Business Process Outsourcing Industry - Global Strategic Business Report

Business Process Outsourcing (BPO) - Global Strategic Business Report

Global Industry Analysts, Date of Publication: May 29, 2015, 715 Pages
US$4,950.00
GIA-MCP1533

Business Process Outsourcing Industry - Global Strategic Business Report

This report analyzes the worldwide markets for Business Process Outsourcing (BPO) in US$ Million by the following Horizontal Segments: Finance & Accounting, Customer Services, HR, KPO, and Procurement. The market is also analyzed by the following End-Use Verticals: Manufacturing, Telecommunications & Technology, Banking, Insurance & Finance Services, Retail, and Others. The report provides separate comprehensive analytics for the US, Canada, Japan, Europe, Asia-Pacific, Latin America, and Rest of World. Annual estimates and forecasts are provided for the period 2014 through 2020. Also, a seven-year historic analysis is provided for these markets. Market data and analytics are derived from primary and secondary research. The report profiles 245 companies including many key and niche players such as -

Accenture Plc
Aon Hewitt
Automatic Data Processing, Inc.
Capgemini
Capita Plc

TABLE OF CONTENTS

 I. INTRODUCTION, METHODOLOGY & PRODUCT DEFINITIONS

      Study Reliability and Reporting Limitations                       I-1
      Disclaimers                                                       I-2
      Data Interpretation & Reporting Level                             I-2
       Quantitative Techniques & Analytics                              I-3
      Product Definitions and Scope of Study                            I-3
       Horizontal Segment                                               I-4
        Finance & Accounting                                            I-4
        Customer Services                                               I-4
        Human Resources Outsourcing                                     I-4
        Knowledge Process Outsourcing                                   I-4
        Procurement BPO                                                 I-5
       End-Use Segments                                                 I-5
        Manufacturing                                                   I-5
        Telecommunications & Technology                                 I-5
        Banking, Insurance & Finance Services (BFSI)                    I-6
        Retail                                                          I-6
        Others                                                          I-6


 II. EXECUTIVE SUMMARY

  1. INDUSTRY OVERVIEW                                                  II-1
      BPO - A Prelude                                                   II-1
      Current and Future Analysis                                       II-2
      The Changing Scenario                                             II-3
      Disruptive Forces Line the Future BPO Model                       II-4
      Overview of the Outsourcing Industry Amid Economy Upheavals       II-5
       Impact of Recession                                              II-5
       Debt Crisis Drives Investors to become Risk Averse               II-6
      Economy Outlook                                                   II-7
       Table 1: World GDP (2012-2015): Breakdown of Percentage GDP
       Growth by Select Country (includes corresponding Graph/Chart)    II-9
      Emerging Markets Drive Growth                                     II-10
      Growth Opportunities in Service Segments                          II-10
      BPO Adoption in End-User Markets                                  II-10

  2. MARKET DYNAMICS                                                    II-12
      Sourcing Strategy/Model: Means to Achieve Business Process        II-12
      Sole Sourcing - A Model for Increasing Operational Efficiency     II-12
      One-Stop-Shop for Comprehensive HR Outsourcing                    II-13
      Multi-Source Approach: Gains Strength                             II-13
       Benefits of Multi-Sourcing Approach                              II-13
       Challenges Facing Multi-Sourcing Strategy                        II-14
      Offshore BPO: Driving Cost-Effectiveness                          II-14
      Offshore Outsourcing of Call Centers                              II-15
      Protectionism - Implications for Offshore BPOs                    II-15
      A Brief Sketch of Major Outsourcing Destinations                  II-16
       India                                                            II-17
       Philippines                                                      II-17
       China                                                            II-17
       Malaysia                                                         II-18
       Czech Republic                                                   II-18
       Singapore                                                        II-18
       Brazil                                                           II-18
       Canada                                                           II-18
       Poland                                                           II-19
       Egypt                                                            II-19
       Mexico                                                           II-19

  3. MARKET TRENDS                                                      II-20
      Altering Delivery Models                                          II-20
      Small and Mid-Size Companies - An Expanding Clientele             II-20
      Focus on Business Process Improvement Gains Momentum              II-20
      ‘Industry Expertise’ Becomes a‘Must-Have’ for Service Providers   II-21
      MSM Model to Boost Client-Vendor Relationships                    II-21
      Service Providers to Focus on Data Security                       II-21
      Migration to SaaS and Private Cloud to Gain Momentum              II-21
      Internet of Things Poised to Drive Gains                          II-22
      Alternate Offshore Locations Challenge Dominance of
       Traditional Centers                                              II-22
      Nearshoring Finds Favor among Businesses                          II-22
      Latin America Emerges as a Global Delivery Location               II-23
      Continental Europe Opens Up to BPO                                II-23
      New Business Areas Make Gains                                     II-24
      Industry-Specific BPO Services Continue to Gain Strength          II-24
      Advanced Technologies Come to the Aid of BPO Providers            II-24
      Robotic Automation Makes In Roads in BPO Industry                 II-25
      Social Media Networking Trend Transforms Business Strategies      II-25
      Growing Popularity of Cloud Computing                             II-26
      Growing Use of Mobile Based Customer Service Applications         II-27
      Voice Biometrics - Growing Role in Customer Verification          II-27
      BPO Providers Warm up to Green Computing                          II-28
      Analytic Outsourcing Registers Strong Growth                      II-28
      Supply Management Outsourcing Market on an Upswing                II-28
      Rise of Bundled IT & BPO Deals                                    II-29
      BPO: Heading towards Commoditization?                             II-29
      Growing Significance of Value Addition                            II-29
      Platform BPO - A Key Driving Factor                               II-29
      Merchants Opt for Outsourcing to Protect Credit Card Data         II-30
      Growing Proportion of Non-Linear Revenues                         II-30
      The Importance of Impact Sourcing                                 II-30
       Challenges for Impact Sourcing                                   II-31

  4. AN INSIGHT INTO MAJOR HORIZONTAL SEGMENTS                          II-32
      Finance and Accounting BPO (FAO)                                  II-32
      Customer Services BPO                                             II-32
      Human Resources BPO (HRO)                                         II-33
      Recruitment Process Outsourcing (RPO)                             II-34
      HR Outsourcing Types                                              II-34
      Procurement BPO                                                   II-34
      Knowledge Process Outsourcing (KPO)                               II-35
      BPO Vs KPO                                                        II-36

  5. FINANCE & ACCOUNTING                                               II-37
      Overview                                                          II-37
      Competition                                                       II-38
       Table 2: Leading Players in the Global F&A BPO Market (2014):
       Percentage Breakdown of Revenues for Accenture, Capgemini,
       Genpact, IBM and Others (includes corresponding Graph/Chart)     II-38

  6. CUSTOMER SERVICES BPO                                              II-39
      A Prelude                                                         II-39
      Opportunities from Growing Web-Based Interactions                 II-39
      Contact Center Outsourcing Services Makes Inroads into New
       Verticals                                                        II-40
      Service Providers Adopt New Strategies                            II-40

  7. HR BUSINESS PROCESSES OUTSOURCING                                  II-41
      A High-Profile Segment                                            II-41
      Future Growth Opportunities                                       II-41
      Snapshots                                                         II-42
      Multi-Process HRO Market: An Overview                             II-42
      Noteworthy Trends & Issues                                        II-43
       Cost Reduction: Finding Favor Again in Difficult Times           II-43
       Buyers to Adopt a Tighter Focus                                  II-43
       Emergence of Mid-Market                                          II-43
       Demand for Newer & Innovative Platforms                          II-44
       Trend towards Process Convergence                                II-44
       Transformation to Services TCO                                   II-44
       Focus on Short-term Deals                                        II-44
       Fewer Processes in Multi-process HRO Deals                       II-45
       Best-of-the-Breed Concept Gains Strength                         II-45
       Multi-Country Presence of Vendors                                II-45
       Talent Acquisition and Retention: Important Tasks                II-45
       Rising Significance of Analytics                                 II-45
       HR Portal: A Highlighting Trend                                  II-46
       Migration to the Cloud                                           II-46
       Self-Service: An Option for Mobile Workforce                     II-46

  8. KNOWLEDGE PROCESS OUTSOURCING                                      II-47
      Knowledge-Intensive Companies Foster Demand for KPO Services      II-47
      India: The Leader in KPO Marketplace                              II-47
      BPO Providers Look to Extend Presence into KPO Sector             II-47
      Shift towards Value Creation - The Only Way Out                   II-48
      Supplier Glut Imminent                                            II-48
      Future Looks Bright for Analytics Outsourcing Market              II-48

  9. PROCUREMENT BPO                                                    II-49
      Introduction                                                      II-49
      Robust Growth Ahead for Procurement BPO                           II-50
      Key Demand Generators                                             II-50
       Major Factors Driving Companies to Seek Procurement Outsourcing  II-50
      Growing Significance of Procurement Function                      II-50
      Future Opportunities: An Increasingly Strategic Role for PO       II-51
      Clients Look for New Business Models                              II-51
      Relevance of Procurement Outsourcing for Large Businesses         II-51
      Challenges Confronting PO Vendors                                 II-52
      Leading Players                                                   II-52
      Competition Heats Up in Procurement BPO Market                    II-52
      Logistics BPO                                                     II-53

  10. COMPETITIVE LANDSCAPE                                             II-54
      BPO Industry: Competitive Scenario                                II-54
      Consolidation Activity Intensifies                                II-54
       Select BPO Mergers & Acquisitions Activity in the Recent Past    II-55
       Presence of Top 10 BPO Service Providers in Various Market
        Segments (2014)                                                 II-56

  11. REVIEW OF SELECT END-USE MARKETS                                  II-57
      Manufacturing Sector                                              II-57
      Telecommunications Industry                                       II-57
      Retail Sector                                                     II-58
      Banking, Insurance & Finance Services                             II-58
       Bookkeeping                                                      II-59
       Budgeting                                                        II-59
       Credit Card Processing                                           II-59
       Financial Reporting                                              II-59
       Financial Statements                                             II-60
       General Ledger Maintenance                                       II-60
       Bank Reconciliation Statement                                    II-60
       Financial Analysis                                               II-60
       Preparation of Tax Returns                                       II-60
       Mortgage Processing Services                                     II-61
       Banking Sector                                                   II-62
        Business Case for Outsourcing in Banking Sector                 II-62
       Insurance                                                        II-62
        A Prelude                                                       II-62
        Industry on the Recovery Mod                                    II-64
      Travel & Transportation Industry                                  II-64
       Travel Services                                                  II-64
       Airline Industry                                                 II-65
       Logistics and Transportation                                     II-66
      Government BPO                                                    II-66
      Construction                                                      II-67

  12. SERVICE OVERVIEW                                                  II-68
      Introduction                                                      II-68
      Vertical Vs Horizontal BPO                                        II-68
       Vertical BPO                                                     II-68
       Horizontal BPO                                                   II-69
      Onsite, Offsite and Offshore BPO Models                           II-69
       Onsite Business Process Outsourcing                              II-70
       Offsite Business Process Outsourcing                             II-70
       Offshore Business Process Outsourcing                            II-70
      BPO Business Models                                               II-71
      Types of BPO Structures                                           II-72
      Common Services Offered by BPO Providers                          II-73
       Customer Support Services                                        II-73
       Technical Support Services                                       II-73
       Employee IT Help-desk Services                                   II-73
       Telemarketing Services                                           II-74
       Insurance Processing                                             II-74
       Data Conversion Services                                         II-74
       Data Entry Services                                              II-74
      Planning for BPO                                                  II-74
       Why Outsource to Third World Countries?                          II-74
      The BPO Advantage                                                 II-75
      How is BPO Different from ASP?                                    II-75
       Platform BPO                                                     II-76
       Platform BPO Vs Traditional BPO                                  II-76
       Advantages of Platform BPO                                       II-77
       Challenges Facing¬ Platform BPO                                  II-77

  13. SERVICE LAUNCHES                                                  II-78
      Visionet Unveils Automated Pay-Off Request Processing System      II-78
      Golden Gate BPO Establishes New Multi-Channel Contact Centre      II-78
      Avaloq Introduces Business Process Outsourcing Services           II-78
      Tata Consultancy Services, GE and Saudi Aramco Join Hands to
       Launch BPO in Saudi Arabia                                       II-78
      Vestmark Unveils BPO Services                                     II-78
      Optum Announces New Business Process Outsourcing Services for
       Payers                                                           II-78
      Stream Global Services Introduces BPO Service, Stream
       Enterprise, in Europe                                            II-78
      DealNet's BPO Division Rolls Out Contact Center Services          II-79
      HP Rolls Out BPO Analytics Services                               II-79
      Cemex and IBM Voice Intentions to Provide IT Services             II-79
      Dell Increases BPO Services Offerings                             II-79

  14. RECENT INDUSTRY ACTIVITY                                          II-80
      Capgemini Extends Relationship with Trintech                      II-80
      Arvato Inks Deal with Telefonica                                  II-80
      MBA Fakhro Forms Voyager IT Solutions                             II-80
      Expert Global Solutions Undertakes Expansion Plans                II-80
      Spoken Communications Enters Into Technological Partnership
       with Startek                                                     II-80
      Visionet Systems Implements FREEMAN ONLINE®                       II-80
      SunGard Inks Deal with InCore Bank                                II-80
      Ubiquity Global Enters into Service Agreement with Wave Crest     II-81
      Owner Resource Divests Gila                                       II-81
      ExlService Takes Over RPM Direct                                  II-81
      Telamon Takes Over Rizzo Consulting                               II-81
      Cognizant Acquires CNO Financial Group’s India-based Operations   II-81
      MiraMed Global Acquires On Call Consulting                        II-81
      Canon Italia to Acquire Integra Document Management               II-81
      CapMan Sells Symbio Stake to VXI Global                           II-81
      e-Nxt Financials Merges with Tata BSS                             II-82
      Alorica to Acquire West Corporation’s Agent Services Business     II-82
      Accenture Extends Agreement with Enbridge Gas Distribution        II-82
      HP to Split into Two New Publicly Traded Companies                II-82
      ADP Spins Off Dealer Services Business                            II-82
      WNS Enters into Strategic Alliance with Transparent Group         II-82
      Steria and Spora to Merge                                         II-82
      OpenText Acquires GXS                                             II-82
      Concentrix Concludes Second Phase of Acquisition of IBM’s
       Customer Care and Industry Process Services Business             II-83
      Webhelp Announces Plans to Take Over SNT                          II-83
      Convergys Takes Over Stream                                       II-83
      SPi Global Acquires Bachieve International                        II-83
      Arvato Acquires Stok UK                                           II-83
      Vitruvian Acquires Stake in ASP4all Bitbrains                     II-83
      Liberty Source and AOL Enter into Agreement                       II-83
      R Systems Divests Stake                                           II-83
      Acquire BPO Takes Over Shore Solutions                            II-84
      HOV Services Divests Stake in SourceHOV Holdings                  II-84
      Webhelp Acquires FDI                                              II-84
      Cinven Acquires Visma                                             II-84
      Convergys Acquires Stream                                         II-84
      SYNNEX Acquires Customer Care Services Business of IBM            II-84
      Webhelp Takes Over Telecom Service Centres                        II-84
      Datacom Group Divests Contact Centre Division to Convergys        II-84
      Accenture Takes Over Procurian                                    II-85
      ISS Enters into a Partnership with CGI                            II-85
      Triangle Services Takes Over Content Critical Solutions           II-85
      ELBRUS CAPITAL Acquired INTERCOMP                                 II-85
      Harland Clarke Holdings Divests BPO Subsidiary, Faneuil, Inc.,
       to ALJ Regional Holdings                                         II-85
      Ephesoft Announces Sale of Enterprise Class System to Mediatica   II-85
      FUJIFILM Holdings Acquires BPO Division of Salmat Limited         II-85
      Accenture Acquires PROCURIAN                                      II-85
      Cognizant Voiced Intentions to Acquire ValueSource                II-85
      Stream Acquires N2SP                                              II-85
      transcosmos Takes Over Data Entry Business from NBI               II-86
      Kewill Group Takes Over FOUR SOFT                                 II-86
      iD Commerce + Logistics Acquires In A Bind Assembly and
       Fulfillment                                                      II-86
      Enhanced Recovery Acquires TMone                                  II-86
      Harland Clarke Holdings Inks Agreement with Davis + Henderson     II-86
      PLDT Announces the Sale of BPO UNIT TO CVC                        II-86
      National Flood Services to Take Over CSC's Flood Insurance BPO
       Unit                                                             II-86
      Ayala Corp Takes Over LBM Holdings                                II-86
      Aurelius Group Acquires TDS HR SERVICES & SOLUTIONS               II-86
      Gores Group Takes Over Davis + Henderson Outsourcing Business     II-86
      Qualfon Takes Over Data Control Group (DCG)                       II-87
      Capita Acquires iQor UK                                           II-87
      Swiss Post Takes Over Scalaris                                    II-87
      Teleperformance Takes Over TLS Contact                            II-87
      INFOSYS BPO Opens New Delivery Center in Netherlands              II-87
      TranSigma Joins Hands with Miratech                               II-87
      Brandix and Accenture Collaborate to Provide BPO Services         II-87
      Astellas and Accenture Ink Agreement                              II-87
      Genpact Voiced Intentions to Expand Operations into Brazil        II-87
      Accenture and Janalakshmi Financial Services Enter into a
       Partnership                                                      II-88
      Capital One Financial Corporation Opens BPO facility in
       Philippines                                                      II-88
      IBM Sets up BPO Facility in Laguna                                II-88
      Cityland Development Corp. Launched BPO hub, CityNet 1 in
       Philippines                                                      II-88
      Convergys Opens BPO Center in Mindanao                            II-88
      SUTHERLAND GLOBAL Unveils BPO Centre in Tiruchi                   II-88
      Jetking Infotrain Intends to Unveil a BPO Firm                    II-88
      Aegis Intends to Expand Operations in Asia                        II-88
      Marriot International, Inc. And Accenture Announce Plans for
       Strategic Collaboration                                          II-88
      AVALOQ Unveils a BPO Center in Singapore                          II-89
      ING Unveils BPO facility in Manila                                II-89
      Ferro Selects Capgemini                                           II-89
      Accenture Bags Deal from SSAB                                     II-89
      GENPACT Expands Footprint in Netherlands                          II-89
      Logistics Executive Group of Australia and Milestone
       Consulting Group Establish Joint Venture                         II-89
      Major Global BPO Firms Ink Cooperation Agreement to Establish
       Call Center                                                      II-89
      FPT Software and Agrex Join Hands to Setup a BPO                  II-89
      Infosys Forays into Latin America                                 II-89
      Serco Global Services Launches BPO Centre in South Africa         II-90
      Hinduja Global Solutions Launches Delivery Centre in Hyderabad    II-90
      Accenture to Provide Accounts Payable Invoice Processing
       Services to Westinghouse Electric Company                        II-90
      Itau BBA Selects Broadridge Financial Solutions’s BPO
       Operations Solution                                              II-90
      SS&C Takes Over GlobeOp                                           II-90
      Paxys and Simpro Solutions Enter into a Joint Venture             II-90
      Aegis BPO Starts Durban Operations                                II-90
      Sundaram BPO Ventures into UK Market                              II-90
      Capgemini Expands BPO Footprint in India                          II-90
      IBM Sets Up BPO Facility to Expand into Philippines               II-91
      Serco Launches New Facility                                       II-91
      Accenture Expands to Add New Facilities in Philippines            II-91
      Rural Shores Sets up RURAL BPO in India                           II-91
      PAREXEL International Takes Over Liquent                          II-91
      Serco Acquires Majority Stake in the BPO Arm of Mena Business
       Services                                                         II-91
      PLDT Divests Majority Stake of Outsourcing Subsidiary Pangilinan  II-91
      CSC Divests Consulting and Systems Integration Services Segment   II-91
      CESC Acquires Firstsource Solutions                               II-91
      NIIT Technologies Takes Over Sabre Philippines Development Center II-92
      Infosys BPO Takes Over Marsh & McLennan’s Outsourcing Division    II-92
      ADITYA BIRLA NUVO Voiced Intentions to Sell Majority Stake in
       BPO Arm                                                          II-92
      WNS Takes Over Fusion Outsourcing Services                        II-92
      Innovation Group Takes Over Value Partners                        II-92
      Serco Group Acquires Vertex Public Sector                         II-92
      SuccessEHS Acquires Outsourcing/Consulting Firm                   II-92
      NTT Closes Deal to Take Over a Controlling Stake in
       Diversified Technology Solutions International (DTSI) Group      II-92
      GameCorp Acquires OC Communications Group                         II-92
      Datacom Takes Over Enterprise Support Asia-Pacific                II-93
      NCO Group Completes Merger with APAC Customer Services            II-93
      Paxys Divests Australian Subsidiary                               II-93
      Sistema Shyam Signs Agreement With IKF Technologies               II-93
      Big Horn Energy Services Chooses AcctTwo as BPO Partner           II-93
      Capgemini Provides BPO Services to Agrana                         II-93

  15. FOCUS ON SELECT GLOBAL PLAYERS                                    II-94
      Accenture Plc (Ireland)                                           II-94
      Aon Hewitt (USA)                                                  II-94
      Automatic Data Processing, Inc. (USA)                             II-95
      Capgemini (France)                                                II-96
      Capita Plc (UK)                                                   II-96
      Ceridian HCM, Inc. (USA)                                          II-97
      CGI Group, Inc. (Canada)                                          II-97
      Cognizant Technology Solutions Corporation (USA)                  II-98
      Computer Sciences Corporation (USA)                               II-98
      Dell Inc. (USA)                                                   II-98
      EXLService Holding, Inc. (USA)                                    II-99
      Genpact Limited (India)                                           II-99
      Hewlett-Packard Development Company L.P (USA)                     II-100
      Infosys BPO Ltd. (India)                                          II-101
      International Business Machines Corporation (USA)                 II-101
      KARVY Global Services Limited (India)                             II-101
      NTT DATA Corporation. (Japan)                                     II-102
      NGA Human Resources (UK)                                          II-102
      Randstad Holding nv (Netherlands)                                 II-103
      Serco Group, Plc (UK)                                             II-103
      StarTek, Inc. (USA)                                               II-104
      Sopra Steria Group (Europe)                                       II-104
      Syntel, Inc. (USA)                                                II-104
      Tata Consultancy Services Limited (India)                         II-105
      TriNet Group, Inc. (USA)                                          II-105
      Wipro Limited (India)                                             II-106
      WNS (Holdings) Limited (India)                                    II-106

  16. GLOBAL MARKET PERSPECTIVE                                         II-107
      Table 3: World Recent Past, Current and Future Analysis for
      Business Process Outsourcing by Geographic Region - US,
      Canada, Japan, Europe, Asia-Pacific (excluding Japan), Latin
      America and Rest of World Markets Independently Analyzed with
      Annual Spending Figures in US$ Million for Years 2014 through
      2020 (includes corresponding Graph/Chart)                         II-107

      Table 4: World Historic Review for Business Process
      Outsourcing by Geographic Region - US, Canada, Japan, Europe,
      Asia-Pacific (excluding Japan), Latin America and Rest of
      World Markets Independently Analyzed with Annual Spending
      Figures in US$ Million for Years 2007 through 2013 (includes
      corresponding Graph/Chart)                                        II-108

      Table 5: World 14-Year Perspective for Business Process
      Outsourcing by Geographic Region - Percentage Breakdown of
      Spending for US, Canada, Japan, Europe, Asia-Pacific
      (excluding Japan), Latin America and Rest of World Markets for
      Years 2007, 2015 and 2020 (includes corresponding Graph/Chart)    II-109
      By Horizontal Segment                                             II-110
      Table 6: World Recent Past, Current and Future Analysis for
      Finance & Accounting Outsourcing by Geographic Region - US,
      Canada, Japan, Europe, Asia-Pacific (excluding Japan), Latin
      America and Rest of World Markets Independently Analyzed with
      Annual Spending Figures in US$ Million for Years 2014 through
      2020 (includes corresponding Graph/Chart)                         II-110

      Table 7: World Historic Review for Finance & Accounting
      Outsourcing by Geographic Region - US, Canada, Japan, Europe,
      Asia-Pacific (excluding Japan), Latin America and Rest of
      World Markets Independently Analyzed with Annual Spending
      Figures in US$ Million for Years 2007 through 2013 (includes
      corresponding Graph/Chart)                                        II-111

      Table 8: World 14-Year Perspective for Finance & Accounting
      Outsourcing by Geographic Region - Percentage Breakdown of
      Spending for US, Canada, Japan, Europe, Asia-Pacific
      (excluding Japan), Latin America and Rest of World Markets for
      Years 2007, 2015 and 2020 (includes corresponding Graph/Chart)    II-112

      Table 9: World Recent Past, Current and Future Analysis for
      Customer Services Outsourcing by Geographic Region - US,
      Canada, Japan, Europe, Asia-Pacific (excluding Japan), Latin
      America and Rest of World Markets Independently Analyzed with
      Annual Spending Figures in US$ Million for Years 2014 through
      2020 (includes corresponding Graph/Chart)                         II-113

      Table 10: World Historic Review for Customer Services
      Outsourcing by Geographic Region - US, Canada, Japan, Europe,
      Asia-Pacific (excluding Japan), Latin America and Rest of
      World Markets Independently Analyzed with Annual Spending
      Figures in US$ Million for Years 2007 through 2013 (includes
      corresponding Graph/Chart)                                        II-114

      Table 11: World 14-Year Perspective for Customer Services
      Outsourcing by Geographic Region - Percentage Breakdown of
      Spending for US, Canada, Japan, Europe, Asia-Pacific
      (excluding Japan), Latin America and Rest of World Markets for
      Years 2007, 2015 and 2020 (includes corresponding Graph/Chart)    II-115

      Table 12: World Recent Past, Current and Future Analysis for
      HR Outsourcing by Geographic Region - US, Canada, Japan,
      Europe, Asia-Pacific (excluding Japan), Latin America and Rest
      of World Markets Independently Analyzed with Annual Spending
      Figures in US$ Million for Years 2014 through 2020 (includes
      corresponding Graph/Chart)                                        II-116

      Table 13: World Historic Review for HR Outsourcing by
      Geographic Region - US, Canada, Japan, Europe, Asia-Pacific
      (excluding Japan), Latin America and Rest of World Markets
      Independently Analyzed with Annual Spending Figures in US$
      Million for Years 2007 through 2013 (includes corresponding
      Graph/Chart)                                                      II-117

      Table 14: World 14-Year Perspective for HR Outsourcing by
      Geographic Region - Percentage Breakdown of Spending for US,
      Canada, Japan, Europe, Asia-Pacific (excluding Japan), Latin
      America and Rest of World Markets for Years 2007, 2015 and
      2020 (includes corresponding Graph/Chart)                         II-118

      Table 15: World Recent Past, Current and Future Analysis for
      KPO by Geographic Region - US, Canada, Japan, Europe,
      Asia-Pacific (excluding Japan), Latin America and Rest of
      World Markets Independently Analyzed with Annual Spending
      Figures in US$ Million for Years 2014 through 2020 (includes
      corresponding Graph/Chart)                                        II-119

      Table 16: World Historic Review for KPO by Geographic Region -
      US, Canada, Japan, Europe, Asia-Pacific (excluding Japan),
      Latin America and Rest of World Markets Independently Analyzed
      with Annual Spending Figures in US$ Million for Years 2007
      through 2013 (includes corresponding Graph/Chart)                 II-120

      Table 17: World 14-Year Perspective for KPO by Geographic
      Region - Percentage Breakdown of Spending for US, Canada,
      Japan, Europe, Asia-Pacific (excluding Japan), Latin America
      and Rest of World Markets for Years 2007, 2015 and 2020
      (includes corresponding Graph/Chart)                              II-121

      Table 18: World Recent Past, Current and Future Analysis for
      Procurement Outsourcing by Geographic Region - US, Canada,
      Japan, Europe, Asia-Pacific (excluding Japan), Latin America
      and Rest of World Markets Independently Analyzed with Annual
      Spending Figures in US$ Million for Years 2014 through 2020
      (includes corresponding Graph/Chart)                              II-122

      Table 19: World Historic Review for Procurement Outsourcing by
      Geographic Region - US, Canada, Japan, Europe, Asia-Pacific
      (excluding Japan), Latin America and Rest of World Markets
      Independently Analyzed with Annual Spending Figures in US$
      Million for Years 2007 through 2013 (includes corresponding
      Graph/Chart)                                                      II-123

      Table 20: World 14-Year Perspective for Procurement
      Outsourcing by Geographic Region - Percentage Breakdown of
      Spending for US, Canada, Japan, Europe, Asia-Pacific
      (excluding Japan), Latin America and Rest of World Markets for
      Years 2007, 2015 and 2020 (includes corresponding Graph/Chart)    II-124
      By End-Use Segment                                                II-125
      Table 21: World Recent Past, Current and Future Analysis for
      Business Process Outsourcing in Manufacturing Industry by
      Geographic Region - US, Canada, Japan, Europe, Asia-Pacific
      (excluding Japan), Latin America and Rest of World Markets
      Independently Analyzed with Annual Spending Figures in US$
      Million for Years 2014 through 2020 (includes corresponding
      Graph/Chart)                                                      II-125

      Table 22: World Historic Review for Business Process
      Outsourcing in Manufacturing Industry by Geographic Region -
      US, Canada, Japan, Europe, Asia-Pacific (excluding Japan),
      Latin America and Rest of World Markets Independently Analyzed
      with Annual Spending Figures in US$ Million for Years 2007
      through 2013 (includes corresponding Graph/Chart)                 II-126

      Table 23: World 14-Year Perspective for Business Process
      Outsourcing in Manufacturing Industry by Geographic Region -
      Percentage Breakdown of Spending for US, Canada, Japan,
      Europe, Asia-Pacific (excluding Japan), Latin America and Rest
      of World Markets for Years 2007, 2015 and 2020 (includes
      corresponding Graph/Chart)                                        II-127

      Table 24: World Recent Past, Current and Future Analysis for
      Business Process Outsourcing in Telecommunications &
      Technology Industry by Geographic Region - US, Canada, Japan,
      Europe, Asia-Pacific (excluding Japan), Latin America and Rest
      of World Markets Independently Analyzed with Annual Spending
      Figures in US$ Million for Years 2014 through 2020 (includes
      corresponding Graph/Chart)                                        II-128

      Table 25: World Historic Review for Business Process
      Outsourcing in Telecommunications & Technology Industry by
      Geographic Region - US, Canada, Japan, Europe, Asia-Pacific
      (excluding Japan), Latin America and Rest of World Markets
      Independently Analyzed with Annual Spending Figures in US$
      Million for Years 2007 through 2013 (includes corresponding
      Graph/Chart)                                                      II-129

     Table 26: World 14-Year Perspective for Business Process
     Outsourcing in Telecommunications & Technology Industry by
     Geographic Region - Percentage Breakdown of Spending for US,
     Canada, Japan, Europe, Asia-Pacific (excluding Japan), Latin
     America and Rest of World Markets for Years 2007, 2015 and 2020
     (includes corresponding Graph/Chart)                               II-130

      Table 27: World Recent Past, Current and Future Analysis for
      Business Process Outsourcing in Banking, Insurance & Finance
      Services Industry by Geographic Region - US, Canada, Japan,
      Europe, Asia-Pacific (excluding Japan), Latin America and Rest
      of World Markets Independently Analyzed with Annual Spending
      Figures in US$ Million for Years 2014 through 2020 (includes
      corresponding Graph/Chart)                                        II-131

      Table 28: World Historic Review for Business Process
      Outsourcing in Banking, Insurance & Finance Services Industry
      by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific
      (excluding Japan), Latin America and Rest of World Markets
      Independently Analyzed with Annual Spending Figures in US$
      Million for Years 2007 through 2013 (includes corresponding
      Graph/Chart)                                                      II-132

      Table 29: World 14-Year Perspective for Business Process
      Outsourcing in Banking, Insurance & Finance Services Industry
      by Geographic Region - Percentage Breakdown of Spending for
      US, Canada, Japan, Europe, Asia-Pacific (excluding Japan),
      Latin America and Rest of World Markets for Years 2007, 2015
      and 2020 (includes corresponding Graph/Chart)                     II-133

      Table 30: World Recent Past, Current and Future Analysis for
      Business Process Outsourcing in Retail Industry by Geographic
      Region - US, Canada, Japan, Europe, Asia-Pacific (excluding
      Japan), Latin America and Rest of World Markets Independently
      Analyzed with Annual Spending Figures in US$ Million for Years
      2014 through 2020 (includes corresponding Graph/Chart)            II-134

      Table 31: World Historic Review for Business Process
      Outsourcing in Retail Industry by Geographic Region - US,
      Canada, Japan, Europe, Asia-Pacific (excluding Japan), Latin
      America and Rest of World Markets Independently Analyzed with
      Annual Spending Figures in US$ Million for Years 2007 through
      2013 (includes corresponding Graph/Chart)                         II-135

      Table 32: World 14-Year Perspective for Business Process
      Outsourcing in Retail Industry by Geographic Region -
      Percentage Breakdown of Spending for US, Canada, Japan,
      Europe, Asia-Pacific (excluding Japan), Latin America and Rest
      of World Markets for Years 2007, 2015 and 2020 (includes
      corresponding Graph/Chart)                                        II-136

      Table 33: World Recent Past, Current and Future Analysis for
      Business Process Outsourcing in Other End-Use Sectors by
      Geographic Region - US, Canada, Japan, Europe, Asia-Pacific
      (excluding Japan), Latin America and Rest of World Markets
      Independently Analyzed with Annual Spending Figures in US$
      Million for Years 2014 through 2020 (includes corresponding
      Graph/Chart)                                                      II-137

      Table 34: World Historic Review for Business Process
      Outsourcing in Other End-Use Sectors by Geographic Region -
      US, Canada, Japan, Europe, Asia-Pacific (excluding Japan),
      Latin America and Rest of World Markets Independently Analyzed
      with Annual Spending Figures in US$ Million for Years 2007
      through 2013 (includes corresponding Graph/Chart)                 II-138

      Table 35: World 14-Year Perspective for Business Process
      Outsourcing in Other End-Use Sectors by Geographic Region -
      Percentage Breakdown of Spending for US, Canada, Japan,
      Europe, Asia-Pacific (excluding Japan), Latin America and Rest
      of World Markets for Years 2007, 2015 and 2020 (includes
      corresponding Graph/Chart)                                        II-139


 III. MARKET

  1. THE UNITED STATES                                                  III-1
      A.Market Analysis                                                 III-1
        Outlook                                                         III-1
        Impact of Recession in Retrospect                               III-1
        Nearshore Strategy Gains Strength                               III-2
        Impact of Protectionist Policies                                III-2
        Shift Away from Cost Containment Outsourcing Strategy           III-2
        HR Outsourcing - A Highly Lucrative Segment                     III-3
        The Offshoring Advantage                                        III-3
        Indian BPOs Set Up Onshore Service Centers in US                III-4
        Offshoring Challenges                                           III-4
        Procurement BPO Market                                          III-4
        Bank Outsourcing Market                                         III-5
        Residential Mortgage Outsourcing Market                         III-5
        Affordable Care Act Invigorates Healthcare Payer BPO            III-6
        Service Launches                                                III-6
        Strategic Corporate Developments                                III-7
        Key Players                                                     III-12
      B.Market Analytics                                                III-21
        Table 36: US Recent Past, Current and Future Analysis for
        Business Process Outsourcing by Horizontal Segment - Finance
        & Accounting, Customer Services, HR, KPO, and Procurement
        Markets Independently Analyzed with Annual Spending Figures
        in US$ Million for Years 2014 through 2020 (includes
        corresponding Graph/Chart)                                      III-21

        Table 37: US Historic Review for Business Process
        Outsourcing by Horizontal Segment - Finance & Accounting,
        Customer Services, HR, KPO, and Procurement Markets
        Independently Analyzed with Annual Spending Figures in US$
        Million for Years 2007 through 2013 (includes corresponding
        Graph/Chart)                                                    III-22

        Table 38: US 14-Year Perspective for Business Process
        Outsourcing by Horizontal Segment - Percentage Breakdown of
        Spending for Finance & Accounting, Customer Services, HR,
        KPO, and Procurement Markets for Years 2007, 2015 and 2020
        (includes corresponding Graph/Chart)                            III-23

        Table 39: US Recent Past, Current and Future Analysis for
        Business Process Outsourcing by End-Use Sector -
        Manufacturing, Telecommunications & Technology, Banking,
        Insurance & Finance Services, Retail, and Other Markets
        Independently Analyzed with Annual Spending Figures in US$
        Million for Years 2014 through 2020 (includes corresponding
        Graph/Chart)                                                    III-24

        Table 40: US Historic Review for Business Process
        Outsourcing by End-Use Sector - Manufacturing,
        Telecommunications & Technology, Banking, Insurance &
        Finance Services, Retail, and Other Markets Independently
        Analyzed with Annual Spending Figures in US$ Million for
        Years 2007 through 2013 (includes corresponding Graph/Chart)    III-25

        Table 41: US 14-Year Perspective for Business Process
        Outsourcing by End-Use Sector - Percentage Breakdown of
        Spending for Manufacturing, Telecommunications & Technology,
        Banking, Insurance & Finance Services, Retail, and Other
        Markets for Years 2007, 2015 and 2020 (includes
        corresponding Graph/Chart)                                      III-26

  2. CANADA                                                             III-27
      A.Market Analysis                                                 III-27
        Outlook                                                         III-27
        HR Outsourcing: On an Upswing                                   III-27
        Strategic Corporate Developments                                III-27
        CGI Group, Inc. - A Key Player                                  III-28
      B.Market Analytics                                                III-29
        Table 42: Canadian Recent Past, Current and Future Analysis
        for Business Process Outsourcing by Horizontal Segment -
        Finance & Accounting, Customer Services, HR, KPO, and
        Procurement Markets Independently Analyzed with Annual
        Spending Figures in US$ Million for Years 2014 through 2020
        (includes corresponding Graph/Chart)                            III-29

        Table 43: Canadian Historic Review for Business Process
        Outsourcing by Horizontal Segment - Finance & Accounting,
        Customer Services, HR, KPO, and Procurement Markets
        Independently Analyzed with Annual Spending Figures in US$
        Million for Years 2007 through 2013 (includes corresponding
        Graph/Chart)                                                    III-30

        Table 44: Canadian 14-Year Perspective for Business Process
        Outsourcing by Horizontal Segment - Percentage Breakdown of
        Spending for Finance & Accounting, Customer Services, HR,
        KPO, and Procurement Markets for Years 2007, 2015 and 2020
        (includes corresponding Graph/Chart)                            III-31

        Table 45: Canadian Recent Past, Current and Future Analysis
        for Business Process Outsourcing by End-Use Sector -
        Manufacturing, Telecommunications & Technology, Banking,
        Insurance & Finance Services, Retail, and Other Markets
        Independently Analyzed with Annual Spending Figures in US$
        Million for Years 2014 through 2020 (includes corresponding
        Graph/Chart)                                                    III-32

        Table 46: Canadian Historic Review for Business Process
        Outsourcing by End-Use Sector - Manufacturing,
        Telecommunications & Technology, Banking, Insurance &
        Finance Services, Retail, and Other Markets Independently
        Analyzed with Annual Spending Figures in US$ Million for
        Years 2007 through 2013 (includes corresponding Graph/Chart)    III-33

        Table 47: Canadian 14-Year Perspective for Business Process
        Outsourcing by End-Use Sector - Percentage Breakdown of
        Spending for Manufacturing, Telecommunications & Technology,
        Banking, Insurance & Finance Services, Retail, and Other
        Markets for Years 2007, 2015 and 2020 (includes
        corresponding Graph/Chart)                                      III-34

  3. JAPAN                                                              III-35
      A.Market Analysis                                                 III-35
        Current & Future Analysis                                       III-35
        Strategic Corporate Development                                 III-35
        NTT Data Corporation - A Key Player                             III-35
      B.Market Analytics                                                III-36
        Table 48: Japanese Recent Past, Current and Future Analysis
        for Business Process Outsourcing by Horizontal Segment -
        Finance & Accounting, Customer Services, HR, KPO, and
        Procurement Markets Independently Analyzed with Annual
        Spending Figures in US$ Million for Years 2014 through 2020
        (includes corresponding Graph/Chart)                            III-36

        Table 49: Japanese Historic Review for Business Process
        Outsourcing by Horizontal Segment - Finance & Accounting,
        Customer Services, HR, KPO, and Procurement Markets
        Independently Analyzed with Annual Spending Figures in US$
        Million for Years 2007 through 2013 (includes corresponding
        Graph/Chart)                                                    III-37

        Table 50: Japanese 14-Year Perspective for Business Process
        Outsourcing by Horizontal Segment - Percentage Breakdown of
        Spending for Finance & Accounting, Customer Services, HR,
        KPO, and Procurement Markets for Years 2007, 2015 and 2020
        (includes corresponding Graph/Chart)                            III-38

        Table 51: Japanese Recent Past, Current and Future Analysis
        for Business Process Outsourcing by End-Use Sector -
        Manufacturing, Telecommunications & Technology, Banking,
        Insurance & Finance Services, Retail, and Other Markets
        Independently Analyzed with Annual Spending Figures in US$
        Million for Years 2014 through 2020 (includes corresponding
        Graph/Chart)                                                    III-39

        Table 52: Japanese Historic Review for Business Process
        Outsourcing by End-Use Sector - Manufacturing,
        Telecommunications & Technology, Banking, Insurance &
        Finance Services, Retail, and Other Markets Independently
        Analyzed with Annual Spending Figures in US$ Million for
        Years 2007 through 2013 (includes corresponding Graph/Chart)    III-40

        Table 53: Japanese 14-Year Perspective for Business Process
        Outsourcing by End-Use Sector - Percentage Breakdown of
        Spending for Manufacturing, Telecommunications & Technology,
        Banking, Insurance & Finance Services, Retail, and Other
        Markets for Years 2007, 2015 and 2020 (includes
        corresponding Graph/Chart)                                      III-41

  4. EUROPE                                                             III-42
      A.Market Analysis                                                 III-42
        Outlook                                                         III-42
        Service Launch                                                  III-44
        Strategic Corporate Development                                 III-44
        Sopra Steria Group - A Key Player                               III-44
      B.Market Analytics                                                III-45
        Table 54: European Recent Past, Current and Future Analysis
        for Business Process Outsourcing by Geographic Region -
        France, Germany, Italy, UK, Spain, Russia and Rest of Europe
        Markets Independently Analyzed with Annual Spending Figures
        in US$ Million for Years 2014 through 2020 (includes
        corresponding Graph/Chart)                                      III-45

        Table 55: European Historic Review for Business Process
        Outsourcing by Geographic Region - France, Germany, Italy,
        UK, Spain, Russia and Rest of Europe Markets Independently
        Analyzed with Annual Spending Figures in US$ Million for
        Years 2007 through 2013 (includes corresponding Graph/Chart)    III-46

        Table 56: European 14-Year Perspective for Business Process
        Outsourcing by Geographic Region - Percentage Breakdown of
        Spending for France, Germany, Italy, UK, Spain, Russia and
        Rest of Europe Markets for Years 2007, 2015 and 2020
        (includes corresponding Graph/Chart)                            III-47

        Table 57: European Recent Past, Current and Future Analysis
        for Business Process Outsourcing by Horizontal Segment -
        Finance & Accounting, Customer Services, HR, KPO, and
        Procurement Markets Independently Analyzed with Annual
        Spending Figures in US$ Million for Years 2014 through 2020
        (includes corresponding Graph/Chart)                            III-48

        Table 58: European Historic Review for Business Process
        Outsourcing by Horizontal Segment - Finance & Accounting,
        Customer Services, HR, KPO, and Procurement Markets
        Independently Analyzed with Annual Spending Figures in US$
        Million for Years 2007 through 2013 (includes corresponding
        Graph/Chart)                                                    III-49

        Table 59: European 14-Year Perspective for Business Process
        Outsourcing by Horizontal Segment - Percentage Breakdown of
        Spending for Finance & Accounting, Customer Services, HR,
        KPO, and Procurement Markets for Years 2007, 2015 and 2020
        (includes corresponding Graph/Chart)                            III-50

        Table 60: European Recent Past, Current and Future Analysis
        for Business Process Outsourcing by End-Use Sector -
        Manufacturing, Telecommunications & Technology, Banking,
        Insurance & Finance Services, Retail, and Other Markets
        Independently Analyzed with Annual Spending Figures in US$
        Million for Years 2014 through 2020 (includes corresponding
        Graph/Chart)                                                    III-51

        Table 61: European Historic Review for Business Process
        Outsourcing by End-Use Sector - Manufacturing,
        Telecommunications & Technology, Banking, Insurance &
        Finance Services, Retail, and Other Markets Independently
        Analyzed with Annual Spending Figures in US$ Million for
        Years 2007 through 2013 (includes corresponding Graph/Chart)    III-52

        Table 62: European 14-Year Perspective for Business Process
        Outsourcing by End-Use Sector - Percentage Breakdown of
        Spending for Manufacturing, Telecommunications & Technology,
        Banking, Insurance & Finance Services, Retail, and Other
        Markets for Years 2007, 2015 and 2020 (includes
        corresponding Graph/Chart)                                      III-53

  4a. FRANCE                                                            III-54
      A.Market Analysis                                                 III-54
        Outlook                                                         III-54
        Strategic Corporate Developments                                III-54
        Capgemini - A Key Player                                        III-54
      B.Market Analytics                                                III-56
        Table 63: French Recent Past, Current and Future Analysis
        for Business Process Outsourcing by Horizontal Segment -
        Finance & Accounting, Customer Services, HR, KPO, and
        Procurement Markets Independently Analyzed with Annual
        Spending Figures in US$ Million for Years 2014 through 2020
        (includes corresponding Graph/Chart)                            III-56

        Table 64: French Historic Review for Business Process
        Outsourcing by Horizontal Segment - Finance & Accounting,
        Customer Services, HR, KPO, and Procurement Markets
        Independently Analyzed with Annual Spending Figures in US$
        Million for Years 2007 through 2013 (includes corresponding
        Graph/Chart)                                                    III-57

        Table 65: French 14-Year Perspective for Business Process
        Outsourcing by Horizontal Segment - Percentage Breakdown of
        Spending for Finance & Accounting, Customer Services, HR,
        KPO, and Procurement Markets for Years 2007, 2015 and 2020
        (includes corresponding Graph/Chart)                            III-58

        Table 66: French Recent Past, Current and Future Analysis
        for Business Process Outsourcing by End-Use Sector -
        Manufacturing, Telecommunications & Technology, Banking,
        Insurance & Finance Services, Retail, and Other Markets
        Independently Analyzed with Annual Spending Figures in US$
        Million for Years 2014 through 2020 (includes corresponding
        Graph/Chart)                                                    III-59

        Table 67: French Historic Review for Business Process
        Outsourcing by End-Use Sector - Manufacturing,
        Telecommunications & Technology, Banking, Insurance &
        Finance Services, Retail, and Other Markets Independently
        Analyzed with Annual Spending Figures in US$ Million for
        Years 2007 through 2013 (includes corresponding Graph/Chart)    III-60

        Table 68: French 14-Year Perspective for Business Process
        Outsourcing by End-Use Sector - Percentage Breakdown of
        Spending for Manufacturing, Telecommunications & Technology,
        Banking, Insurance & Finance Services, Retail, and Other
        Markets for Years 2007, 2015 and 2020 (includes
        corresponding Graph/Chart)                                      III-61

  4b. GERMANY                                                           III-62
      A.Market Analysis                                                 III-62
        Outlook                                                         III-62
        A Leading European BPO Market                                   III-62
        Advantages of Germany as an outsourcing location                III-62
        Strategic Corporate Developments                                III-63
      B.Market Analytics                                                III-64
        Table 69: German Recent Past, Current and Future Analysis
        for Business Process Outsourcing by Horizontal Segment -
        Finance & Accounting, Customer Services, HR, KPO, and
        Procurement Markets Independently Analyzed with Annual
        Spending Figures in US$ Million for Years 2014 through 2020
        (includes corresponding Graph/Chart)                            III-64

        Table 70: German Historic Review for Business Process
        Outsourcing by Horizontal Segment - Finance & Accounting,
        Customer Services, HR, KPO, and Procurement Markets
        Independently Analyzed with Annual Spending Figures in US$
        Million for Years 2007 through 2013 (includes corresponding
        Graph/Chart)                                                    III-65

        Table 71: German 14-Year Perspective for Business Process
        Outsourcing by Horizontal Segment - Percentage Breakdown of
        Spending for Finance & Accounting, Customer Services, HR,
        KPO, and Procurement Markets for Years 2007, 2015 and 2020
        (includes corresponding Graph/Chart)                            III-66

        Table 72: German Recent Past, Current and Future Analysis
        for Business Process Outsourcing by End-Use Sector -
        Manufacturing, Telecommunications & Technology, Banking,
        Insurance & Finance Services, Retail, and Other Markets
        Independently Analyzed with Annual Spending Figures in US$
        Million for Years 2014 through 2020 (includes corresponding
        Graph/Chart)                                                    III-67

        Table 73: German Historic Review for Business Process
        Outsourcing by End-Use Sector - Manufacturing,
        Telecommunications & Technology, Banking, Insurance &
        Finance Services, Retail, and Other Markets Independently
        Analyzed with Annual Spending Figures in US$ Million for
        Years 2007 through 2013 (includes corresponding Graph/Chart)    III-68

        Table 74: German 14-Year Perspective for Business Process
        Outsourcing by End-Use Sector - Percentage Breakdown of
        Spending for Manufacturing, Telecommunications & Technology,
        Banking, Insurance & Finance Services, Retail, and Other
        Markets for Years 2007, 2015 and 2020 (includes
        corresponding Graph/Chart)                                      III-69

  4c. ITALY                                                             III-70
      A.Market Analysis                                                 III-70
        Outlook                                                         III-70
        Financial Services Outsourcing in Italy: An Overview            III-70
        Strategic Corporate Developments                                III-70
      B.Market Analytics                                                III-71
        Table 75: Italian Recent Past, Current and Future Analysis
        for Business Process Outsourcing by Horizontal Segment -
        Finance & Accounting, Customer Services, HR, KPO, and
        Procurement Markets Independently Analyzed with Annual
        Spending Figures in US$ Million for Years 2014 through 2020
        (includes corresponding Graph/Chart)                            III-71

        Table 76: Italian Historic Review for Business Process
        Outsourcing by Horizontal Segment - Finance & Accounting,
        Customer Services, HR, KPO, and Procurement Markets
        Independently Analyzed with Annual Spending Figures in US$
        Million for Years 2007 through 2013 (includes corresponding
        Graph/Chart)                                                    III-72

        Table 77: Italian 14-Year Perspective for Business Process
        Outsourcing by Horizontal Segment - Percentage Breakdown of
        Spending for Finance & Accounting, Customer Services, HR,
        KPO, and Procurement Markets for Years 2007, 2015 and 2020
        (includes corresponding Graph/Chart)                            III-73

        Table 78: Italian Recent Past, Current and Future Analysis
        for Business Process Outsourcing by End-Use Sector -
        Manufacturing, Telecommunications & Technology, Banking,
        Insurance & Finance Services, Retail, and Other Markets
        Independently Analyzed with Annual Spending Figures in US$
        Million for Years 2014 through 2020 (includes corresponding
        Graph/Chart)                                                    III-74

        Table 79: Italian Historic Review for Business Process
        Outsourcing by End-Use Sector - Manufacturing,
        Telecommunications & Technology, Banking, Insurance &
        Finance Services, Retail, and Other Markets Independently
        Analyzed with Annual Spending Figures in US$ Million for
        Years 2007 through 2013 (includes corresponding Graph/Chart)    III-75

        Table 80: Italian 14-Year Perspective for Business Process
        Outsourcing by End-Use Sector - Percentage Breakdown of
        Spending for Manufacturing, Telecommunications & Technology,
        Banking, Insurance & Finance Services, Retail, and Other
        Markets for Years 2007, 2015 and 2020 (includes
        corresponding Graph/Chart)                                      III-76

  4d. THE UNITED KINGDOM                                                III-77
      A.Market Analysis                                                 III-77
        Outlook                                                         III-77
        A Quick Primer                                                  III-77
        Recession & the BPO Industry                                    III-77
        UK Outsourcing Companies Move Overseas                          III-78
        Competitive Landscape                                           III-78
         Table 81: Leading Players in UK BPO Services Market (2014):
         Percentage Breakdown of Market Share for Accenture, Atos,
         Capita, Serco, Xerox/ACS and Others (includes corresponding
         Graph/Chart)                                                   III-78
        Service Launch                                                  III-79
        Strategic Corporate Developments                                III-79
        Key Players                                                     III-80
      B.Market Analytics                                                III-82
        Table 82: UK Recent Past, Current and Future Analysis for
        Business Process Outsourcing by Horizontal Segment - Finance & 
        Accounting, Customer Services, HR, KPO, and Procurement
        Markets Independently Analyzed with Annual Spending Figures
        in US$ Million for Years 2014 through 2020 (includes
        corresponding Graph/Chart)                                      III-82

        Table 83: UK Historic Review for Business Process
        Outsourcing by Horizontal Segment - Finance & Accounting,
        Customer Services, HR, KPO, and Procurement Markets
        Independently Analyzed with Annual Spending Figures in US$
        Million for Years 2007 through 2013 (includes corresponding
        Graph/Chart)                                                    III-83

        Table 84: UK 14-Year Perspective for Business Process
        Outsourcing by Horizontal Segment - Percentage Breakdown of
        Spending for Finance & Accounting, Customer Services, HR,
        KPO, and Procurement Markets for Years 2007, 2015 and 2020
        (includes corresponding Graph/Chart)                            III-84

        Table 85: UK Recent Past, Current and Future Analysis for
        Business Process Outsourcing by End-Use Sector -
        Manufacturing, Telecommunications & Technology, Banking,
        Insurance & Finance Services, Retail, and Other Markets
        Independently Analyzed with Annual Spending Figures in US$
        Million for Years 2014 through 2020 (includes corresponding
        Graph/Chart)                                                    III-85

        Table 86: UK Historic Review for Business Process
        Outsourcing by End-Use Sector - Manufacturing,
        Telecommunications & Technology, Banking, Insurance &
        Finance Services, Retail, and Other Markets Independently
        Analyzed with Annual Spending Figures in US$ Million for
        Years 2007 through 2013 (includes corresponding Graph/Chart)    III-86

        Table 87: UK 14-Year Perspective for Business Process
        Outsourcing by End-Use Sector - Percentage Breakdown of
        Spending for Manufacturing, Telecommunications & Technology,
        Banking, Insurance & Finance Services, Retail, and Other
        Markets for Years 2007, 2015 and 2020 (includes
        corresponding Graph/Chart)                                      III-87

  4e. SPAIN                                                             III-88
       Market Analysis                                                  III-88
        Table 88: Spanish Recent Past, Current and Future Analysis
        for Business Process Outsourcing by Horizontal Segment -
        Finance & Accounting, Customer Services, HR, KPO, and
        Procurement Markets Independently Analyzed with Annual
        Spending Figures in US$ Million for Years 2014 through 2020
        (includes corresponding Graph/Chart)                            III-88

        Table 89: Spanish Historic Review for Business Process
        Outsourcing by Horizontal Segment - Finance & Accounting,
        Customer Services, HR, KPO, and Procurement Markets
        Independently Analyzed with Annual Spending Figures in US$
        Million for Years 2007 through 2013 (includes corresponding
        Graph/Chart)                                                    III-89

        Table 90: Spanish 14-Year Perspective for Business Process
        Outsourcing by Horizontal Segment - Percentage Breakdown of
        Spending for Finance & Accounting, Customer Services, HR,
        KPO, and Procurement Markets for Years 2007, 2015 and 2020
        (includes corresponding Graph/Chart)                            III-90

        Table 91: Spanish Recent Past, Current and Future Analysis
        for Business Process Outsourcing by End-Use Sector -
        Manufacturing, Telecommunications & Technology, Banking,
        Insurance & Finance Services, Retail, and Other Markets
        Independently Analyzed with Annual Spending Figures in US$
        Million for Years 2014 through 2020 (includes corresponding
        Graph/Chart)                                                    III-91

        Table 92: Spanish Historic Review for Business Process
        Outsourcing by End-Use Sector - Manufacturing,
        Telecommunications & Technology, Banking, Insurance &
        Finance Services, Retail, and Other Markets Independently
        Analyzed with Annual Spending Figures in US$ Million for
        Years 2007 through 2013 (includes corresponding Graph/Chart)    III-92

        Table 93: Spanish 14-Year Perspective for Business Process
        Outsourcing by End-Use Sector - Percentage Breakdown of
        Spending for Manufacturing, Telecommunications & Technology,
        Banking, Insurance & Finance Services, Retail, and Other
        Markets for Years 2007, 2015 and 2020 (includes
        corresponding Graph/Chart)                                      III-93

  4f. RUSSIA                                                            III-94
       Market Analysis                                                  III-94
        Table 94: Russian Recent Past, Current and Future Analysis
        for Business Process Outsourcing by Horizontal Segment -
        Finance & Accounting, Customer Services, HR, KPO, and
        Procurement Markets Independently Analyzed with Annual
        Spending Figures in US$ Million for Years 2014 through 2020
        (includes corresponding Graph/Chart)                            III-95

        Table 95: Russian Historic Review for Business Process
        Outsourcing by Horizontal Segment - Finance & Accounting,
        Customer Services, HR, KPO, and Procurement Markets
        Independently Analyzed with Annual Spending Figures in US$
        Million for Years 2007 through 2013 (includes corresponding
        Graph/Chart)                                                    III-96

        Table 96: Russian 14-Year Perspective for Business Process
        Outsourcing by Horizontal Segment - Percentage Breakdown of
        Spending for Finance & Accounting, Customer Services, HR,
        KPO, and Procurement Markets for Years 2007, 2015 and 2020
        (includes corresponding Graph/Chart)                            III-97

        Table 97: Russian Recent Past, Current and Future Analysis
        for Business Process Outsourcing by End-Use Sector -
        Manufacturing, Telecommunications & Technology, Banking,
        Insurance & Finance Services, Retail, and Other Markets
        Independently Analyzed with Annual Spending Figures in US$
        Million for Years 2014 through 2020 (includes corresponding
        Graph/Chart)                                                    III-98

        Table 98: Russian Historic Review for Business Process
        Outsourcing by End-Use Sector - Manufacturing,
        Telecommunications & Technology, Banking, Insurance &
        Finance Services, Retail, and Other Markets Independently
        Analyzed with Annual Spending Figures in US$ Million for
        Years 2007 through 2013 (includes corresponding Graph/Chart)    III-99

        Table 99: Russian 14-Year Perspective for Business Process
        Outsourcing by End-Use Sector - Percentage Breakdown of
        Spending for Manufacturing, Telecommunications & Technology,
        Banking, Insurance & Finance Services, Retail, and Other
        Markets for Years 2007, 2015 and 2020 (includes
        corresponding Graph/Chart)                                      III-100

  4g. REST OF EUROPE                                                    III-101
      A.Market Analysis                                                 III-101
        Outlook                                                         III-101
        Eastern and Central Europe                                      III-101
        Czech Republic                                                  III-101
        Poland                                                          III-101
        Romania                                                         III-102
        Strategic Corporate Developments                                III-102
        Key Players                                                     III-103
      B.Market Analytics                                                III-105
        Table 100: Rest of Europe Recent Past, Current and Future
        Analysis for Business Process Outsourcing by Horizontal
        Segment - Finance & Accounting, Customer Services, HR, KPO,
        and Procurement Markets Independently Analyzed with Annual
        Spending Figures in US$ Million for Years 2014 through 2020
        (includes corresponding Graph/Chart)                            III-105

        Table 101: Rest of Europe Historic Review for Business
        Process Outsourcing by Horizontal Segment - Finance &
        Accounting, Customer Services, HR, KPO, and Procurement
        Markets Independently Analyzed with Annual Spending Figures
        in US$ Million for Years 2007 through 2013 (includes
        corresponding Graph/Chart)                                      III-106

        Table 102: Rest of Europe 14-Year Perspective for Business
        Process Outsourcing by Horizontal Segment - Percentage
        Breakdown of Spending for Finance & Accounting, Customer
        Services, HR, KPO, and Procurement Markets for Years 2007,
        2015 and 2020 (includes corresponding Graph/Chart)              III-107

        Table 103: Rest of Europe Recent Past, Current and Future
        Analysis for Business Process Outsourcing by End-Use Sector - 
        Manufacturing, Telecommunications & Technology, Banking,
        Insurance & Finance Services, Retail, and Other Markets
        Independently Analyzed with Annual Spending Figures in US$
        Million for Years 2014 through 2020 (includes corresponding
        Graph/Chart)                                                    III-108

        Table 104: Rest of Europe Historic Review for Business
        Process Outsourcing by End-Use Sector - Manufacturing,
        Telecommunications & Technology, Banking, Insurance &
        Finance Services, Retail, and Other Markets Independently
        Analyzed with Annual Spending Figures in US$ Million for
        Years 2007 through 2013 (includes corresponding Graph/Chart)    III-109

        Table 105: Rest of Europe 14-Year Perspective for Business
        Process Outsourcing by End-Use Sector - Percentage Breakdown
        of Spending for Manufacturing, Telecommunications &
        Technology, Banking, Insurance & Finance Services, Retail,
        and Other Markets for Years 2007, 2015 and 2020 (includes
        corresponding Graph/Chart)                                      III-110

  5. ASIA-PACIFIC                                                       III-111
      A.Market Analysis                                                 III-111
        Outlook                                                         III-111
        Asia-Pacific Market for BPO: A Primer                           III-111
        HR Outsourcing to Expand                                        III-112
        Growing Prospects in SMB Segment                                III-112
      B.Market Analytics                                                III-113
        Table 106: Asia-Pacific Recent Past, Current and Future
        Analysis for Business Process Outsourcing by Geographic
        Region - Australia, China, India and Rest of Asia-Pacific
        Markets Independently Analyzed with Annual Spending Figures
        in US$ Million for Years 2014 through 2020 (includes
        corresponding Graph/Chart)                                      III-113

        Table 107: Asia-Pacific Historic Review for Business Process
        Outsourcing by Geographic Region - Australia, China, India
        and Rest of Asia-Pacific Markets Independently Analyzed with
        Annual Spending Figures in US$ Million for Years 2007
        through 2013 (includes corresponding Graph/Chart)               III-114

        Table 108: Asia-Pacific 14-Year Perspective for Business
        Process Outsourcing by Geographic Region - Percentage
        Breakdown of Spending for Australia, China, India and Rest
        of Asia-Pacific Markets for Years 2007, 2015 and 2020
        (includes corresponding Graph/Chart)                            III-115

        Table 109: Asia-Pacific Recent Past, Current and Future
        Analysis for Business Process Outsourcing by Horizontal
        Segment - Finance & Accounting, Customer Services, HR, KPO,
        and Procurement Markets Independently Analyzed with Annual
        Spending Figures in US$ Million for Years 2014 through 2020
        (includes correspondingGraph/Chart)                             III-116

        Table 110: Asia-Pacific Historic Review for Business Process
        Outsourcing by Horizontal Segment - Finance & Accounting,
        Customer Services, HR, KPO, and Procurement Markets
        Independently Analyzed with Annual Spending Figures in US$
        Million for Years 2007 through 2013 (includes corresponding
        Graph/Chart)                                                    III-117

        Table 111: Asia-Pacific 14-Year Perspective for Business
        Process Outsourcing by Horizontal Segment - Percentage
        Breakdown of Spending for Finance & Accounting, Customer
        Services, HR, KPO, and Procurement Markets for Years 2007,
        2015 and 2020 (includes corresponding Graph/Chart)              III-118

        Table 112: Asia-Pacific Recent Past, Current and Future
        Analysis for Business Process Outsourcing by End-Use Sector - 
        Manufacturing, Telecommunications & Technology, Banking,
        Insurance & Finance Services, Retail, and Other Markets
        Independently Analyzed with Annual Spending Figures in US$
        Million for Years 2014 through 2020 (includes corresponding
        Graph/Chart)                                                    III-119

        Table 113: Asia-Pacific Historic Review for Business Process
        Outsourcing by End-Use Sector - Manufacturing,
        Telecommunications & Technology, Banking, Insurance &
        Finance Services, Retail, and Other Markets Independently
        Analyzed with Annual Spending Figures in US$ Million for
        Years 2007 through 2013 (includes corresponding Graph/Chart)    III-120

        Table 114: Asia-Pacific 14-Year Perspective for Business
        Process Outsourcing by End-Use Sector - Percentage Breakdown
        of Spending for Manufacturing, Telecommunications &
        Technology, Banking, Insurance & Finance Services, Retail,
        and Other Markets for Years 2007, 2015 and 2020 (includes
        corresponding Graph/Chart)                                      III-121

  5a. AUSTRALIA                                                         III-122
      A.Market Analysis                                                 III-122
        Market Overview                                                 III-122
        Strategic Corporate Developments                                III-122
      B.Market Analytics                                                III-124
        Table 115: Australian Recent Past, Current and Future
        Analysis for Business Process Outsourcing by Horizontal
        Segment - Finance & Accounting, Customer Services, HR, KPO,
        and Procurement Markets Independently Analyzed with Annual
        Spending Figures in US$ Million for Years 2014 through 2020
        (includes corresponding Graph/Chart)                            III-124

        Table 116: Australian Historic Review for Business Process
        Outsourcing by Horizontal Segment - Finance & Accounting,
        Customer Services, HR, KPO, and Procurement Markets
        Independently Analyzed with Annual Spending Figures in US$
        Million for Years 2007 through 2013 (includes corresponding
        Graph/Chart)                                                    III-125

        Table 117: Australian 14-Year Perspective for Business
        Process Outsourcing by Horizontal Segment - Percentage
        Breakdown of Spending for Finance & Accounting, Customer
        Services, HR, KPO, and Procurement Markets for Years 2007,
        2015 and 2020 (includes corresponding Graph/Chart)              III-126

        Table 118: Australian Recent Past, Current and Future
        Analysis for Business Process Outsourcing by End-Use Sector - 
        Manufacturing, Telecommunications & Technology, Banking,
        Insurance & Finance Services, Retail, and Other Markets
        Independently Analyzed with Annual Spending Figures in US$
        Million for Years 2014 through 2020 (includes corresponding
        Graph/Chart)                                                    III-127

        Table 119: Australian Historic Review for Business Process
        Outsourcing by End-Use Sector - Manufacturing,
        Telecommunications & Technology, Banking, Insurance &
        Finance Services, Retail, and Other Markets Independently
        Analyzed with Annual Spending Figures in US$ Million for
        Years 2007 through 2013 (includes corresponding Graph/Chart)    III-128

        Table 120: Australian 14-Year Perspective for Business
        Process Outsourcing by End-Use Sector - Percentage Breakdown
        of Spending for Manufacturing, Telecommunications &
        Technology, Banking, Insurance & Finance Services, Retail,
        and Other Markets for Years 2007, 2015 and 2020 (includes
        corresponding Graph/Chart)                                      III-129

  5b. CHINA                                                             III-130
      A.Market Analysis                                                 III-130
        Market Overview                                                 III-130
        Emphasis on Developing Domestic Chinese Outsourcing Market      III-130
        Outsourcing of Back Office Functions                            III-131
        HR Outsourcing in China                                         III-131
        Strategic Corporate Development                                 III-132
      B.Market Analytics                                                III-132
        Table 121: Chinese Recent Past, Current and Future Analysis
        for Business Process Outsourcing by Horizontal Segment -
        Finance & Accounting, Customer Services, HR, KPO, and
        Procurement Markets Independently Analyzed with Annual
        Spending Figures in US$ Million for Years 2014 through 2020
        (includes corresponding Graph/Chart)                            III-132

        Table 122: Chinese Historic Review for Business Process
        Outsourcing by Horizontal Segment - Finance & Accounting,
        Customer Services, HR, KPO, and Procurement Markets
        Independently Analyzed with Annual Spending Figures in US$
        Million for Years 2007 through 2013 (includes corresponding
        Graph/Chart)                                                    III-133

        Table 123: Chinese 14-Year Perspective for Business Process
        Outsourcing by Horizontal Segment - Percentage Breakdown of
        Spending for Finance & Accounting, Customer Services, HR,
        KPO, and Procurement Markets for Years 2007, 2015 and 2020
        (includes corresponding Graph/Chart)                            III-134

        Table 124: Chinese Recent Past, Current and Future Analysis
        for Business Process Outsourcing by End-Use Sector -
        Manufacturing, Telecommunications & Technology, Banking,
        Insurance & Finance Services, Retail, and Other Markets
        Independently Analyzed with Annual Spending Figures in US$
        Million for Years 2014 through 2020 (includes corresponding
        Graph/Chart)                                                    III-135

        Table 125: Chinese Historic Review for Business Process
        Outsourcing by End-Use Sector - Manufacturing,
        Telecommunications & Technology, Banking, Insurance &
        Finance Services, Retail, and Other Markets Independently
        Analyzed with Annual Spending Figures in US$ Million for
        Years 2007 through 2013 (includes corresponding Graph/Chart)    III-136

        Table 126: Chinese 14-Year Perspective for Business Process
        Outsourcing by End-Use Sector - Percentage Breakdown of
        Spending for Manufacturing, Telecommunications & Technology,
        Banking, Insurance & Finance Services, Retail, and Other
        Markets for Years 2007, 2015 and 2020 (includes
        corresponding Graph/Chart)                                      III-137

  5c. INDIA                                                             III-138
      A.Market Analysis                                                 III-138
        India - A Key Global Destination for Outsourcing                III-138
        Recession in Retrospect                                         III-138
        On the Road to Recovery                                         III-139
        The Changing Role of Indian BPOs                                III-140
        Role of Captive BPOs                                            III-140
        Financial Services Market - A Vital BPO Vertical                III-140
        Human Resource Outsourcing in India                             III-141
        Export Market Continues to Offer Growth Prospects               III-142
        Domestic BPO Market Offers Growth Potential                     III-142
        Rural BPO Concept Strengthens                                   III-143
        SMEs: Potential for Growth                                      III-143
        Focus Shifts to Smaller Towns and Cities                        III-143
        BPO Industry to Unlock the IT Potential of North East India     III-144
        Tier-II and Tier III Cities to Gain Prominence                  III-144
        New Low Cost Destinations - A Growing Threat!                   III-144
        KPO Industry Gains Efficiency                                   III-144
        Emerging Competition Fails to Affect India’s Dominance          III-145
         Global KPO Market by Segment - India Vs Other Offshore
          Destinations                                                  III-145
        Vendors Look to Strengthen Presence in KPO                      III-146
        Valuation Advisory/Services: A New Area of Opportunity for KPOs III-146
        Major Challenges Confronting India’s BPO Industry               III-147
         Attrition - The Bane of Indian BPO Sector                      III-147
         Lack of Employability: A Cause of Concern                      III-147
         Rising Salaries Affect India’s Edge as a Cost Competitive
          Destination                                                   III-147
         Talent Shortage Drives BPOs towards Global Delivery Model      III-148
        BPO Vendor Landscape in India                                   III-148
         India Centric BPO Providers - Breakdown by Vertical Industry   III-149
         India-Centric BPO Providers: Breakdown by Product/Service
          Offerings                                                     III-150
        BPO Industry Focuses on Inorganic Growth Strategy               III-150
        TCS Eyes Leading Position in the Indian BPO Market              III-151
        Strategic Corporate Developments                                III-151
        Service Launch                                                  III-153
        Key Players                                                     III-153
      B.Market Analytics                                                III-156
        Table 127: Indian Recent Past, Current and Future Analysis
        for Business Process Outsourcing by Horizontal Segment -
        Finance & Accounting, Customer Services, HR, KPO, and
        Procurement Markets Independently Analyzed with Annual
        Spending Figures in US$ Million for Years 2014 through 2020
        (includes corresponding Graph/Chart)                            III-156

        Table 128: Indian Historic Review for Business Process
        Outsourcing by Horizontal Segment - Finance & Accounting,
        Customer Services, HR, KPO, and Procurement Markets
        Independently Analyzed with Annual Spending Figures in US$
        Million for Years 2007 through 2013 (includes corresponding
        Graph/Chart)                                                    III-157

        Table 129: Indian 14-Year Perspective for Business Process
        Outsourcing by Horizontal Segment - Percentage Breakdown of
        Spending for Finance & Accounting, Customer Services, HR,
        KPO, and Procurement Markets for Years 2007, 2015 and 2020
        (includes corresponding Graph/Chart)                            III-158

        Table 130: Indian Recent Past, Current and Future Analysis
        for Business Process Outsourcing by End-Use Sector -
        Manufacturing, Telecommunications & Technology, Banking,
        Insurance & Finance Services, Retail, and Other Markets
        Independently Analyzed with Annual Spending Figures in US$
        Million for Years 2014 through 2020 (includes corresponding
        Graph/Chart)                                                    III-159

        Table 131: Indian Historic Review for Business Process
        Outsourcing by End-Use Sector - Manufacturing,
        Telecommunications & Technology, Banking, Insurance &
        Finance Services, Retail, and Other Markets Independently
        Analyzed with Annual Spending Figures in US$ Million for
        Years 2007 through 2013 (includes corresponding Graph/Chart)    III-160

        Table 132: Indian 14-Year Perspective for Business Process
        Outsourcing by End-Use Sector - Percentage Breakdown of
        Spending for Manufacturing, Telecommunications & Technology,
        Banking, Insurance & Finance Services, Retail, and Other
        Markets for Years 2007, 2015 and 2020 (includes
        corresponding Graph/Chart)                                      III-161

  5d. REST OF ASIA-PACIFIC                                              III-162
      A.Market Analysis                                                 III-162
        Philippines                                                     III-162
         Emerging as One of Asia’s Premier Outsourcing Destinations     III-162
          Table 133: Philippines BPO Market (2014): Percentage
          Breakdown of Revenues by Segment/Type of Service Offerings - 
          Animation, Contact Center, Software Development,
          Transcription and Others (includes corresponding
          Graph/Chart)                                                  III-164
         Growth Drivers                                                 III-164
          Top 10 BPO Companies in the Philippines: As of 2013           III-165
         Impact of Recession                                            III-165
         Next Wave Cities to Spur Growth                                III-166
         KPO Industry Gains Prominence                                  III-166
        Malaysia                                                        III-167
        Singapore                                                       III-167
        Thailand                                                        III-167
        Sri Lanka: An Emerging BPO Destination                          III-167
        Service Launch                                                  III-168
        Strategic Corporate Developments                                III-168
      B.Market Analytics                                                III-171
        Table 134: Rest of Asia-Pacific Recent Past, Current and
        Future Analysis for Business Process Outsourcing by
        Horizontal Segment - Finance & Accounting, Customer
        Services, HR, KPO, and Procurement Markets Independently
        Analyzed with Annual Spending Figures in US$ Million for
        Years 2014 through 2020 (includes corresponding Graph/Chart)    III-171

        Table 135: Rest of Asia-Pacific Historic Review for Business
        Process Outsourcing by Horizontal Segment - Finance &
        Accounting, Customer Services, HR, KPO, and Procurement
        Markets Independently Analyzed with Annual Spending Figures
        in US$ Million for Years 2007 through 2013 (includes
        corresponding Graph/Chart)                                      III-172

        Table 136: Rest of Asia-Pacific 14-Year Perspective for
        Business Process Outsourcing by Horizontal Segment -
        Percentage Breakdown of Spending for Finance & Accounting,
        Customer Services, HR, KPO, and Procurement Markets for
        Years 2007, 2015 and 2020 (includes corresponding
        Graph/Chart)                                                    III-173

        Table 137: Rest of Asia-Pacific Recent Past, Current and
        Future Analysis for Business Process Outsourcing by End-Use
        Sector - Manufacturing, Telecommunications & Technology,
        Banking, Insurance & Finance Services, Retail, and Other
        Markets Independently Analyzed with Annual Spending Figures
        in US$ Million for Years 2014 through 2020 (includes
        corresponding Graph/Chart)                                      III-174

        Table 138: Rest of Asia-Pacific Historic Review for Business
        Process Outsourcing by End-Use Sector - Manufacturing,
        Telecommunications & Technology, Banking, Insurance &
        Finance Services, Retail, and Other Markets Independently
        Analyzed with Annual Spending Figures in US$ Million for
        Years 2007 through 2013 (includes corresponding Graph/Chart)    III-175

        Table 139: Rest of Asia-Pacific 14-Year Perspective for
        Business Process Outsourcing by End-Use Sector - Percentage
        Breakdown of Spending for Manufacturing, Telecommunications & 
        Technology, Banking, Insurance & Finance Services, Retail,
        and Other Markets for Years 2007, 2015 and 2020 (includes
        corresponding Graph/Chart)                                      III-176

  6. LATIN AMERICA                                                      III-177
      A.Market Analysis                                                 III-177
        Latin America as a Global Delivery Location                     III-177
        Market Snapshots                                                III-178
        BPO Industry’s Shift Up the Value Chain                         III-178
        Strategic Corporate Development                                 III-179
      B.Market Analytics                                                III-179
        Table 140: Latin American Recent Past, Current and Future
        Analysis for Business Process Outsourcing by Geographic
        Region - Brazil and Rest of Latin America Markets
        Independently Analyzed with Annual Spending Figures in US$
        Million for Years 2014 through 2020 (includes corresponding
        Graph/Chart)                                                    III-179

        Table 141: Latin American Historic Review for Business
        Process Outsourcing by Geographic Region - Brazil and Rest
        of Latin America Markets Independently Analyzed with Annual
        Spending Figures in US$ Million for Years 2007 through 2013
        (includes corresponding Graph/Chart)                            III-180

        Table 142: Latin American 14-Year Perspective for Business
        Process Outsourcing by Geographic Region - Percentage
        Breakdown of Spending for Brazil and Rest of Latin America
        Markets for Years 2007, 2015 and 2020 (includes
        corresponding Graph/Chart)                                      III-181

        Table 143: Latin American Recent Past, Current and Future
        Analysis for Business Process Outsourcing by Horizontal
        Segment - Finance & Accounting, Customer Services, HR, KPO,
        and Procurement Markets Independently Analyzed with Annual
        Spending Figures in US$ Million for Years 2014 through 2020
        (includes corresponding Graph/Chart)                            III-182

        Table 144: Latin American Historic Review for Business
        Process Outsourcing by Horizontal Segment - Finance &
        Accounting, Customer Services, HR, KPO, and Procurement
        Markets Independently Analyzed with Annual Spending Figures
        in US$ Million for Years 2007 through 2013 (includes
        corresponding Graph/Chart)                                      III-183

        Table 145: Latin American 14-Year Perspective for Business
        Process Outsourcing by Horizontal Segment - Percentage
        Breakdown of Spending for Finance & Accounting, Customer
        Services, HR, KPO, and Procurement Markets for Years 2007,
        2015 and 2020 (includes corresponding Graph/Chart)              III-184

        Table 146: Latin American Recent Past, Current and Future
        Analysis for Business Process Outsourcing by End-Use Sector - 
        Manufacturing, Telecommunications & Technology, Banking,
        Insurance & Finance Services, Retail, and Other Markets
        Independently Analyzed with Annual Spending Figures in US$
        Million for Years 2014 through 2020 (includes corresponding
        Graph/Chart)                                                    III-185

        Table 147: Latin American Historic Review for Business
        Process Outsourcing by End-Use Sector - Manufacturing,
        Telecommunications & Technology, Banking, Insurance &
        Finance Services, Retail, and Other Markets Independently
        Analyzed with Annual Spending Figures in US$ Million for
        Years 2007 through 2013 (includes corresponding Graph/Chart)    III-186

        Table 148: Latin American 14-Year Perspective for Business
        Process Outsourcing by End-Use Sector - Percentage Breakdown
        of Spending for Manufacturing, Telecommunications &
        Technology, Banking, Insurance & Finance Services, Retail,
        and Other Markets for Years 2007, 2015 and 2020 (includes
        corresponding Graph/Chart)                                      III-187

  6a. BRAZIL                                                            III-188
      A.Market Analysis                                                 III-188
        Brazil                                                          III-188
        Increasing Demand for Contact Center Outsourcing                III-188
        Strategic Corporate Development                                 III-189
      B.Market Analytics                                                III-189
        Table 149: Brazilian Recent Past, Current and Future
        Analysis for Business Process Outsourcing by Horizontal
        Segment - Finance & Accounting, Customer Services, HR, KPO,
        and Procurement Markets Independently Analyzed with Annual
        Spending Figures in US$ Million for Years 2014 through 2020
        (includes corresponding Graph/Chart)                            III-189

        Table 150: Brazilian Historic Review for Business Process
        Outsourcing by Horizontal Segment - Finance & Accounting,
        Customer Services, HR, KPO, and Procurement Markets
        Independently Analyzed with Annual Spending Figures in US$
        Million for Years 2007 through 2013 (includes corresponding
        Graph/Chart)                                                    III-190

        Table 151: Brazilian 14-Year Perspective for Business
        Process Outsourcing by Horizontal Segment - Percentage
        Breakdown of Spending for Finance & Accounting, Customer
        Services, HR, KPO, and Procurement Markets for Years 2007,
        2015 and 2020 (includes corresponding Graph/Chart)              III-191

        Table 152: Brazilian Recent Past, Current and Future
        Analysis for Business Process Outsourcing by End-Use Sector - 
        Manufacturing, Telecommunications & Technology, Banking,
        Insurance & Finance Services, Retail, and Other Markets
        Independently Analyzed with Annual Spending Figures in US$
        Million for Years 2014 through 2020 (includes corresponding
        Graph/Chart)                                                    III-192

        Table 153: Brazilian Historic Review for Business Process
        Outsourcing by End-Use Sector - Manufacturing,
        Telecommunications & Technology, Banking, Insurance &
        Finance Services, Retail, and Other Markets Independently
        Analyzed with Annual Spending Figures in US$ Million for
        Years 2007 through 2013 (includes corresponding Graph/Chart)    III-193

        Table 154: Brazilian 14-Year Perspective for Business
        Process Outsourcing by End-Use Sector - Percentage Breakdown
        of Spending for Manufacturing, Telecommunications &
        Technology, Banking, Insurance & Finance Services, Retail,
        and Other Markets for Years 2007, 2015 and 2020 (includes
        corresponding Graph/Chart)                                      III-194

  6b. REST OF LATIN AMERICA                                             III-195
      A.Market Analysis                                                 III-195
        Argentina                                                       III-195
        Chile                                                           III-195
        Colombia                                                        III-196
        Mexico                                                          III-196
        Costa Rica & Panama                                             III-197
        Uruguay                                                         III-197
      B.Market Analytics                                                III-198
        Table 155: Rest of Latin America Recent Past, Current and
        Future Analysis for Business Process Outsourcing by
        Horizontal Segment - Finance & Accounting, Customer
        Services, HR, KPO, and Procurement Markets Independently
        Analyzed with Annual Spending Figures in US$ Million for
        Years 2014 through 2020 (includes corresponding Graph/Chart)    III-198

        Table 156: Rest of Latin America Historic Review for
        Business Process Outsourcing by Horizontal Segment - Finance & 
        Accounting, Customer Services, HR, KPO, and Procurement
        Markets Independently Analyzed with Annual Spending Figures
        in US$ Million for Years 2007 through 2013 (includes
        corresponding Graph/Chart)                                      III-199

        Table 157: Rest of Latin America 14-Year Perspective for
        Business Process Outsourcing by Horizontal Segment -
        Percentage Breakdown of Spending for Finance & Accounting,
        Customer Services, HR, KPO, and Procurement Markets for
        Years 2007, 2015 and 2020 (includes corresponding
        Graph/Chart)                                                    III-200

        Table 158: Rest of Latin America Recent Past, Current and
        Future Analysis for Business Process Outsourcing by End-Use
        Sector - Manufacturing, Telecommunications & Technology,
        Banking, Insurance & Finance Services, Retail, and Other
        Markets Independently Analyzed with Annual Spending Figures
        in US$ Million for Years 2014 through 2020 (includes
        corresponding Graph/Chart)                                      III-201

        Table 159: Rest of Latin America Historic Review for
        Business Process Outsourcing by End-Use Sector -
        Manufacturing, Telecommunications & Technology, Banking,
        Insurance & Finance Services, Retail, and Other Markets
        Independently Analyzed with Annual Spending Figures in US$
        Million for Years 2007 through 2013 (includes corresponding
        Graph/Chart)                                                    III-202

        Table 160: Rest of Latin America 14-Year Perspective for
        Business Process Outsourcing by End-Use Sector - Percentage
        Breakdown of Spending for Manufacturing, Telecommunications & 
        Technology, Banking, Insurance & Finance Services, Retail,
        and Other Markets for Years 2007, 2015 and 2020 (includes
        corresponding Graph/Chart)                                      III-203

  7. REST OF WORLD                                                      III-204
      A.Market Analysis                                                 III-204
        Outlook                                                         III-204
        Israel                                                          III-204
        Africa                                                          III-204
         Egypt: An Emerging Market                                      III-204
         South Africa                                                   III-205
          Market Overview                                               III-205
          South Africa Emerges as a Major Offshoring Market             III-205
          Outlook                                                       III-206
          Telecom Industry Deregulation - A Major Step Towards Rapid
           BPO Market Growth                                            III-206
          South Africa to Gain as Global Companies Look to Minimize
           Risks                                                        III-206
         Tanzania: An Emerging Outsourcing Destination in East Africa   III-206
        Service Launch                                                  III-207
        Strategic Corporate Developments                                III-207
      B.Market Analytics                                                III-208
        Table 161: Rest of World Recent Past, Current and Future
        Analysis for Business Process Outsourcing by Horizontal
        Segment - Finance & Accounting, Customer Services, HR, KPO,
        and Procurement Markets Independently Analyzed with Annual
        Spending Figures in US$ Million for Years 2014 through 2020
        (includes corresponding Graph/Chart)                            III-208

        Table 162: Rest of World Historic Review for Business
        Process Outsourcing by Horizontal Segment - Finance &
        Accounting, Customer Services, HR, KPO, and Procurement
        Markets Independently Analyzed with Annual Spending Figures
        in US$ Million for Years 2007 through 2013 (includes
        corresponding Graph/Chart)                                      III-209

        Table 163: Rest of World 14-Year Perspective for Business
        Process Outsourcing by Horizontal Segment - Percentage
        Breakdown of Spending for Finance & Accounting, Customer
        Services, HR, KPO, and Procurement Markets for Years 2007,
        2015 and 2020 (includes corresponding Graph/Chart)              III-210

        Table 164: Rest of World Recent Past, Current and Future
        Analysis for Business Process Outsourcing by End-Use Sector - 
        Manufacturing, Telecommunications & Technology, Banking,
        Insurance & Finance Services, Retail, and Other Markets
        Independently Analyzed with Annual Spending Figures in US$
        Million for Years 2014 through 2020 (includes corresponding
        Graph/Chart)                                                    III-211

        Table 165: Rest of World Historic Review for Business
        Process Outsourcing by End-Use Sector - Manufacturing,
        Telecommunications & Technology, Banking, Insurance &
        Finance Services, Retail, and Other Markets Independently
        Analyzed with Annual Spending Figures in US$ Million for
        Years 2007 through 2013 (includes corresponding Graph/Chart)    III-212

        Table 166: Rest of World 14-Year Perspective for Business
        Process Outsourcing by End-Use Sector - Percentage Breakdown
        of Spending for Manufacturing, Telecommunications &
        Technology, Banking, Insurance & Finance Services, Retail,
        and Other Markets for Years 2007, 2015 and 2020 (includes
        corresponding Graph/Chart)                                      III-213


 IV. COMPETITIVE LANDSCAPE

     Total Companies Profiled: 245 (including Divisions/Subsidiaries - 256)

     The United States (87)
     Canada (5)
     Japan (2)
     Europe (26)
     - France (4)
     - Germany (3)
     - The United Kingdom (11)
     - Italy (1)
     - Rest of Europe (7)
     Asia-Pacific (Excluding Japan) (130)
     Latin America (2)
     Africa (2)
     Middle East (2)
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Date of Publication:
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