BFSI BPO Services Market Size, Industry Analysis Report By Service type (Customer Service, Finance and Accounting, Human Resource, KPO, Procurement and Supply Chain), By Enterprise Size (Large Enterprises, Small and Medium Enterprises), By End-user (Banks, Capital Markets) & Region – Forecasts
- PUBLISHED ON
- 16/08/2022
- NO OF PAGES
- 243
- CATEGORY
- Banking & Finance
Banking and financial services outsourcing refers to the use of third party vendors to deliver services or perform tasks, which is normally undertaken by financial institutions.
The objective behind its adoption among banks and financial institutions is to make it easier for them to dedicate their time and resources to core business and operations.
Banking business process outsourcing (BPO) is a strategic tool that supports banks for its business growth and account servicing functions.
The third party financial services provider may be offshore on onshore.
Global BFSI BPO Services Market: Overview
The Global BFSI BPO Services Market valued at US $98.02 Billion in 2022 is anticipated to reach a value of US $205.71 Billion in 2030, growing at a CAGR of 9.7%.
The market is driven by factors such as the increasing focus of organizations on improving efficiency and business agility, decreasing operating costs, and emphasizing core competencies to survive the constantly changing business dynamics.
Moreover, several organizations are increasingly focusing on reducing the cost of conducting business for accessing global resources to meet the growing industry demands.
These factors have encouraged the adoption of Business Process Outsourcing (BPO) services across several organizations that focus on technological trends such as AI and cloud computing for driving business efficiency.
Key Trends of Global BFSI BPO Services Market:
Technological advancement in BPO Services
Traditional BPO services have been deployed since several decades; however, increased adoption of advanced technologies such as IoT, AI, and robotics process automation have led to the growth of the industry. Increase in technological innovations in Asia-Pacific countries, which include India, China, Australia, and Singapore is expected to create several opportunities for the BFSI BPO services market. The integration of “Swiss Post Solutions” BPO services with IoT-based devices allows organizations, banks, and financial institutions to identify and eliminate issues such as unnecessary assets and lead to operational efficiencies, cost reductions, and optimal human resource deployment.
Surge in adoption of cloud communication
Upsurge in demand for cloud-based BPO services supported banks to sustain during disruptions. In addition, the BPO services solution played a vital role in keeping the entire banks, businesses, and financial institution processes efficiently operating by allowing banks to use their internal resources for core competencies and essential business function. Cloud communication helps financial institutions improve performance through various features such as remote access, digital data exchange, automated reporting, and real-time work floor control.
Segmental Analysis of Global BFSI BPO Services Market:
Based on Service type
• Customer Service
• Finance and Accounting
• Human Resource
• KPO
• Procurement and Supply Chain
• Others
The customer services segment dominated the market, with a revenue share exceeding 30%. The segment is expected to retain its dominance, registering the fastest CAGR during the forecast period. The dominance of the segment can be attributed to the increasing number of service centers across the globe that need both online as well as offline technical support.
Based on Enterprise Size
• Large Enterprises
• Small and Medium Enterprises
Based on End-user
• Banks
o Commercial Banking
o Retail Banking
o Cards
o Lending
• Capital Markets
o Investment Banking
o Brokerage
o Asset Management
o Others
Geographical Analysis of Global BFSI BPO Services Market:
The Global BFSI BPO Services Market is further segmented into five major countries- North America, Europe, Asia-pacific, Latin America, Middle East and Africa.
North America accounted for over 36% revenue share of the market and is expected to grow steadily during the forecast period. It is expected that the region will remain dominant due to the rising demand for BPO services from several tech giants. Customization of service offerings to better meet individual needs, coupled with the increasing demand for cloud computing, is further expected to support regional growth.
Competitive Landscape:
Accenture, Amdocs, Capgemini, CBRE Group Inc., HCL Technologies Limited, Infosys Limited (Infosys BPM), NCR Corporation, Sodexo, TTEC Holdings, Inc., and Wipro Limited.
Scope of the report:
Global BFSI BPO Services Market: Historical Years- 2018-2021
Global BFSI BPO Services Market: Forecast Years- 2022-2030
Global BFSI BPO Services Market USD value in 2022- $98.02 Billion
Global BFSI BPO Services Market USD value in 2030- $205.71 Billion
Global BFSI BPO Services Market CAGR- 9.7%
Segments Covered- Service type, enterprise size, end-user and regions
Regions Covered-
o North America (US, Canada)
o Europe (UK, Germany, Spain, Italy, France, Russia)
o Asia-pacific (India, China, Japan, Australia, South Korea)
o Latin America (Mexico, Brazil, Argentina)
o Middle East and Africa (UAE, Saudi Arabia, South Africa)
Key Players: Accenture, Amdocs, Capgemini, CBRE Group Inc., HCL Technologies Limited, Infosys Limited (Infosys BPM), NCR Corporation, Sodexo, TTEC Holdings, Inc., and Wipro Limited.
Quality Assurance Process
- We Market Research’s Quality Assurance program strives to deliver superior value to our clients.
We Market Research senior executive is assigned to each consulting engagement and works closely with the project team to deliver as per the clients expectations.
Market Research Process
We Market Research monitors 3 important attributes during the QA process- Cost, Schedule & Quality. We believe them as a critical benchmark in achieving a project’s success.
To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
- Project kickoff meeting with client
- Conduct frequent client communications
- Form project steering committee
- Assign a senior SR executive as QA Executive
- Conduct internal editorial & quality reviews of project deliverables
- Certify project staff in SR methodologies & standards
- Monitor client satisfaction
- Monitor realized value post-project
Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
Solution
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
Market Estimates and Forecast
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Case Study- ICT Sector
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
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