Global BFSI BPO Services Market to Reach USD 230.1 Billion by 2033, Facilitated by Increasing Cybersecurity Threats and Data Thefts

December 10, 2024 | Insurance

According to the latest report by IMARC Group, titled “BFSI BPO Services Market by Service Type (Customer Services, Finance and Accounting, Human Resource, KPO, Procurement and Supply Chain, and Others), Enterprise Size (Large Enterprises, Small and Medium-sized Enterprises), End User (Banks, Capital Markets, Insurance Companies, and Others), and Region 2025-2033,” the global BFSI BPO services market size reached USD 124.9 Billion in 2024. Banking, financial services and insurance (BFSI) business process outsourcing (BPO) services involve the outsourcing of various non-core business processes, which include data entry, document management, customer support and service, record keeping, reconciliation, and other administrative tasks in the BFSI sector. They also comprise risk and compliance, loan document processing, financial statement preparation, credit checks. They are cost-effective and help reduce overhead expenses associated with internal business operations. They provide access to specialized expertise, scalability, and flexibility to meet changing business demands. They also assist BFSI organizations in focusing on account opening, maintenance and closure, developing innovative financial products, improving customer relationships, and expanding their market reach.


Global BFSI BPO Services Market Trends:

Rising incidences of cybersecurity threats and data breaches and the increasing number of fraudulent cases represent one of the primary factors stimulating market growth. Additionally, the introduction of online banking applications and the growing consumer reliance on net banking facilities to perform financial transactions and check account details are positively influencing the market. Apart from this, the widespread adoption of robotics process automation (RPA) technology by financial institutions to streamline processes, reduce manual errors, automate predictable tasks, improve efficiency, and achieve cost savings is strengthening the market growth. Furthermore, the integration of advanced technologies, such as machine learning (ML), artificial intelligence (AI), chatbots, cloud computing, and the Internet of Things (IoT), to provide enhanced security and personalized recommendations to customers is propelling the market growth. Moreover, leading players are focusing on expanding their market reach through strategic collaborations and mergers and acquisitions (M&A). Looking forward, the market value is projected to reach USD 230.1 Billion by 2033, expanding at a CAGR of 6.68% during 2025-2033.


Market Summary:

  • Based on the service type, the market has been segmented into customer services, finance and accounting, human resource, KPO, procurement and supply chain, and others. Customer services currently hold the largest market share.
  • On the basis of the enterprise size, large enterprises currently account for the biggest market share, followed by small and medium-sized enterprises.
  • Based on the end user, the market has been divided into banks (commercial banking, retail banking, cards and lending); capital markets (investment banking, brokerage, asset management and others); insurance companies; and others. At present, banks account for the majority of the market share.
  • Region-wise, the market has been categorized into 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. Amongst these, North America enjoys the leading position in the market.
  • The competitive landscape of the market has also been examined, with some of the key players being Accenture PLC, Cognizant, Concentrix Corporation, Genpact, IBM Corporation, Infosys Limited, Mphasis Limited, NTT Data Corporation, Tata Consultancy Services Limited, and Wipro Limited.


Report Coverage:

Report Features Details
Base Year of the Analysis 2024
Historical Period 2019-2024
Forecast Period 2025-2033
Units Billion USD
Service Types Covered Customer Services, Finance and Accounting, Human Resource, KPO, Procurement and Supply Chain, Others
Enterprise Sizes Covered Large Enterprises, Small and Medium-sized Enterprises
End Users Covered
  • Banks: Commercial Banking, Retail Banking, Cards, Lending
  • Capital Markets: Investment Banking, Brokerage, Asset Management, Others
  • Insurance Companies
  • Others
Regions Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Accenture PLC, Cognizant, Concentrix Corporation, Genpact, IBM Corporation, Infosys Limited, Mphasis Limited, NTT Data Corporation, Tata Consultancy Services Limited, Wipro Limited, etc.
Customization Scope 10% Free Customization
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)


About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.


Contact Us:

IMARC Group
134 N 4th St.
Brooklyn, NY 11249, USA
Email: Sales@imarcgroup.com
Americas:- +1 631 791 1145 | Africa and Europe :- +44-753-713-2163 | Asia: +91-120-433-0800

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
Global BFSI BPO Services Market to Reach USD 230.1 Billion by 2033, Facilitated by Increasing Cybersecurity Threats and Data Thefts
Purchase Options Year End sale




Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Get in Touch With Us
UNITED STATES

Phone: +1-631-791-1145

INDIA

Phone: +91-120-433-0800

UNITED KINGDOM

Phone: +44-753-714-6104

Email: sales@imarcgroup.com

Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Greenfish S.A.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More
KRISHAK BHARATI CO-OP LTD

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More
Stax

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More
DEinternational Egypt

IMARC did an outstanding job in preparing our study. They were punctual and precise, delivering all the data we required in a clear and well-organized format. Their attention to detail and ability to meet deadlines was impressive, making them a reliable partner for our project.

Read More
Gulf Excellent Group

I wanted to express my sincere appreciation for your efforts in handling this matter. Your dedication and commitment have truly been commendable. It is evident that you have put in a tremendous amount of hard work and expertise into resolving the issues at hand. I would also like to take this opportunity to inform you that we are greatly interested

Read More
FS Corporation Inc.

Overall, the deliverable was well organized and my experience with the project team was good. In particular, I appreciated how they responded when I requested additional information and the Japanese version.

Read More
Egyptian Industrial Investment Group

The IMARC team were extremely professional and very cooperative. The team were also extremely flexible in making changes and modifications wherever required. The entire experience right from project kick-off to after sales support was fruitful and smooth.

Read More
Vishnu Chemicals

I’d like to express my gratitude for the work you accomplished with the industry report. The way you responded to the requirements and delivered under tight timelines shows your expertise, exceptional work ethic and commitment to your customer’s success. The entire team and company are incredibly thankful for your dedication. Once again, thank you

Read More
MOUNT EVEREST BREWERIES LIMITED

The market reports from IMARC have been instrumental in guiding our business strategies. We found the reports comprehensive and data-driven, which helped us make informed decisions. The detailed insights and actionable data have consistently provided us with a competitive edge in a rapidly changing alcohol market.

Read More
Borges Branded Foods

One of the best things about IMARC is their flexibility and predisposition to tailor the reports and adapt to our needs. They are not just great in their researching and consulting solutions, but their service is unparallelled. We’ve worked with them a couple of times and we will keep working with them in future projects.

Read More
Godrej Consumer Products Limited

We recently commissioned multiple market research reports from IMARC, and the insights we received were invaluable. The depth of analysis, accuracy of data, and actionable recommendations have greatly enhanced our strategic decision-making.

Read More
ADC Therapeutics

The market estimates provided by your team were pretty much in line with what we were theorizing internally. Really appreciate the work on this.

Read More
Ivanti

The sale account manager and the service was excellent. The data and market trends gathered from the report was insightful and really assisted while planning future product and growth strategies.

Read More
Asiatic Electrical & Switchgear P. Ltd.

The report is excellent and has good amount of data and our team is extremely happy with the information provided.

Read More
Denka Co., Ltd.

Thank you very much for your cooperation and post purchase support. We were really happy with the final deliverable, and the takeaways from the report.

Read More