Market Research Report
Insurance Business Process Outsourcing (BPO)
|Published by||Global Industry Analysts, Inc.||Product code||958080|
|Published||Content info||184 Pages
Delivery time: 1-2 business days
|Insurance Business Process Outsourcing (BPO)|
|Published: September 1, 2020||Content info: 184 Pages||
Global Insurance Business Process Outsourcing (BPO) Market to Reach US$8.3 Billion by the Year 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 a CAGR of 4.9% over the period 2020-2027.Property & Casualty Service, one of the segments analyzed in the report, is projected to grow at a 4.6% CAGR to 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. This segment currently accounts for a 58.1% share of the global Insurance Business Process Outsourcing (BPO) market.
The U.S. Accounts for Over 28.8% of Global Market Size in 2020, While China is Forecast to Grow at a 8.1% CAGR for the Period of 2020-2027
The Insurance Business Process Outsourcing (BPO) market in the U.S. is estimated at US$1.7 Billion in the year 2020. The country currently accounts for a 28.81% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$1.5 Billion in the year 2027 trailing a CAGR of 8.1% through 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 while Rest of European market (as defined in the study) will reach US$1.5 Billion by the year 2027.We bring years of research experience to this 9th edition of our report. The 184-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.
Competitors identified in this market include, among others,