East at 3.9% respectively. In the same year, the regions’ software and BPO
services market was 70.9% of the Eastern Europe's IT Services market. In terms of per capita consumption, the
market was $330.3, higher than the global average per capita of $247.8. In terms of the region’s GDP, the
market was 2.26%.

Our forecasts are made after factoring the impact of major macro-economic and political factors including the
Russian-Ukrainian war on the overall economy. The factors considered within the estimates includes the effect
of inflation, the impact of sanctions, supply chain disruptions, global growth estimates by different
organizations and the impact on the demand of goods and services due to the war, impacting various macro-
economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

Eastern Europe Software And BPO Services Market, 2018–2028

The chart and table below show the year-on-year growth of the Eastern Europe software and bpo services
market during 2018-2028.

Figure 16: Eastern Europe Software And BPO Services Market, 2018-2028, $
Billion

The Business Research Company

Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 43

Table 16: Eastern Europe Software And BPO Services Market, 2018-2028, $ Billion
Segments 2018 2019 2020 2021 2022 2023 2027 2028f CAGR CAGR
(2018- (2023-
2023) 2028)
Software 72.19 79.01 82.59 85.02 98.8 107.18 159.67 176.77 8.22% 10.52%
And BPO
Services
The Business Research Company
Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

The Eastern Europe software and bpo services market grew from $72.19 billion in 2018 to $107.18 billion in 2023
at a CAGR of 8.22%.

Eastern Europe software and bpo services is expected to grow to $176.77 billion in 2028 at a CAGR of 10.52%.

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 44

Eastern Europe Software And BPO Services Market, Split By Country, 2023

The chart and table below show the split of the Eastern Europe software and bpo services market by country in
2023.

Figure 17: Eastern Europe Software And BPO Services Market, Split By Country,
2023, $ Billion

The Business Research Company

Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 45

Table 17: Eastern Europe Software And BPO Services Market, Split By Country,
2023, $ Billion
Country Country Share Revenue

Russia 25.68% 27.52

Poland 24.35% 26.10

Romania 13.22% 14.17

Czech Republic 10.52% 11.27

Ukraine 2.19% 2.35

Others 24.04% 25.77

The Business Research Company

Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

Russia was the largest country in the Eastern Europe software and bpo services market in 2023, accounting for
$27.52 billion.

Poland was the second largest country in the Eastern Europe software and bpo services market in 2023,
accounting for $26.10 billion.

Ukraine was the smallest country in the Eastern Europe software and bpo services market in 2023, accounting
for $2.35 billion.

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 46

Eastern Europe Software And BPO Services Market, Historic And Forecast Growth Rate, Split By Country,
2018-2028

The chart and table below show the Eastern Europe software and bpo services market historic and forecast
growth rates by country during 2018-2028.

Figure 18: Eastern Europe Software And BPO Services Market, Historic And
Forecast Growth Rate, Split By Country, 2018 - 2028

The Business Research Company

Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 47

Table 18: Eastern Europe Software And BPO Services Market, Historic And
Forecast Growth Rate, Split By Country, 2018-2028
Country CAGR (2018 - 2023) CAGR (2023 - 2028)

Czech Republic 11.57% 12.90%

Poland 10.17% 13.54%

Romania 8.08% 9.60%

Russia 6.15% 6.87%

Ukraine 1.05% 8.17%

The Business Research Company

Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

Czech Republic software and bpo services market had the highest CAGR of 11.57% during 2018-2023; this
country is expected to grow at a CAGR of 12.90% during 2023-2028.

Poland software and bpo services market had the second highest CAGR of 10.17% during 2018-2023; this
country is expected to grow at a CAGR of 13.54% during 2023-2028.

Ukraine software and bpo services market had the smallest CAGR of 1.05% during 2018-2023; this country is
expected to grow at a CAGR of 8.17% during 2023-2028.

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 48

South America Software And BPO Services Market Analysis

South America was the sixth largest region in the software and BPO services market worth $59.2 billion in 2023,
accounting for 3.0% of the global software and BPO services market, preceded and followed by Middle East at
3.9% and Africa at 2.5% respectively. In the same year, the regions’ software and BPO services market was
62.6% of the South America's IT Services market. In terms of per capita consumption, the market was $115.9,
lower than the global average per capita of $247.8. In terms of the region’s GDP, the market was 1.25%.

South America Software And BPO Services Market, 2018–2028

The chart and table below show the year-on-year growth of the South America software and bpo services
market during 2018-2028.

Figure 19: South America Software And BPO Services Market, 2018-2028, $ Billion

The Business Research Company

Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 49

Table 19: South America Software And BPO Services Market, 2018-2028, $ Billion
Segments 2018 2019 2020 2021 2022 2023 2027 2028f CAGR CAGR
(2018- (2023-
2023) 2028)
Software 34.4 39.06 40.14 41.21 48.17 59.29 137.74 172.27 11.5% 23.78%
And BPO
Services
The Business Research Company
Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

The South America software and bpo services market grew from $34.4 billion in 2018 to $59.29 billion in 2023
at a CAGR of 11.5%.

South America software and bpo services is expected to grow to $172.27 billion in 2028 at a CAGR of 23.78%.

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 50

South America Software And BPO Services Market, Split By Country, 2023

The chart and table below show the split of the South America software and bpo services market by country in
2023.

Figure 20: South America Software And BPO Services Market, Split By Country,
2023, $ Billion

The Business Research Company

Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 51

Table 20: South America Software And BPO Services Market, Split By Country,
2023, $ Billion
Country Country Share Revenue

Argentina 25.00% 14.82

Colombia 19.06% 11.30

Brazil 15.26% 9.05

Chile 9.45% 5.60

Peru 8.30% 4.92

Others 22.94% 13.60

The Business Research Company

Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

Argentina was the largest country in the South America software and bpo services market in 2023, accounting
for $14.82 billion.

Colombia was the second largest country in the South America software and bpo services market in 2023,
accounting for $11.30 billion.

Peru was the smallest country in the South America software and bpo services market in 2023, accounting for
$4.92 billion.

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 52

South America Software And BPO Services Market, Historic And Forecast Growth Rate, Split By Country,
2018-2028

The chart and table below show the South America software and bpo services market historic and forecast
growth rates by country during 2018-2028.

Figure 21: South America Software And BPO Services Market, Historic And
Forecast Growth Rate, Split By Country, 2018 - 2028

The Business Research Company

Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 53

Table 21: South America Software And BPO Services Market, Historic And
Forecast Growth Rate, Split By Country, 2018-2028
Country CAGR (2018 - 2023) CAGR (2023 - 2028)

Argentina 35.21% 45.21%

Chile 8.52% 7.69%

Peru 7.42% 8.54%

Colombia 7.34% 6.58%

Brazil 4.25% 3.44%

The Business Research Company

Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

Argentina software and bpo services market had the highest CAGR of 35.21% during 2018-2023; this country is
expected to grow at a CAGR of 45.21% during 2023-2028.

Chile software and bpo services market had the second highest CAGR of 8.52% during 2018-2023; this country
is expected to grow at a CAGR of 7.69% during 2023-2028.

Brazil software and bpo services market had the smallest CAGR of 4.25% during 2018-2023; this country is
expected to grow at a CAGR of 3.44% during 2023-2028.

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 54

Africa Software And BPO Services Market Analysis

Africa was the smallest region in the software and BPO services market worth $50.2 billion in 2023, accounting
for 2.5% of the global software and BPO services market, preceded by South America at 3.0% and Middle East
at 3.9% respectively. In the same year, the regions’ software and BPO services market was 73.6% of the Africa's
IT Services market. In terms of per capita consumption, the market was $35.5, lower than the global average
per capita of $247.8. In terms of the region’s GDP, the market was 1.75%.

Africa Software And BPO Services Market, 2018–2028

The chart and table below show the year-on-year growth of the Africa software and bpo services market during
2018-2028.

Figure 22: Africa Software And BPO Services Market, 2018-2028, $ Billion

The Business Research Company

Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 55

Table 22: Africa Software And BPO Services Market, 2018-2028, $ Billion
Segments 2018 2019 2020 2021 2022 2023 2027 2028f CAGR CAGR
(2018- (2023-
2023) 2028)
Software 33.54 37.47 38.21 39.88 44.46 50.29 81.41 92.25 8.44% 12.9%
And BPO
Services
The Business Research Company
Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

The Africa software and bpo services market grew from $33.54 billion in 2018 to $50.29 billion in 2023 at a CAGR
of 8.44%.

Africa software and bpo services is expected to grow to $92.25 billion in 2028 at a CAGR of 12.9%.

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 56

Africa Software And BPO Services Market, Split By Country, 2023

The chart and table below show the split of the Africa software and bpo services market by country in 2023.

Figure 23: Africa Software And BPO Services Market, Split By Country, 2023, $
Billion

The Business Research Company

Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 57

Table 23: Africa Software And BPO Services Market, Split By Country, 2023, $
Billion
Country Country Share Revenue

Nigeria 16.64% 8.37

Egypt 15.77% 7.93

South Africa 15.61% 7.85

Others 51.98% 26.14

The Business Research Company

Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

Nigeria was the largest country in the Africa software and bpo services market in 2023, accounting for $8.37
billion.

Egypt was the second largest country in the Africa software and bpo services market in 2023, accounting for
$7.93 billion.

South Africa was the smallest country in the Africa software and bpo services market in 2023, accounting for
$7.85 billion.

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 58

Africa Software And BPO Services Market, Historic And Forecast Growth Rate, Split By Country, 2018-
2028

The chart and table below show the Africa software and bpo services market historic and forecast growth rates
by country during 2018-2028.

Figure 24: Africa Software And BPO Services Market, Historic And Forecast
Growth Rate, Split By Country, 2018 - 2028

The Business Research Company

Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 59

Table 24: Africa Software And BPO Services Market, Historic And Forecast Growth
Rate, Split By Country, 2018-2028
Country CAGR (2018 - 2023) CAGR (2023 - 2028)

Egypt 13.13% 16.67%

Nigeria 9.57% 15.03%

South Africa 5.56% 8.66%

The Business Research Company

Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

Egypt software and bpo services market had the highest CAGR of 13.13% during 2018-2023; this country is
expected to grow at a CAGR of 16.67% during 2023-2028.

Nigeria software and bpo services market had the second highest CAGR of 9.57% during 2018-2023; this
country is expected to grow at a CAGR of 15.03% during 2023-2028.

South Africa software and bpo services market had the smallest CAGR of 5.56% during 2018-2023; this country
is expected to grow at a CAGR of 8.66% during 2023-2028.

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 60

Middle East Software And BPO Services Market Analysis

Middle East was the fifth largest region in the software and BPO services market worth $77.2 billion in 2023,
accounting for 3.9% of the global software and BPO services market, preceded and followed by Eastern Europe
at 5.4% and South America at 3.0% respectively. In the same year, the regions’ software and BPO services
market was 69.3% of the Middle East's IT Services market. In terms of per capita consumption, the market was
$227.1, lower than the global average per capita of $247.8. In terms of the region’s GDP, the market was 1.70%.

Middle East Software And BPO Services Market, 2018–2028

The chart and table below show the year-on-year growth of the Middle East software and bpo services market
during 2018-2028.

Figure 25: Middle East Software And BPO Services Market, 2018-2028, $ Billion

The Business Research Company

Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 61

Table 25: Middle East Software And BPO Services Market, 2018-2028, $ Billion
Segments 2018 2019 2020 2021 2022 2023 2027 2028f CAGR CAGR
(2018- (2023-
2023) 2028)
Software 42 46.49 48.61 50.61 67.11 77.2 143.28 169.62 12.95% 17.05%
And BPO
Services
The Business Research Company
Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

The Middle East software and bpo services market grew from $42 billion in 2018 to $77.2 billion in 2023 at a
CAGR of 12.95%.

Middle East software and bpo services is expected to grow to $169.62 billion in 2028 at a CAGR of 17.05%.

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 62

Middle East Software And BPO Services Market, Split By Country, 2023

The chart and table below show the split of the Middle East software and bpo services market by country in
2023.

Figure 26: Middle East Software And BPO Services Market, Split By Country, 2023,
$ Billion

The Business Research Company

Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 63

Table 26: Middle East Software And BPO Services Market, Split By Country, 2023,
$ Billion
Country Country Share Revenue

Saudi Arabia 21.81% 16.84

Turkey 20.80% 16.06

United Arab Emirates 11.40% 8.80

Israel 11.37% 8.78

Others 34.61% 26.72

The Business Research Company

Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

Saudi Arabia was the largest country in the Middle East software and bpo services market in 2023, accounting
for $16.84 billion.

Turkey was the second largest country in the Middle East software and bpo services market in 2023, accounting
for $16.06 billion.

Israel was the smallest country in the Middle East software and bpo services market in 2023, accounting for
$8.78 billion.

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 64

Middle East Software And BPO Services Market, Historic And Forecast Growth Rate, Split By Country,
2018-2028

The chart and table below show the Middle East software and bpo services market historic and forecast growth
rates by country during 2018-2028.

Figure 27: Middle East Software And BPO Services Market, Historic And Forecast
Growth Rate, Split By Country, 2018 - 2028

The Business Research Company

Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 65

Table 27: Middle East Software And BPO Services Market, Historic And Forecast
Growth Rate, Split By Country, 2018-2028
Country CAGR (2018 - 2023) CAGR (2023 - 2028)

Turkey 32.45% 26.96%

Saudi Arabia 8.79% 10.06%

United Arab Emirates 8.40% 13.49%

Israel 6.49% 8.61%

The Business Research Company

Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

Turkey software and bpo services market had the highest CAGR of 32.45% during 2018-2023; this country is
expected to grow at a CAGR of 26.96% during 2023-2028.

Saudi Arabia software and bpo services market had the second highest CAGR of 8.79% during 2018-2023; this
country is expected to grow at a CAGR of 10.06% during 2023-2028.

Israel software and bpo services market had the smallest CAGR of 6.49% during 2018-2023; this country is
expected to grow at a CAGR of 8.61% during 2023-2028.

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 66

Software And BPO Services Market

Competitive Landscape
The figure below displays competitor shares of the top companies in the software and bpo services market.
The market for software and bpo services is highly fragmented. The top ten competitors in the software and
bpo services market made up 9.99% of the total market in 2023. Major players in the market are TCS,
Capgemini, Microsoft, Cognizant Technology Solutions Corp, Dell Technologies Inc.

TCS was the largest competitor with 1.68% of the market followed by Capgemini with 1.23%, and Microsoft
with 1.08%, and Cognizant Technology Solutions Corp with 1.00%, and Dell Technologies Inc with 0.98%, and
telefonaktiebolaget lm ericsson with 0.95%, and International Business Machines Corporation with 0.82%, and
Infosys ltd with 0.81%, and FIS with 0.73%, and NTT Data with 0.71%.

Figure 28: Global Software And BPO Services Key Competitor Estimated Market
Shares, 2023, Percentage (%)

The Business Research Company

Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 67

Table 28: Global Software And BPO Services Market, Key Competitors Estimated
Market Shares, 2023, Percentage (%)
Company Market Share Revenue ($ Billion)

TCS 1.68% $32.74

Capgemini 1.23% $23.90

Microsoft 1.08% $21.10

Cognizant Technology Solutions 1.00% $19.43

Corp
Dell Technologies Inc 0.98% $19.21

telefonaktiebolaget lm ericsson 0.95% $18.47

International Business Machines 0.82% $16.00

Corporation
Infosys ltd 0.81% $15.85

FIS 0.73% $14.24

NTT Data 0.71% $13.81

Others 90.02% $1756.17

The Business Research Company

Sources: Market Data Sources, TBRC Estimates, TBRC Analysis

TCS, through their products and services that align to software and bpo services market, is estimated to have
generated revenues of $32.74 billion for the financial year 2022, an increase of 17.3% from the previous year.

Capgemini, through their products and services that align to software and bpo services market, is estimated to
have generated revenues of $23.90 billion for the financial year 2022, an increase of 19.8% from the previous
year.

Microsoft, through their products and services that align to software and bpo services market, is estimated to
have generated revenues of $21.10 billion for the financial year 2021, an increase of 17.5% from the previous
year.

Cognizant Technology Solutions Corp, through their products and services that align to software and bpo
services market, is estimated to have generated revenues of $19.43 billion for the financial year 2022, an
increase of 5.0% from the previous year.

Dell Technologies Inc, through their products and services that align to software and bpo services market, is
estimated to have generated revenues of $19.21 billion for the financial year 2022, a decrease of -5.3% from
the previous year.

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 68

telefonaktiebolaget lm ericsson, through their products and services that align to software and bpo services
market, is estimated to have generated revenues of $18.47 billion for the financial year 2022, an increase of
8.1% from the previous year.

International Business Machines Corporation, through their products and services that align to software and
bpo services market, is estimated to have generated revenues of $16.00 billion for the financial year 2022, an
increase of 9.1% from the previous year.

Infosys ltd, through their products and services that align to software and bpo services market, is estimated to
have generated revenues of $15.85 billion for the financial year 2021, an increase of 20.6% from the previous
year.

FIS, through their products and services that align to software and bpo services market, is estimated to have
generated revenues of $14.24 billion for the financial year 2022, an increase of 5.3% from the previous year.

NTT Data, through their products and services that align to software and bpo services market, is estimated to
have generated revenues of $13.81 billion for the financial year 2021, an increase of 10.1% from the previous
year.

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 69

Company Profiles

Tata Consultancy Services Limited

Company Overview
Tata Consultancy Services Limited is a provider of consulting, IT services and business solutions. The company
offers wide range of services including analytics, cloud, engineering and industrial services, cyber security,
testing and block chain services. It offers services to various industries include life sciences and healthcare,
banking financial services, insurance, retail, manufacturing, transportation, travel, energy and utilities
industries. The company has around 614,795 employees globally. TCS was founded in 1968 and is
headquartered in Mumbai City, Maharashtra, India.xxv

TCS Offers Products And Services Across Industries

The company operates through the following business divisions:

The company offers IT services, consulting services and business solutions organizations. It provides a range of
information technology related products and services such as application development, business process
outsourcing, capacity planning, consulting services includes supply chain as a service, merger and acquisitions,
deliver superior customer experience, Transform to Enterprise Agile, Front office transformation and Digital
integration services. It also provides enterprise software, hardware sizing, payment processing, software
management, and technology education services.

The Banking, Financial Services and Insurance division provides marketing services, advisory solutions,
financial services, compliance services, lending and securitization services, modernization services and
telematics solutions. It also offers TCS Conversa solution an artificial intelligence (AI) platform which helps
companies to configure use cases in BFSI industry.xxvi

The Manufacturing division provides SAP solutions, supply chain transformation solutions and advisory
services.xxvii

The Retail and Consumer Business division offers solutions such as supply chain management, analytics, sales
and marketing, digital solutions. The company provides TCS OmniStore solution for retail industry which is a
unified commerce platform which enables customers to checkout anywhere in the store.xxviii

The Communication, Media and Technology division provides product engineering services, enterprise right
management solutions, networking services, digital video services, rights and royalties, content solutions and
services, transformation services and analytic services.xxix

The Life Sciences and Healthcare division provides drugs, devices and medical services to patients.xxx

The Others division provides supply chain services, application management services, security solutions,
engineering services, digital solutions, advisory services and healthcare solutions for energy, resources and
utilities, life science and healthcare industries.xxxi

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 70

TCS Financial Performance

The chart and table below show the financial performance of TCS during 2014 – 2o22 (most recent full financial
year of results at time of publication).

Figure 29: TCS – Financial Performance, $ Billion

The Business Research Company - Want more information on this market or to speak to our consultants? visit TBRC.info or contact
[email protected]
Most recent financial year 1st April 2022 to 31st March 2023.
Sources: Annual Reportsxxxii, TBRC Estimates, TBRC Analysis, check Methodology and Copyright & Disclaimer for details

Table 29: TCS – Financial Performance, $billion

Year 2014 2015 2016 2017 2018 2019 2020 2021 2022
Revenue 13.88 15.93 17.30 18.05 21.47 23.01 24.07 28.11 33.06

Profit Before Tax 3.86 4.64 5.06 5.00 6.09 6.19 6.42 7.58 8.34

Profit For The Year 2.91 3.56 3.86 3.79 4.63 4.76 4.77 5.64 6.20
The Business Research Company, - Want more information on this market or to speak to our consultants? visit TBRC.info or contact
[email protected]
Sources: Annual Reportsxxxiii, TBRC Estimates, TBRC Analysis, check Methodology and Copyright & Disclaimer for details

TCS had revenue of $13.88 billion for the financial year 2014, and $33.06 billion in 2022. It had a market
capitalization of $159.48 billion as of October 2023.xxxiv

TCS had profit before tax of $3.86 billion for the financial year 2014, and $8.34 billion in 2022.

TCS had profit of $2.91 billion for the financial year 2014, and $6.20 billion in 2022.

Note: All financial data is taken from the latest full year annual report published in 2023.

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 71

Capgemini SE

Company Overview
Capgemini SE is a French based information technology company. It provides consulting, technology,
professional, digital transformation, cloud computing and outsourcing services. The company serves
aerospace, defense, automotive, health care, life science, telecom, media, and entertainment industries. The
company employs around 360,000 people and has operations in more than 50 countries. Capgemini SE was
founded in 1967 and is headquartered in Paris, France.xxxv xxxvi

Capgemini Offers Products And Services Across Industries

The company operates through the following business divisions:

The Applications & Technology division designs and develops applications and technological solutions to help
its customers to develop, modernize, and secure their IT and digital environment. It also provides assistance
and supports internal information technology (IT) and engineering teams at client premises.

The Operations & Engineering division integrates, manages industrial operations and connected services
across industries. It also delivers, transform and manage operations for digital core and business processes. It
also offers digital engineering, data engineering or data science to transform of the business models to help its
clients address their own environmental challenges.

The Strategy & Transformation division focuses on strategy, technology, data science, and creative design to
support its customers in creating new models and new products & services within the digital economy.xxxvii

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 72

Capgemini Financial Performance

The chart and table below show the financial performance of Capgemini during 2014 – 2022 (most recent full
financial year of results at time of publication).

Figure 30: Capgemini – Financial Performance, $ Billion

The Business Research Company - Want more information on this market or to speak to our consultants? visit TBRC.info or contact
[email protected]
Most recent financial year 1st April 2022 to 31st March 2023.
Sources: Annual Reportsxxxviii, TBRC Estimates, TBRC Analysis, check Methodology and Copyright & Disclaimer for details

Table 30: Capgemini – Financial Performance, $ Billion

Year 2014 2015 2016 2017 2018 2019 2020 2021 2022
Revenue 12.49 14.07 14.81 15.11 15.59 16.68 18.72 21.45 25.98
Operating
1.15 1.49 1.70 1.76 1.89 1.69 1.77 2.17 2.83
Income (Loss)
Net Income
0.68 1.33 1.07 0.95 0.86 1.01 1.13 1.37 1.83
(Loss)
The Business Research Company - Want more information on this market or to speak to our consultants? visit TBRC.info or contact
[email protected]
Sources: Annual Reportsxxxix, TBRC Estimates, TBRC Analysis, check Methodology and Copyright & Disclaimer for details

Capgemini had revenue of $12.49 billion for the financial year 2014, and $25.98 billion in 2022. It had a market
capitalization of $32.85 billion as of August 2023.xl

Capgemini had operating income of $1.15 billion for the financial year 2014, and $2.83 billion in 2022.

Capgemini had net income of $0.68 billion for the financial year 2014, and $1.83 billion in 2022.

Note: All financial data is taken from the latest full year annual report published in 2023.

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 73

Microsoft Corporation

Company Overview
Microsoft Corporation is a multinational technology company that develops, manufactures, supports and sells
computer software, consumer electronics, personal computers, and related services. The company has
approximately 221,000 employees worldwide and operates in 190 countries. Microsoft was founded in 1975 and
is headquartered in Redmond, Washington, the US.xli

Microsoft Offers Products And Services Across Industries

The company operates through the following business divisions:

The Productivity and Business Processes division offers office products and services such as office
commercial, including office 365 subscriptions and office licensed on-premises, comprising office, exchange,
SharePoint, skype for business; office consumer include office 365 subscriptions and office licensed on-
premises, and office consumer services, including skype, outlook.com, and OneDrive; LinkedIn including talent
solutions, marketing solutions, premium subscriptions, and others.

The Intelligent Cloud division consists of public, private, and server products and cloud services including SQL
Server, Windows Server, Visual Studio, System Center, and related CALs, as well as Azure; and enterprise
services such as Premier Support Services and Microsoft Consulting Services.

The More Personal Computing division offers products and services such as windows, including windows OEM
licensing and other non-volume licensing of the windows operating system, volume licensing of the windows
operating system, patent licensing, windows embedded, msn display advertising, and windows phone
licensing; devices, including Microsoft surface devices, PC accessories, and other intelligent devices; gaming,
including Xbox hardware; Xbox live, comprising transactions, subscriptions, and advertising; video games; and
third-party video game royalties.xlii

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 74

Microsoft Financial Performance

The chart and table below show the financial performance of Microsoft during 2014 – 2021 (most recent full
financial year of results at time of publication)

Figure 31: Microsoft – Financial Performance, $ Billion

The Business Research Company - Want more information on this market or to speak to our consultants? visit TBRC.info or contact
[email protected]
Most recent financial year 1st July 2021 to 31st June 2022
Sources: Annual Reportsxliii, TBRC Estimates, TBRC Analysis, check Methodology and Copyright & Disclaimer for details

Table 31: Microsoft – Financial Performance, $billion

Year 2014 2015 2016 2017 2018 2019 2020 2021
110.3 125.8 143.0 168.0
Revenue 93.58 91.15 96.57 198.27
6 4 2 9
42.9 52.9
Operating income 18.16 26.08 29.03 35.06 69.92 83.38
6 6
25.4 44.2
Net Income 12.19 20.54 16.57 39.24 61.27 72.74
9 8
The Business Research Company - Want more information on this market or to speak to our consultants? visit TBRC.info or contact
[email protected]
Sources: Annual Reportsxliv, TBRC Estimates, TBRC Analysis, check Methodology and Copyright & Disclaimer for details

Microsoft had revenue of $93.58 billion for the financial year 2014, and $198.27 billion in 2021. It had a market
capitalization of $1985 billion as of February 2023xlv

Microsoft had operating income of $18.16 billion for the financial year 2014, and $83.38 billion in 2021.

Microsoft had net income of $12.19 billion for the financial year 2014 and $72.74 billion in 2021.

Note: All financial data is taken from the latest full year annual report published in 2022.

© The Business Research Company 2024, All Rights Reserved

Software And BPO Services Global Market Briefing 2024 P A G E | 75

Appendix
Market Data Sources
Table 32: Software And BPO Services Market Data Sources
Source URL

National Statistic Offices https://www.indec.gob.ar/; http://www.abs.gov.au/;

https://www.statistik.at/web_en/; https://statbel.fgov.be/en;
https://ww2.ibge.gov.br/home/default.php; http://www.statcan.gc.ca/;
http://www.ine.cl; http://www.stats.gov.cn/english/;
http://www.dane.gov.co/index.php/en/;
http://kostat.go.kr/portal/eng/index.action; https://www.dst.dk/en;
http://www.capmas.gov.eg/?lang=2;
https://www.tilastokeskus.fi/index_en.html; https://www.insee.fr/en/accueil;
https://www.destatis.de/EN/Homepage.html;
https://www.censtatd.gov.hk/home/; http://mospi.nic.in/#;
https://www.bps.go.id/; http://www.cso.ie/en/index.html;
http://www.cbs.gov.il/reader/cw_usr_view_Folder?ID=141;
http://www.istat.it/en/; http://www.stat.go.jp/english/index.htm;
https://www.dosm.gov.my/v1/; http://en.www.inegi.org.mx/;
https://opendata.cbs.nl/statline/#/CBS/en/navigatieScherm/thema?themaNr=
5350; https://www.stats.govt.nz/; http://www.nigerianstat.gov.ng/;
https://www.ssb.no/en/; https://www.inei.gob.pe/; http://psa.gov.ph/;
http://stat.gov.pl/en/;
https://www.ine.pt/xportal/xmain?xpgid=ine_main&xpid=INE;
http://www.insse.ro/cms/en;
http://www.gks.ru/wps/wcm/connect/rosstat_main/rosstat/en/main/;
https://www.singstat.gov.sg/; https://www.stats.gov.sa;
http://www.statssa.gov.za/; https://www.czso.cz/csu/czso/home;
http://www.ine.es/en/welcome.shtml; http://www.scb.se/en/;
https://www.bfs.admin.ch/bfs/en/home.html; http://web.nso.go.th/;
http://www.turkstat.gov.tr/Start.do;jsessionid=nZhGhvpT3DQ7vWJt3c8HcMJ
GXjhyhPNh24yPpJzbnRFKwqHLGWrq!-270508800; http://fcsa.gov.ae/en-us;
https://www.ons.gov.uk/; https://census.gov/; http://www.ine.gov.ve/;
https://www.gso.gov.vn/Default.aspx?tabid=217
Directorate-General of https://ec.europa.eu/eurostat
the European
Commission
World Health https://www.who.int/
Organization
International Monetary https://www.imf.org/external/index.htm
Fund
Organisation for http://www.oecd.org/
Economic Co-operation
and Development
UN Comtrade Database https://comtrade.un.org/

The Business Research Company

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 76

NAICS Definition Of The Industry Covered In This Report

Software And BPO Services-Software is a set of instructions, data, or programs used to operate a computer
and perform specific tasks. Business process outsourcing (BPO) is a business practice in which an organization
contracts with an external service provider to perform important business functions or tasks.

The software and BPO services market includes revenues earned by entities by providing software and BPO
services including application software programming services, computer program (software) development,
computer software support services and web design services. The market value includes the value of related
goods sold by the service provider or included within the service offering. Only goods and services traded
between entities or sold to end consumers are included. The software and BPO services market is segmented
into software services and BPO services.

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the
specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless
otherwise specified).

The revenues for a specified geography are consumption values – that is, they are revenues generated by
organizations in the specified geography within the specified market, irrespective of where they are produced.
It does not include revenues from resales either further along the supply chain or as part of other products.

Global Outlook Assumptions

Our numbers in all markets reflect the current consensus for the global economic outlook for the next 3-5 years.
This includes the positive impact of post pandemic reopening in 22-23, high inflation in the short term, higher
energy prices in the short term and higher interest rate environment in the short term. Note that our market
estimates are 'nominal' and include the impact of inflation, (reflecting actual values paid not their theoretical
worth). The estimates and forecasts for Russia and Ukraine specifically are adjusted for the impact of war. Due
to the unusual economic situation in Russia (including sanctions, currency controls etc) the market size has
been reduced to reflect a truer idea of the USD value rather than the nominal local currency value.

Note on COVID-19: The effect of the coronavirus pandemic has led to forecasts in many markets being altered
away from long term historic trends based on the impact of COVID on specific markets and geographies.
Historic trend data continues to be used to forecast the longer-term development of these markets.

Research Methodology
The Business Research Company’s reports are based on the methodology below.

Data

Our datasets are created using a wide range of proprietary and public sources including leading government
bodies, associations, trade journals, market intelligence reports and trade magazines. Data is modelled based
on hard data, extrapolation, regression analysis based on known macro data inputs, interpolation between
hard figures, comparisons with other geographies and markets, price estimations, and qualitative inputs. Data
is triangulated within our unique market data model covering an exhaustive list of 200+ markets across 12
countries and 5 regions. Comparable data is used for sanity check and trend analysis. For example our global

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 77

market value data is compared to unit sales and price data for the relevant market as well as relevant macro-
economic datasets in order to establish validity.

Market Numbers-

Market value is defined as the revenues earned by organizations for products and services within the specified
market. The break down by geography is revenue generated within the specific industry by organizations in
the specified geography, irrespective of where they are produced.

Competitor Market Share Data

The competitor market share data is intended to represent the companies that gain the most revenues from
the given market and the percentage share of the market that they hold. If a company derives most of its
revenues from the market, its revenues are given in full. If a large part of the company's revenues come from
other markets, only the division of the company which operates in this market is included. Where accurate
information is not available on the revenues a company generates from the market its market share is not
included, however a profile of the company may still be included if it is a significant competitor in the market.

Analysis

Analysis is drawn from our Consultants’ wide range of industry and research experience as well as public and
proprietary sources. Consultants are trained in research techniques and ethics by the Market Research Society.

Verification Through Expert Interviews

Every year The Business Research Company carries out thousands of interviews with senior executives and
industry experts across hundreds of markets. Through these interviews we develop our internal understanding
of markets and geographies and cross reference our understanding of global markets with expert feedback
utilizing ‘Delphic’ research methodologies.

Referencing

The Business Research Company prides itself on the quality and validity of its data and analysis. Our unique
‘end noted’ referencing approach allows the user to trace our market numbers and analysis back to the specific
data sources they were derived from.

Note on Currency Conversions – All currency conversions are done on the basis of 2021 exchange rates.

Abbreviations

Currencies
$ stands for US Dollar

€ stands for Euro

All other currencies are given with ISO currency codes.

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 78

Research Inquiries
If you have any inquiries relating the research services, please do not hesitate to get in touch.

Please contact [email protected] for more information or call Europe +44 2071930708, Asia +91 8897263534,
Americas +1 3156230293

The Business Research Company

The Business Research Company excels in competitor, market and consumer research on a range of industries
globally. We have offices in the UK, US and India and consultants in 20+ countries globally. We use advanced
secondary and investigative primary research techniques to find business critical information. Typical projects
include helping clients find new customers, understand competitors and analyze markets.

Copyright And Disclaimer

These presentations and reports should not be reproduced, re-circulated, published in any media, website or
otherwise, in any form or manner, in part or as a whole, without the express consent in writing of TBRC Business
Research Pvt Ltd. Any unauthorized use, disclosure or public dissemination of information contained herein is
prohibited. Individual situations and local practices and standards may vary, so viewers and others utilizing
information contained within a presentation are free to adopt differing standards and approaches as they see
fit. You may not repackage or sell the presentation. The facts of this report are based on secondary sources,
whose accuracy we are not always in a position to guarantee. As such TBRC Business Research Pvt Ltd can
accept no liability whatever for actions taken based on any information that may subsequently prove to be
incorrect. Analysis and findings included in TBRC reports and presentations are our opinions, and are not
intended as statements of fact or investment guidance.

i
http://www-03.ibm.com/software/businesscasestudies?synkey=A106631G10930I24

ii
http://www.salesforce.com/in/customers/
iii
https://www.paddle.com/resources/state-of-saas-meta-report
iv

https://www.energystar.gov/products/low_carbon_it_campaign/12_ways_save_energy_data_center/server_virtualizatio
n
v
https://www.vmware.com/in/solutions/virtualization.html
vi
https://www.ukauthority.com/articles/government-to-recruit-data-analysts-to-fight-fraud/
vii
http://www.iso.org/iso/iso_survey_executive-summary.pdf
viii
https://www.statista.com/statistics/222130/annual-corporate-profits-in-the-us/
ix
https://sbr.com.sg/economy/news/chart-day-corporate-profits-hit-seven-year-high
x
https://shop.economist.com/products/pocket-world-in-figures-2018
xi
https://contact-centres.com/uk-outsource-market-dominated-by-financial-service-retail-businesses/
xii
https://www.arvato.co.uk/outsourcing-index/
xiii
https://economictimes.indiatimes.com/tech/ites/bring-jobs-home-act-will-make-it-less-attractive-for-us-companies-
to-outsource-jobs-to-india/articleshow/14623957.cms
xiv
http://www.indusa.com/articles/10-challenges-every-software-product-developer-faces/
xv
https://www.mrc-productivity.com/research/solving-application-security.pdf
xvi
https://www.bbc.com/news/technology-40705473

© The Business Research Company 2024, All Rights Reserved

 Software And BPO Services Global Market Briefing 2024 P A G E | 79

xvii
https://press.aboutamazon.com/news-releases/news-release-details/aws-announces-general-availability-aws-iot-
twinmaker/
xviii
https://www.nearshoreamericas.com/internet-of-things-call-centers-customer-service-billion/
xix
https://economictimes.indiatimes.com/tech/startups/economic-survey-2022-at-least-14000-new-startups-recognised-
in-india/articleshow/89243366.cms
xx
https://indiainvestmentgrid.gov.in/schemes/smart-city-mission
xxi
https://www.globenewswire.com/news-release/2022/02/10/2382917/0/en/New-Reveal-Survey-Finds-Skilled-
Developer-Shortage-Among-Top-Challenges-for-2022.html

xxiii
https://www.business-standard.com/article/international/crisis-in-ukraine-could-slash-global-trade-growth-by-half-in-
2022-wto-122041200115_1.html
xxiv
https://analyticsindiamag.com/study-analytics-india-attrition-study-2022/
xxv
https://www.tcs.com/content/dam/tcs/investor-relations/financial-statements/2022-23/ar/annual-report-2022-2023.pdf
xxvi
https://www.tcs.com/content/dam/tcs/investor-relations/financial-statements/2022-23/ar/annual-report-2022-2023.pdf
xxvii
https://www.tcs.com/content/dam/tcs/investor-relations/financial-statements/2022-23/ar/annual-report-2022-2023.pdf
xxviii
https://www.tcs.com/content/dam/tcs/investor-relations/financial-statements/2022-23/ar/annual-report-2022-2023.pdf
xxix
https://www.tcs.com/content/dam/tcs/investor-relations/financial-statements/2022-23/ar/annual-report-2022-2023.pdf
xxx
https://www.tcs.com/content/dam/tcs/investor-relations/financial-statements/2022-23/ar/annual-report-2022-2023.pdf
xxxi
https://www.tcs.com/content/dam/tcs/investor-relations/financial-statements/2022-23/ar/annual-report-2022-2023.pdf
xxxii
https://www.tcs.com/content/dam/tcs/investor-relations/financial-statements/2022-23/ar/annual-report-2022-2023.pdf
xxxiii
https://www.tcs.com/content/dam/tcs/investor-relations/financial-statements/2022-23/ar/annual-report-2022-2023.pdf
xxxiv
https://finance.yahoo.com/quote/TCS.NS/
xxxv
https://investors.capgemini.com/en/file/24133/?download=1
xxxvi
https://www.capgemini.com/company-profile-key-figures/
xxxvii
https://investors.capgemini.com/en/file/24133/?download=1
xxxviii
https://investors.capgemini.com/en/file/24133/?download=1
xxxix
https://investors.capgemini.com/en/file/24133/?download=1
xl
https://finance.yahoo.com/quote/CAP.PA/
xli
https://en.wikipedia.org/wiki/Microsoft
xlii
https://view.officeapps.live.com/op/view.aspx?src=https://c.s-microsoft.com/en-
us/CMSFiles/2022_Annual_Report.docx?version=71ba1987-3b76-28bc-5a24-b81f10f3a7a0
xliii
https://view.officeapps.live.com/op/view.aspx?src=https://c.s-microsoft.com/en-
us/CMSFiles/2022_Annual_Report.docx?version=71ba1987-3b76-28bc-5a24-b81f10f3a7a0
xliv
https://view.officeapps.live.com/op/view.aspx?src=https://c.s-microsoft.com/en-
us/CMSFiles/2022_Annual_Report.docx?version=71ba1987-3b76-28bc-5a24-b81f10f3a7a0
xlv
https://finance.yahoo.com/quote/MSFT/

© The Business Research Company 2024, All Rights Reserved