The global demand for BFSI BPO Services Market is presumed to reach the market size of nearly USD 191.96 MN by 2028 from USD 94.22 MN in 2021 with a CAGR of 10.7% under the study period 2022 - 2028.
Outsourcing within the banking and financial services industry refers to the use of outside vendors to carry out operations or provide services that financial institutions typically handle. Business process outsourcing (BPO) is a strategic instrument that helps banks' operations for account servicing and business expansion. Its adoption is intended to make it simpler for banks and other financial institutions to devote their time and resources to their core activities. The provider of third-party financial services may be located both on and offshore.
Market Dynamics
The boom in the BFSI BPO services market is anticipated to be strong. The demand for operational transparency and efficiency in corporate operations, the rapid use of cloud communication-based BPO services, and the need to save money on infrastructure and technology are the main drivers influencing the BFSI BPO services market growth. Additionally, it is projected that the BFSI BPO services market will expand because of the spike in demand for quicker and better services in banks during the COVID-19 epidemic. Additional factors that are anticipated to have an impact on the growth of the BFSI BPO market during the anticipated period include rising investment and maintenance expenses and an overreliance on BPO providers. However, these factors are anticipated to impact the overall market growth during the forecast period. Nonetheless, the demand for BPO services is rising among banks and other financial organisations, and technological advancements in BPO services are likely to affect the global market.
The research report covers Porter's Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry's structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of bfsi bpo services. The growth and trends of bfsi bpo services industry provide a holistic approach to this study.
Market Segmentation
This section of the bfsi bpo services market report provides detailed data on the segments at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities.
By Service Type
- Customer Services
- Finance & Accounting
- Human Resource
- KPO
- Procurement & Supply Chain
- Others
By Enterprise Size
- Large Enterprises
- Small And Medium-Sized Enterprises
By End User
- Banks
- Commercial Banking (Retail Banking, Cards, Lending)
- Capital Markets (Investment Banking, Brokerage, Asset Management, Others)
- Insurance Companies
- Others
Regional Analysis
This section covers the regional outlook, which accentuates current and future demand for the BFSI BPO Services market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.
Global BFSI BPO Services Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the bfsi bpo services market include BFSI BPO services market include Accenture PLC, Cognizant, Concentrix Corporation, Genpact, IBM Corporation, Infosys Limited, Mphasis, NTT Data Corporation, Tata Consultancy Services Limited and Wipro Limited. This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
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