According to IMARC Group's latest research report, titled "BFSI BPO Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032," offers a comprehensive analysis of the industry, which comprises insights on the BFSI BPO services industry trends. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global BFSI BPO services market size reached US$ 116.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 218.9 Billion by 2032, exhibiting a growth rate (CAGR) of 7.03% during 2024-2032.
BFSI BPO Services Market Overview:
Banking, financial services and insurance (BFSI) and business process outsourcing (BPO) enable organizations to outsource numerous processes that are not an integral part of their operations. They usually comprise customer service and support, financial analysis and reporting, data entry and processing, compliance, regulatory support, etc. BFSI and BPO services help to reduce labor costs and other expenses associated with the processes. They also increase productivity and efficiency and facilitate easy access to specialized expertise. Presently, BFSI and BPO services are gaining extensive traction, as they aid in streamlining processes and offer scalability, flexibility, cost-effectiveness, etc.
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BFSI BPO Services Market Trends:
The widespread adoption of third-party banking software to improve productivity and operational efficiency is primarily driving the BFSI BPO services market. Additionally, the growing inclination towards online banking applications among individuals to perform financial transactions and access their account details via smartphones is further bolstering the market growth. Besides this, the increasing incidences of cybersecurity breaches and data thefts and the rising instances of several online fraudulent activities are acting as significant growth-inducing factors.
Moreover, the elevating 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 analyze customer data, provide personalized recommendations, improve the security and efficiency of the functions, etc., is positively influencing the global market. Apart from this, the inflating popularity of robotics process automation is also stimulating the market growth. Furthermore, government bodies are offering tax incentives to companies, which is anticipated to fuel the BFSI BPO services market over the forecasted period.
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Competitive Landscape with Key Players:
- Accenture PLC
- Cognizant
- Concentrix Corporation
- Genpact
- IBM Corporation
- Infosys Limited
- Mphasis Limited
- NTT Data Corporation
- Tata Consultancy Services Limited
- Wipro Limited
Key Market Segmentation:
Service Type Insights:
- Customer Services
- Finance and Accounting
- Human Resource
- KPO
- Procurement and Supply Chain
- Others
Enterprise Size Insights:
- Large Enterprises
- Small and Medium-sized Enterprises
End User Insights:
- Banks
- Commercial Banking
- Retail Banking
- Cards
- Lending
- Capital Markets
- Investment Banking
- Brokerage
- Asset Management
- Others
- Insurance Companies
- Others
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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