BFSI BPO Services Market

BFSI BPO Services Market | Major Companies, Strategies and New Trends

NEW CASTLE, WILMINGTON, UNITED STATES, March 6, 2024 /EINPresswire.com/ -- The BFSI (Banking, Financial Services, and Insurance) BPO (Business Process Outsourcing) services market refers to the outsourcing of specific business processes related to the BFSI sector, such as customer service, data entry, application processing, and others, to third-party service providers. The market for BFSI BPO services is driven by several factors, including cost efficiency, access to specialized skills, focus on core competencies, and regulatory compliance requirements.

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The global BFSI BPO services market size was valued at $85.12 billion in 2020, and is projected to reach $174.94 billion by 2028, growing at a CAGR of 9.7% from 2021 to 2028.

Key players in the BFSI BPO services market include large global outsourcing firms, as well as specialized firms that focus specifically on the BFSI sector. These players offer a range of services tailored to the needs of BFSI clients, including back-office operations, customer service, financial analysis, and risk management, among others.

The BFSI BPO services market is expected to continue to grow in the coming years, driven by factors such as the increasing complexity of BFSI operations, the need for cost reduction and efficiency improvement, and the growing adoption of digital technologies in the BFSI sector. However, the market also faces challenges such as data security concerns, regulatory compliance issues, and competition from in-house operations.

Overall, the BFSI BPO services market presents significant opportunities for outsourcing firms that can offer high-quality services tailored to the specific needs of BFSI clients. As the BFSI sector continues to evolve, the demand for specialized BPO services is likely to remain strong, driving further growth in the market.

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Key Benefits For Stakeholders

This study includes the BFSI BPO services market forecast, BFSI BPO services market trends, and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and BFSI BPO services opportunity.
The BFSI BPO services market size is quantitatively analyzed from 2020 to 2028 to highlight the financial competency of the industry.
Porter’s five forces analysis illustrates the potency of buyers & suppliers in the BFSI BPO services market.

Key Market Segments

By Service Type

Customer Services
Finance & Accounting
Human Resource
KPO
Procurement & Supply Chain
Others
By Enterprise Size

Large Enterprises
Small and Medium-sized Enterprises
By End User

Banks
Commercial Banking
Retail Banking
Cards
Lending
Capital Markets
Investment Banking
Brokerage
Asset Management
Others
Insurance Companies
Others

By Region

North America
U.S.
Canada
Europe
UK
Germany
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
India
Japan
Australia
South Korea
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa

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Key Market Players

Accenture PLC
Cognizant
Concentrix Corporation
Genpact
IBM Corporation
Infosys Limited
Mphasis
NTT Data Corporation
Tata Consultancy Services Limited
Wipro Limited

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David Correa
Allied Market Research
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