Market Research Report
BFSI BPO Services Market by Service Type, Enterprise Size, End User : Global Opportunity Analysis and Industry Forecast, 2020-2028
|BFSI BPO Services Market by Service Type, Enterprise Size, End User : Global Opportunity Analysis and Industry Forecast, 2020-2028|
Published: May 28, 2021
Allied Market Research
Content info: 215 Pages
Delivery time: 2-3 business days
BPO services enable banks to manage and automate their business processes. This service has been widely used for back-office operations, which include inventory control production, order management, accounting, human resource (HR), and others. A BPO system comprises several modules, and each BPO module is focused on a particular departmental area, such as inventory control, finance, material purchasing, marketing, HR, and accounting. These modules can be customized according to the business requirement of the banks. In addition, BPOs have witnessed increased adoption, as they offer effective planning and streamlining of data under one platform, which helps in regulating operational costs, increased sales, and enhanced decision-making. The adoption of BPO services is expected to increase in the upcoming years with the rise in focus of banks, and financial institutions toward improving their operational and business process efficiency. This is anticipated to fuel the growth of the BFSI BPO services market.
The key factors impacting the growth of the BFSI BPO services market include rise in need for operational efficiency & transparency in business processes, surge in adoption of cloud communication based BPO services, and increase in demand for cost saving on infrastructure & technology. In addition, surge in demand for faster and better services in banks during the COVID-19 pandemic is anticipated to influence the BFSI BPO services market growth. Furthermore, higher investment & maintenance costs and overdependence on the BPO Company are expected to affect the market growth during the BFSI BPO services market forecast period. Moreover, increase in demand for BPO services among banks, and financial institutions and technological advancements in BPO services are anticipated to have a notable effect on the global market. However, each of these factors is anticipated to have a definite impact on the overall market growth during the forecast period.
The BFSI BPO services market is segmented into service type, enterprise size, end user, and region. On the basis of service type, it is classified into customer services, finance & accounting, human resource, KPO, procurement & supply chain and others. As enterprise size, it is segregated into large enterprises, and small & medium-sized enterprises. In terms of end user, the market is bifurcated into banks, capital market, insurance companies, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The market players operating in the 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.
By Service Type
By Enterprise Size
By End User