Global BFSI BPO Services Market to Reach US$ 218.9 Billion by 2032, Facilitated by Increasing Cybersecurity Threats and Data Thefts

July 05, 2023 | 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 2024-2032,” the global BFSI BPO services market size reached US$ 116.7 Billion in 2023. 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 US$ 218.9 Billion by 2032, expanding at a CAGR of 7.03% during 2024-2032.

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 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
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
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Post-Sale Analyst Support 10-12 Weeks
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Global BFSI BPO Services Market to Reach US$ 218.9 Billion by 2032, Facilitated by Increasing Cybersecurity Threats and Data Thefts
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