The global BFSI BPO services market size reached US$ 107.58 Billion in 2022. Looking forward, the analyst expects the market to reach US$ 174.94 Billion by 2028, exhibiting a growth rate (CAGR) of 8.05% during 2023-2028. The increasing use of third-party banking software, rising cybersecurity breaches, and the tax incentives offered by governing agencies represent some of the key factors driving the market.
Banking, financial services and insurance (BFSI) business process outsourcing (BPO) services enables businesses to outsource different processes that are not a core part of their operations. They comprise customer service and support, data entry and processing, financial analysis and reporting, and compliance and regulatory support. They help reduce labor costs and other expenses associated with the processes. They also increase efficiency and productivity and facilitate easy access to specialized expertise. At present, there is an increase in the adoption of automation in BFSI BPO services to streamline processes and a rise in the usage of cloud based BPO services that offer flexibility, scalability, and cost savings.
BFSI BPO Services Market Trends:
The increasing use of third-party banking software in the BFSI industry to improve productivity and operational efficiency represents one of the major factors bolstering the market growth around the world. Moreover, the rising inclination towards online banking applications among individuals to access their account details and perform financial transactions via smartphones is propelling the market growth. In addition, the growing incidence of cybersecurity breaches and data thefts and rising instances of various online fraudulent activities is influencing the market positively. Apart from this, there is an increase in the integration of artificial intelligence (AI), machine learning (ML), cloud computing, natural language processing (NLP), the internet of things (IoT), chatbots, and blockchain technology in BFSI BPO services to automate various processes. These advanced technologies are used to analyze customer data and provide personalized recommendations, improve the security and efficiency of the functions and access and store large amounts of data easily. This, coupled with the incorporation of advanced analytics, including data mining and predictive analytics in BFSI BPO services to analyze customer data and gain insights and enhance the experience of the customer, is contributing to the market growth. Furthermore, the rising adoption of robotics process automation (RPA) to automate repetitive and predictable tasks is strengthening the growth of the market. Besides this, key players are focusing on collaboration and mergers and acquisitions (M&A) to expand their overall reach. Governing agencies are also offering tax incentives to companies that invest in BFSI BPO services, which is projected to fuel the market growth.
Key Market Segmentation:
the analyst provides an analysis of the key trends in each segment of the global BFSI BPO services market, along with forecasts at the global, regional, and country level from 2023-2028. Our report has categorized the market based on service type, enterprise size, and end user.
Service Type Insights:
Finance and Accounting
Procurement and Supply Chain
The report has provided a detailed breakup and analysis of the BFSI BPO services market based on the service type. This includes customer services, finance and accounting, human resource, KPO, procurement and supply chain, and others.
According to the report, customer services represented the largest segment.
Enterprise Size Insights:
Small and Medium-sized Enterprises
A detailed breakup and analysis of the BFSI BPO services market based on the enterprise size has also been provided in the report. This includes large enterprises and small and medium-sized enterprises.
According to the report, large enterprises represented the largest segment.
End User Insights:
The report has provided a detailed breakup and analysis of the BFSI BPO services market based on the end user. This includes banks (commercial banking, retail banking, cards, and lending), capital markets (investment banking, brokerage, asset management, and others), insurance companies, and others.
According to the report, banks (commercial banking, retail banking, cards, and lending) represented the largest segment.
Middle East and Africa
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa.
According to the report, North America was the largest market for BFSI BPO services. Some of the factors driving the North America BFSI BPO services market included a well established BFSI sector in the region, along with technological advancements and improved scalability.
The report has also provided a comprehensive analysis of the competitive landscape in the global tea market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered Accenture PLC, Cognizant, Concentrix Corporation, Genpact, IBM Corporation, Infosys Limited, Mphasis Limited, NTT Data Corporation, Tata Consultancy Services Limited, Wipro Limited, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
Key Questions Answered in This Report:
How has the global BFSI BPO services market performed so far, and how will it perform in the coming years?
What are the drivers, restraints, and opportunities in the global BFSI BPO services market?
What is the impact of each driver, restraint, and opportunity on the global BFSI BPO services market?
What are the key regional markets?
Which countries represent the most attractive BFSI BPO services markets?
What is the breakup of the market based on the service type?
Which is the most attractive service type in the BFSI BPO services market?
What is the breakup of the market based on the enterprise size?
Which is the most attractive enterprise size in the BFSI BPO services market?
What is the breakup of the market based on the end user?
Which is the most attractive end user in the BFSI BPO services market?
What is the competitive structure of the global BFSI BPO services market?
Who are the key players/companies in the global BFSI BPO services market?