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Market Research Report
Product code
958080
Insurance Business Process Outsourcing (BPO) |
Insurance Business Process Outsourcing (BPO) |
Published: April 1, 2021
Global Industry Analysts, Inc.
Content info: 184 Pages
Delivery time: 1-2 business days
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Abstract:
Global Insurance Business Process Outsourcing (BPO) Market to Reach $8.3 Billion by 2027
Amid the COVID-19 crisis, the global market for Insurance Business Process Outsourcing (BPO) estimated at US$6 Billion in the year 2020, is projected to reach a revised size of US$8.3 Billion by 2027, growing at aCAGR of 4.9% over the period 2020-2027. Property & Casualty Service, one of the segments analyzed in the report, is projected to record 4.6% CAGR and reach US$3.4 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Life & Pension Service segment is readjusted to a revised 5.1% CAGR for the next 7-year period.
The U.S. Market is Estimated at $1.7 Billion, While China is Forecast to Grow at 8.1% CAGR
The Insurance Business Process Outsourcing (BPO) market in the U.S. is estimated at US$1.7 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$1.5 Billion by the year 2027 trailing a CAGR of 8.1% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.8% and 4% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 3.6% CAGR.
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