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BFSI BPO Services Market by Service Type (Customer Services, Finance & Accounting, Human Resource, KPO, Procurement & Supply Chain, and Others), Enterprise Size (Large Enterprises and Small & Medium Enterprises), End User (Banks, Capital Markets, Insurance Companies, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2028

A11339
Pages: 215
May 2021 | 248 Views
 
Author(s) : Pramod Borasi, Monica Chhabra , Vineet Kumar
Tables: 115
Charts: 78
 

COVID-19

Pandemic disrupted the entire world and affected many industries.

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BFSI BPO Services Market Outlook 

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. Banking and financial services outsourcing refers to the use of third party vendors to deliver services or perform tasks, which is normally undertaken by financial institutions. The objective behind its adoption among banks and financial institutions is to make it easier for them to dedicate their time and resources to core business and operations. Banking business process outsourcing (BPO) is a strategic tool that supports banks for its business growth and account servicing functions. The third party financial services provider may be offshore on onshore.

The global BFSI BPO services market growth is expected to exhibit robust during the forecast period. The key factors impacting the growth of the BFSI BPO services market include rise in need for operational efficiency & transparency in business processes, surge in adoption of cloud communication based BPO services, and increase in demand for cost saving on infrastructure & technology. In addition, surge in demand for faster and better services in banks during the COVID-19 pandemic is anticipated to witness growth in the BFSI BPO services market. Furthermore, higher investment & maintenance costs and overdependence on the BPO companies are expected to affect the BFSI BPO market growth during the forecasted period. Moreover, increase in demand for BPO services among banks, and financial institutions and technological advancements in BPO services are likely to have a notable effect on the global market. However, each of these factors is anticipated to have a definite impact on the overall market growth during the forecast period.

BFSI-BPO-Services-Market,-2021-2028

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On the basis of service type, the customer services segment dominated the BFSI BPO services market share in 2020, and is expected to maintain its dominance in the upcoming years. This is attributed to the increase in number of leads and enquiries at various stages of the customer lending lifecycle. Customer services based BFSI BPO companies are focused on handling customer requirements that are generated through emails, phone calls, and social media platforms. In addition, the human resource segment is expected to witness highest growth rate in the upcoming years, owing to surge in demand for experienced middle managers in financing and accounting to perform billing services, accounts payable, receivables, and other financial services.

North America dominated the overall BFSI BPO services market share in 2020, attributed to number of factors such as penetration of BPO vendors and improvement in economy. Advancements in information technology and increase in development of interactive & consumer-friendly user interface of websites & applications are the major factors that boost growth of the BFSI BPO services market in the region.

However, Asia-Pacific is expected to grow at the highest rate during the BFSI BPO services market forecast period, due to the rapid growth in establishment of customer service centers & call centers, and government initiatives & support for the development of business process outsourcing industry, which are turning toward the hosted BPO services to efficiently manage their business processes, particularly in the developing countries such as China, India, and Singapore.

The report focuses on the growth prospects, restraints, and BFSI BPO services market analysis. The study provides Porter’s five forces analysis of the BFSI BPO services industry to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the BFSI BPO services market trends.

Segment review

The BFSI BPO services market is segmented into service type, enterprise size, end user, and region. On the basis of service type, it is classified into customer services, finance & accounting, human resource, KPO, procurement & supply chain and others. As enterprise size, it is segregated into large enterprises, small & medium-sized enterprises. In terms of end user, the market is bifurcated into banks, capital market, insurance companies, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

BFSI BPO Services Market
By Service Type

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Human Resource service is projected as one of the most lucrative segments.

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The market players operating in the BFSI BPO services market include Accenture PLC, Cognizant, Concentrix Corporation, Genpact, IBM Corporation, Infosys Limited, Mphasis, NTT Data Corporation, Tata Consultancy Services Limited and Wipro Limited.

COVID-19 impact analysis

The COVID-19 pandemic has led to decline in revenue of BFSI BPO services market, owing to disruptions caused by the global pandemic, stringent lockdowns and business shutdowns. In addition, the companies faced various challenges for moving their operations from office premises to work–from-home environment. However, the pandemic has enabled various organizations to adopt digital platform for increasing their work efficiency and to regain their customers trust. Further, digitization in BPO companies have helped BPO companies with more affordable, accessible and accurate business operations, which is providing opportunity to the market. 

BFSI BPO Services Market
By Enterprise Size

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Large Enterprises accounted for the highest market share in 2020

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Top impacting factors

Surge in adoption of cloud communication based business process outsourcing Services in the banking sector 

During the COVID-19 pandemic, upsurge in demand for cloud-based BPO services supported banks to sustain during disruptions. In addition, the BPO services solution played a vital role in keeping the entire banks, businesses, and financial institution processes efficiently operating by allowing banks to use their internal resources for core competencies and essential business function. Cloud communication helps financial institutions improve performance through various features such as remote access, digital data exchange, automated reporting, and real-time work floor control. According to Forbes, around 77% of banks use cloud computing to outsource a part of their work to other companies. In addition, the pandemic has forced the banking sector around the globe to in invest in solutions which balance overworked and under-resourced bankers, streamline their products & services, cut costs and bring added value for investors and customers through outsourcing. This factor has led to surge in demand for cloud communication based BPO services, thereby fueling the growth of the market

Technological advancement in BPO Services 

Traditional BPO services have been deployed since several decades; however, increased adoption of advanced technologies such as IoT, AI, and robotics process automation have led to the growth of the industry. Increase in technological innovations in Asia-Pacific countries, which include India, China, Australia, and Singapore is expected to create several opportunities for the BFSI BPO services market. The integration of “Swiss Post Solutions” BPO services with IoT-based devices allows organizations, banks, and financial institutions to identify and eliminate issues such as unnecessary assets and lead to operational efficiencies, cost reductions, and optimal human resource deployment. In addition, automation of processes by robotic process automation technology keeps the bank operations running on time without any human intervention. Similarly, multiple benefits of integrating advance technologies includes Ucaas Solutions, AI, and others with BPO services in banking institution, such as real-time information transmission, minimized errors, real-time access to data, and faster decision-making are creating several opportunities for the market.

BFSI BPO Services Market
By Region

2028
North America 
Europe
Asia-pacific
Lamea

Asia-Pacific would exhibit the highest CAGR of 11.3% during 2021-2028

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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

Key Market Players

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

CHAPTER 1:INTRODUCTION

1.1.Report description
1.2.Key benefits for stakeholders
1.3.Key market segments
1.4.Research methodology

1.4.1.Secondary research
1.4.2.Primary research
1.4.3.Analyst tools & models

CHAPTER 2:EXECUTIVE SUMMARY

2.1.Key findings

2.1.1.Top impacting factors
2.1.2.Top investment pockets

2.2.CXO perspective

CHAPTER 3:MARKET OVERVIEW

3.1.Market definition and scope
3.2.Key forces shaping global BFSI BPO services market
3.3.Market dynamics

3.3.1.Drivers

3.3.1.1.Rise in need for operational efficiency & transparency in business process
3.3.1.2.Surge in adoption of cloud communication based business process outsourcing services in banking sector

3.3.2.Restraints

3.3.2.1.Security issues and privacy concerns

3.3.3.Opportunities

3.3.3.1.Technological Advancement in BPO services
3.3.3.2.Untapped potential of emerging economies

3.4.COVID-19 impact analysis on BFSI BPO services market

3.4.1.Impact on market size
3.4.2.Consumer trends, preferences, and budget impact
3.4.3.Economic impact
3.4.4.Strategies to tackle negative impact
3.4.5.Opportunity window

CHAPTER 4:BFSI BPO SERVICES MARKET, BY SERVICE TYPE

4.1.Overview
4.2.Customer Service

4.2.1.Key market trends, growth factors, and opportunities
4.2.2.Market size and forecast, by region
4.2.3.Market analysis, by country

4.3.Finance & Accounting

4.3.1.Key market trends, growth factors, and opportunities
4.3.2.Market size and forecast, by region
4.3.3.Market analysis, by country

4.4.Human Resource

4.4.1.Key market trends, growth factors, and opportunities
4.4.2.Market size and forecast, by region
4.4.3.Market analysis, by country

4.5.KPO

4.5.1.Key market trends, growth factors, and opportunities
4.5.2.Market size and forecast, by region
4.5.3.Market analysis, by country

4.6.Procurement & Supply chain

4.6.1.Key market trends, growth factors, and opportunities
4.6.2.Market size and forecast, by region
4.6.3.Market analysis, by country

4.7.Others

4.7.1.Key market trends, growth factors, and opportunities
4.7.2.Market size and forecast, by region
4.7.3.Market analysis, by country

CHAPTER 5:BFSI BPO SERVICES MARKET, BY ENTERPRISE SIZE

5.1.Overview
5.2.Large Enterprises

5.2.1.Key market trends, growth factors, and opportunities
5.2.2.Market size and forecast, by region
5.2.3.Market analysis, by country

5.3.Small & Medium-Sized Enterprises

5.3.1.Key market trends, growth factors, and opportunities
5.3.2.Market size and forecast, by region
5.3.3.Market analysis, by country

CHAPTER 6:BFSI BPO SERVICESMARKET, BY END USER

6.1.Overview
6.2.Banks

6.2.1.Key market trends, growth factors, and opportunities
6.2.2.BFSI BPO Services market, by service type

6.2.2.1.Commercial Banking
6.2.2.2.Retail Banking
6.2.2.3.Cards
6.2.2.4.Lending
6.2.3.Market size and forecast, by region
6.2.4.Market analysis, by country

6.3.Capital Markets

6.3.1.Key market trends, growth factors, and opportunities
6.3.2.BFSI BPO Services market, by capital market type

6.3.2.1.Investment Banking
6.3.2.2.Brokerage
6.3.2.3.Asset Management
6.3.2.4.Others

6.3.3.Market size and forecast, by region
6.3.4.Market analysis, by country

6.4.Insurance Companies

6.4.1.Key market trends, growth factors, and opportunities
6.4.2.Market size and forecast, by region
6.4.3.Market analysis, by country

6.5.Others

6.5.1.Key market trends, growth factors, and opportunities
6.5.2.Market size and forecast, by region
6.5.3.Market analysis, by country

CHAPTER 7:BFSI BPO SERVICES MARKET, BY REGION

7.1.Overview

7.1.1.Market size and forecast, by region

7.2.North America

7.2.1.Key market trends, growth factors, and opportunities
7.2.2.Market size and forecast, by service type
7.2.3.Market size and forecast, by enterprise size
7.2.4.Market size and forecast, by end user
7.2.5.Market analysis, by country

7.2.5.1.U.S.

7.2.5.1.1.Market size and forecast, by service type
7.2.5.1.2.Market size and forecast, by enterprise size
7.2.5.1.3.Market size and forecast, by end user

7.2.5.2.Canada

7.2.5.2.1.Market size and forecast, by service type
7.2.5.2.2.Market size and forecast, by enterprise size
7.2.5.2.3.Market size and forecast, by end user

7.3.Europe

7.3.1.Key market trends, growth factors, and opportunities
7.3.2.Market size and forecast, by service type
7.3.3.Market size and forecast, by enterprise size
7.3.4.Market size and forecast, by end user
7.3.5.Market analysis, by country

7.3.5.1.UK

7.3.5.1.1.Market size and forecast, by service type
7.3.5.1.2.Market size and forecast, by enterprise size
7.3.5.1.3.Market size and forecast, by end user

7.3.5.2.Germany

7.3.5.2.1.Market size and forecast, by service type
7.3.5.2.2.Market size and forecast, by enterprise size
7.3.5.2.3.Market size and forecast, by end user

7.3.5.4.France

7.3.5.4.1.Market size and forecast, by service type
7.3.5.4.2.Market size and forecast, by enterprise size
7.3.5.4.3.Market size and forecast, by end user

7.3.5.5.Italy

7.3.5.5.1.Market size and forecast, by service type
7.3.5.5.2.Market size and forecast, by enterprise size
7.3.5.5.3.Market size and forecast, by end user

7.3.5.6.Spain

7.3.5.6.1.Market size and forecast, by service type
7.3.5.6.2.Market size and forecast, by enterprise size
7.3.5.6.3.Market size and forecast, by end user

7.3.5.7.Netherlands

7.3.5.7.1.Market size and forecast, by service type
7.3.5.7.2.Market size and forecast, by enterprise size
7.3.5.7.3.Market size and forecast, by end user

7.3.5.8.Rest of Europe

7.3.5.8.1.Market size and forecast, by service type
7.3.5.8.2.Market size and forecast, by enterprise size
7.3.5.8.3.Market size and forecast, by end user

7.4.Asia-Pacific

7.4.1.Key market trends, growth factors, and opportunities
7.4.2.Market size and forecast, by service type
7.4.3.Market size and forecast, by enterprise size
7.4.4.Market size and forecast, by end user
7.4.5.Market analysis, by country

7.4.5.1.China

7.4.5.1.1.Market size and forecast, by service type
7.4.5.1.2.Market size and forecast, by enterprise size
7.4.5.1.3.Market size and forecast, by end user

7.4.5.2.India

7.4.5.2.1.Market size and forecast, by service type
7.4.5.2.2.Market size and forecast, by enterprise size
7.4.5.2.3.Market size and forecast, by end user

7.4.5.3.Japan

7.4.5.3.1.Market size and forecast, by service type
7.4.5.3.2.Market size and forecast, by enterprise size
7.4.5.3.3.Market size and forecast, by end user

7.4.5.4.Australia

7.4.5.4.1.Market size and forecast, by service type
7.4.5.4.2.Market size and forecast, by enterprise size
7.4.5.4.3.Market size and forecast, by end user

7.4.5.5.South Korea

7.4.5.5.1.Market size and forecast, by service type
7.4.5.5.2.Market size and forecast, by enterprise size
7.4.5.5.3.Market size and forecast, by end user

7.4.5.6.Singapore

7.4.5.6.1.Market size and forecast, by service type
7.4.5.6.2.Market size and forecast, by enterprise size
7.4.5.6.3.Market size and forecast, by end user

7.4.5.7.Rest of Asia-Pacific

7.4.5.7.1.Market size and forecast, by service type
7.4.5.7.2.Market size and forecast, by enterprise size
7.4.5.7.3.Market size and forecast, by end user

7.5.LAMEA

7.5.1.Key market trends, growth factors, and opportunities
7.5.2.Market size and forecast, by service type
7.5.3.Market size and forecast, by enterprise size
7.5.4.Market size and forecast, by end user
7.5.5.Market analysis, by country

7.5.5.1.Latin America

7.5.5.1.1.Market size and forecast, by service type
7.5.5.1.2.Market size and forecast, by enterprise size
7.5.5.1.3.Market size and forecast, by end user

7.5.5.2.Middle East

7.5.5.2.1.Market size and forecast, by service type
7.5.5.2.2.Market size and forecast, by enterprise size
7.5.5.2.3.Market size and forecast, by end user

7.5.5.3.Africa

7.5.5.3.1.Market size and forecast, by service type
7.5.5.3.2.Market size and forecast, by enterprise size
7.5.5.3.3.Market size and forecast, by end user

CHAPTER 8:COMPETITIVE LANDSCAPE

8.1.Key players positioning analysis, 2020
8.2.Top winning strategies

CHAPTER 9:COMPANY PROFILE

9.1.Accenture PLC

9.1.1.Company overview
9.1.2.Company snapshot
9.1.3.Product portfolio
9.1.4.R&D Expenditure
9.1.5.Business performance
9.1.6.Key strategic moves and developments

9.2.Cognizant

9.2.1.Company overview
9.2.2.Company snapshot
9.2.3.Operating business segments
9.2.4.Product portfolio
9.2.5.Business performance
9.2.6.Key Strategic Moves and developments

9.3.Concentrix Corporation

9.3.1.Company overview
9.3.2.Company snapshot
9.3.3.Product portfolio
9.3.4.Business performance

9.4.Genpact

9.4.1.Company overview
9.4.2.Company snapshot
9.4.3.Operating business segments
9.4.4.Product portfolio
9.4.5.Business performance

9.5.INTERNATIONAL BUSINESS MACHINES CORPORATION

9.5.1.Company overview
9.5.2.Company snapshot
9.5.3.Operating business segments
9.5.4.Product portfolio
9.5.5.R&D Expenditure
9.5.6.Business performance

9.6.Infosys Limited

9.6.1.Company overview
9.6.2.Company snapshot
9.6.3.Operating business segments
9.6.4.Product portfolio
9.6.6.Business performance

9.7.Mphasis

9.7.1.Company overview
9.7.3.Company snapshot
9.7.4.Product portfolio
9.7.5.Business performance

9.8.NTT Data  CORPORATION

9.8.1.Company overview
9.8.2.Company snapshot
9.8.3.Product portfolio
9.8.4.Business performance

9.9.Tata Consultancy Services Limited

9.9.1.Company overview
9.9.2.Company snapshot
9.9.3.Product portfolio
9.9.4.R&D Expenditure

9.9.5.Business performance
9.9.6.Key strategic moves and developments

9.10.Wipro Limited

9.10.1.Company overview
9.10.2.Company snapshot
9.10.3.Operating business segments
9.10.4.Product portfolio
9.10.5.Business performance

LIST OF TABLES

TABLE 01.GLOBAL BFSI BPO SERVICES MARKET REVENUE, BY SERVICE TYPE, 2020-2028 ($MILLION)
TABLE 02.BFSI BPO SERVICES MARKET FOR CUSTOMER SERVICE, BY REGION 2020–2028 ($MILLION)
TABLE 03.BFSI BPO SERVICES MARKET REVENUE FOR FINANCE & ACCOUNTING, BY REGION 2020-2028 ($MILLION)
TABLE 04.BFSI BPO SERVICES MARKET REVENUE FOR HUMAN RESOURCE, BY REGION 2020-2028 ($MILLION)
TABLE 05.BFSI BPO SERVICES MARKET REVENUE FOR KPO, BY REGION 2020-2028 ($MILLION)
TABLE 06.BFSI BPO SERVICES MARKET REVENUE FOR PROCUREMENT & SUPPLY CHAIN, BY REGION 2020-2028 ($MILLION)
TABLE 07.BFSI BPO SERVICES MARKET REVENUE FOR OTHERS, BY REGION 2020-2028 ($MILLION)
TABLE 08.GLOBAL BFSI BPO SERVICES MARKET REVENUE, BY ENTERPRISE SIZE, 2020–2028 ($MILLION)
TABLE 09.LARGE ENTERPRISES BFSI BPO SERVICES MARKET REVENUE, BY REGION, 2020–2028 ($MILLION)
TABLE 10.SMALL & MEDUM-SIZED ENTERPRISES BFSI BPO SERVICES MARKET REVENUE, BY REGION, 2020–2028 ($MILLION)
TABLE 11.GLOBAL BFSI BPO SERVICES MARKET REVENUE, BY END USER, 2020-2028 ($MILLION)
TABLE 12.BFSI BPO SERVICES MARKET REVENUE FOR BANKS, BY REGION, 2020-2028 ($MILLION)
TABLE 13.BFSI BPO SERVICES MARKET REVENUE FOR CAPITAL MARKETS, BY REGION, 2020-2028 ($MILLION)
TABLE 14.BFSI BPO SERVICES MARKET REVENUE FOR INSURANCE COMPANIES, BY REGION, 2020-2028 ($MILLION)
TABLE 15.BFSI BPO SERVICES MARKET REVENUE FOR OTHERS, BY REGION, 2020-2028 ($MILLION)
TABLE 16.BFSI BPO SERVICES MARKET REVENUE, BY REGION, 2020–2028 ($MILLION)
TABLE 17.NORTH AMERICA BFSI BPO SERVICES MARKET REVENUE, BY SERVICE TYPE, 2020–2028 ($MILLION)
TABLE 18.NORTH AMERICA BFSI BPO SERVICES MARKET REVENUE, BY ENTERPRISE SIZE, 2020–2028 ($MILLION)
TABLE 19.NORTH AMERICA BFSI BPO SERVICES MARKET REVENUE, BY END USER, 2020–2028 ($MILLION)
TABLE 20.NORTH AMERICA BFSI BPO SERVICES MARKET REVENUE, BY COUNTRY, 2020–2028 ($MILLION)
TABLE 21.U.S. BFSI BPO SERVICES MARKET REVENUE, BY SERVICE TYPE, 2020–2028 ($MILLION)
TABLE 22.U.S. BFSI BPO SERVICES MARKET REVENUE, BY ENTERPRISE SIZE, 2020–2028 ($MILLION)
TABLE 23.U.S. BFSI BPO SERVICES MARKET REVENUE, BY END USER ,2020-2028 ($MILLION)
TABLE 24.CANADA BFSI BPO SERVICES MARKET REVENUE, BY SERVICE TYPE, 2020–2028 ($MILLION)
TABLE 25.CANADA BFSI BPO SERVICES MARKET REVENUE, BY ENTERPRISE SIZE, 2020–2028 ($MILLION)
TABLE 26.CANADA BFSI BPO SERVICES MARKET REVENUE, BY END USER ,2020-2028 ($MILLION)
TABLE 27.EUROPE BFSI BPO SERVICES MARKET REVENUE, BY SERVICE TYPE, 2020–2028 ($MILLION)
TABLE 28.EUROPE BFSI BPO SERVICES MARKET REVENUE, BY ENTERPRISE SIZE, 2020–2028 ($MILLION)
TABLE 29.EUROPE BFSI BPO SERVICES MARKET REVENUE, BY END USER, 2020–2028 ($MILLION)
TABLE 30.EUROPE BFSI BPO SERVICES MARKET REVENUE, BY COUNTRY, 2020–2028 ($MILLION)
TABLE 31.UK BFSI BPO SERVICES MARKET REVENUE, BY SERVICE TYPE, 2020–2028 ($MILLION)
TABLE 32.UK BFSI BPO SERVICES MARKET REVENUE, BY ENTERPRISE SIZE, 2020–2028 ($MILLION)
TABLE 33.UK BFSI BPO SERVICES MARKET REVENUE, BY END USER ,2020-2028 ($MILLION)
TABLE 34.GERMANY BFSI BPO SERVICES MARKET REVENUE, BY SERVICE TYPE, 2020–2028 ($MILLION)
TABLE 35.GERMANY BFSI BPO SERVICES MARKET REVENUE, BY ENTERPRISE SIZE, 2020–2028 ($MILLION)
TABLE 36.GERMANY BFSI BPO SERVICES MARKET REVENUE, BY END USER ,2020-2028 ($MILLION)
TABLE 37.FRANCE BFSI BPO SERVICES MARKET REVENUE, BY SERVICE TYPE, 2020–2028 ($MILLION)
TABLE 38.FRANCE BFSI BPO SERVICES MARKET REVENUE, BY ENTERPRISE SIZE, 2020–2028 ($MILLION)
TABLE 39.FRANCE BFSI BPO SERVICES MARKET REVENUE, BY END USER ,2020-2028 ($MILLION)
TABLE 40.ITALY BFSI BPO SERVICES MARKET REVENUE, BY SERVICE TYPE, 2020–2028 ($MILLION)
TABLE 41.ITALY BFSI BPO SERVICES MARKET REVENUE, BY ENTERPRISE SIZE, 2020–2028 ($MILLION)
TABLE 42.ITALY BFSI BPO SERVICES MARKET REVENUE, BY END USER ,2020-2028 ($MILLION)
TABLE 43.SPAIN BFSI BPO SERVICES MARKET REVENUE, BY SERVICE TYPE, 2020–2028 ($MILLION)
TABLE 44.SPAIN BFSI BPO SERVICES MARKET REVENUE, BY ENTERPRISE SIZE, 2020–2028 ($MILLION)
TABLE 45.SPAIN BFSI BPO SERVICES MARKET REVENUE, BY END USER ,2020-2028 ($MILLION)
TABLE 46.NETHERLANDS BFSI BPO SERVICES MARKET REVENUE, BY SERVICE TYPE, 2020–2028 ($MILLION)
TABLE 47.NETHERLANDS BFSI BPO SERVICES MARKET REVENUE, BY ENTERPRISE SIZE, 2020–2028 ($MILLION)
TABLE 48.NETHERLANDS BFSI BPO SERVICES MARKET REVENUE, BY END USER ,2020-2028 ($MILLION)
TABLE 49.REST OF EUROPE BFSI BPO SERVICES MARKET REVENUE, BY SERVICE TYPE, 2020–2028 ($MILLION)
TABLE 50.REST OF EUROPE BFSI BPO SERVICES MARKET REVENUE, BY ENTERPRISE SIZE, 2020–2028 ($MILLION)
TABLE 51.REST OF EUROPE BFSI BPO SERVICES MARKET REVENUE, BY END USER ,2020-2028 ($MILLION)
TABLE 52.ASIA-PACIFIC BFSI BPO SERVICES MARKET REVENUE, BY SERVICE TYPE, 2020–2028 ($MILLION)
TABLE 53.ASIA-PACIFIC BFSI BPO SERVICES MARKET REVENUE, BY ENTERPRISE SIZE, 2020–2028 ($MILLION)
TABLE 54.ASIA-PACIFIC  BFSI BPO SERVICES MARKET REVENUE, BY END USER, 2020–2028 ($MILLION)
TABLE 55.ASIA-PACIFIC BFSI BPO SERVICES MARKET REVENUE, BY COUNTRY, 2020–2028 ($MILLION)
TABLE 56.CHINA BFSI BPO SERVICES MARKET REVENUE, BY SERVICE TYPE, 2020–2028 ($MILLION)
TABLE 57.CHINA BFSI BPO SERVICES MARKET REVENUE, BY ENTERPRISE SIZE, 2020–2028 ($MILLION)
TABLE 58.CHINA BFSI BPO SERVICES MARKET REVENUE, BY END USER ,2020-2028 ($MILLION)
TABLE 59.INDIA BFSI BPO SERVICES MARKET REVENUE, BY SERVICE TYPE, 2020–2028 ($MILLION)
TABLE 60.INDIA BFSI BPO SERVICES MARKET REVENUE, BY ENTERPRISE SIZE, 2020–2028 ($MILLION)
TABLE 61.INDIA BFSI BPO SERVICES MARKET REVENUE, BY END USER ,2020-2028 ($MILLION)
TABLE 62.JAPAN BFSI BPO SERVICES MARKET REVENUE, BY SERVICE TYPE, 2020–2028 ($MILLION)
TABLE 63.JAPAN BFSI BPO SERVICES MARKET REVENUE, BY ENTERPRISE SIZE, 2020–2028 ($MILLION)
TABLE 64.JAPAN BFSI BPO SERVICES MARKET REVENUE, BY END USER ,2020-2028 ($MILLION)
TABLE 65.AUSTRALIA BFSI BPO SERVICES MARKET REVENUE, BY SERVICE TYPE, 2020–2028 ($MILLION)
TABLE 66.AUSTRALIA BFSI BPO SERVICES MARKET REVENUE, BY ENTERPRISE SIZE, 2020–2028 ($MILLION)
TABLE 67.AUSTRALIA BFSI BPO SERVICES MARKET REVENUE, BY END USER ,2020-2028 ($MILLION)
TABLE 68.SOUTH KOREA BFSI BPO SERVICES MARKET REVENUE, BY SERVICE TYPE, 2020–2028 ($MILLION)
TABLE 69.SOUTH KOREA BFSI BPO SERVICES MARKET REVENUE, BY ENTERPRISE SIZE, 2020–2028 ($MILLION)
TABLE 70.SOUTH KOREA BFSI BPO SERVICES MARKET REVENUE, BY END USER ,2020-2028 ($MILLION)
TABLE 71.SINGAPORE BFSI BPO SERVICES MARKET REVENUE, BY SERVICE TYPE, 2020–2028 ($MILLION)
TABLE 72.SINGAPORE BFSI BPO SERVICES MARKET REVENUE, BY ENTERPRISE SIZE, 2020–2028 ($MILLION)
TABLE 73.SINGAPORE BFSI BPO SERVICES MARKET REVENUE, BY END USER ,2020-2028 ($MILLION)
TABLE 74.REST OF ASIA-PACIFIC BFSI BPO SERVICES MARKET REVENUE, BY SERVICE TYPE, 2020–2028 ($MILLION)
TABLE 75.REST OF ASIA-PACIFIC BFSI BPO SERVICES MARKET REVENUE, BY ENTERPRISE SIZE, 2020–2028 ($MILLION)
TABLE 76.REST OF ASIA-PACIFIC BFSI BPO SERVICES MARKET REVENUE, BY END USER ,2020-2028 ($MILLION)
TABLE 77.LAMEA BFSI BPO SERVICES MARKET REVENUE, BY SERVICE TYPE, 2020–2028 ($MILLION)
TABLE 78.LAMEA BFSI BPO SERVICES MARKET REVENUE, BY ENTERPRISE SIZE, 2020–2028 ($MILLION)
TABLE 79.LAMEA BFSI BPO SERVICES MARKET REVENUE, BY END USER, 2020–2028 ($MILLION)
TABLE 80.LAMEA BFSI BPO SERVICES MARKET REVENUE, BY COUNTRY, 2020–2028 ($MILLION)
TABLE 81.LATIN AMERICA BFSI BPO SERVICES MARKET REVENUE, BY SERVICE TYPE, 2020–2028 ($MILLION)
TABLE 82.LATIN AMERICA BFSI BPO SERVICES MARKET REVENUE, BY ENTERPRISE SIZE, 2020–2028 ($MILLION)
TABLE 83.LATIN AMERICA BFSI BPO SERVICES MARKET REVENUE, BY END USER ,2020-2028 ($MILLION)
TABLE 84.MIDDLE EAST BFSI BPO SERVICES MARKET REVENUE, BY SERVICE TYPE, 2020–2028 ($MILLION)
TABLE 85.MIDDLE EAST BFSI BPO SERVICES MARKET REVENUE, BY ENTERPRISE SIZE, 2020–2028 ($MILLION)
TABLE 86.MIDDLE EAST BFSI BPO SERVICES MARKET REVENUE, BY END USER ,2020-2028 ($MILLION)
TABLE 87.AFRICA BFSI BPO SERVICES MARKET REVENUE, BY SERVICE TYPE, 2020–2028 ($MILLION)
TABLE 88.AFRICA BFSI BPO SERVICES MARKET REVENUE, BY ENTERPRISE SIZE, 2020–2028 ($MILLION)
TABLE 89.AFRICA BFSI BPO SERVICES MARKET REVENUE, BY END USER ,2020-2028 ($MILLION)
TABLE 90.ACCENTURE PLC: COMPANY SNAPSHOT
TABLE 91.ACCENTURE PLC: PRODUCT PORTFOLIO
TABLE 92.COGNIZANT: COMPANY SNAPSHOT
TABLE 93.COGNIZANT: OPERATING SEGMENTS
TABLE 94.BFSI BPO SERVICES: PRODUCT PORTFOLIO
TABLE 95.CONCENTRIX CORPORATION: COMPANY SNAPSHOT
TABLE 96.CONCENTRIX CORPORATION: PRODUCT PORTFOLIO
TABLE 97.GENPACT: COMPANY SNAPSHOT
TABLE 98.GENPACT: OPERATING SEGMENTS
TABLE 99.CINNOBER: PRODUCT PORTFOLIO
TABLE 100.INTERNATIONAL BUSINESS MACHINES CORPORATION: COMPANY SNAPSHOT
TABLE 101.INTERNATIONAL BUSINESS MACHINES CORPORATION: OPERATING SEGMENTS
TABLE 102.INTERNATIONAL BUSINESS MACHINES CORPORATION: PRODUCT PORTFOLIO
TABLE 103.INFOSYS LIMITED: COMPANY SNAPSHOT
TABLE 104.INFOSYS LIMITED: OPERATING SEGMENTS
TABLE 105.INFOSYS LIMITED: PRODUCT PORTFOLIO
TABLE 106.MPHASIS.: COMPANY SNAPSHOT
TABLE 107.MPHASIS.: PRODUCT PORTFOLIO
TABLE 108.NTT DATA CORPORATION: COMPANY SNAPSHOT
TABLE 109.NTT DAT CORPORATION: PRODUCT PORTFOLIO
TABLE 110.TATA CONSULTANCY SERVICES LIMITED: COMPANY SNAPSHOT
TABLE 111.TATA CONSULTANCY SERVICES LIMITED: PRODUCT PORTFOLIO
TABLE 112.TATA CONSULTANCY SERVICES LIMITED: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 113.WIPRO LIMITED: COMPANY SNAPSHOT
TABLE 114.WIPRO LIMITED: OPERATING SEGMENTS
TABLE 115.WIPRO LIMITED: PRODUCT PORTFOLIO

LIST OF FIGURES

FIGURE 01.KEY MARKET SEGMENTS
FIGURE 02.GLOBAL BFSI BPO SERVICES MARKET SNAPSHOT, BY SEGMENTATION, 2020–2028
FIGURE 03.BFSI BPO SERVICES MARKET SNAPSHOT, BY REGION, 2020–2028
FIGURE 04.BFSI BPO SERVICES MARKET: TOP IMPACTING FACTOR
FIGURE 05.TOP INVESTMENT POCKETS
FIGURE 06.MODERATE BARGAINING POWER OF SUPPLIERS
FIGURE 07.MODERATE POWER OF BUYERS
FIGURE 08.MODERATE THREAT OF SUBSTITUTES
FIGURE 09.HIGH THREAT OF NEW ENTRANTS
FIGURE 10.HIGH COMPETITIVE RIVALRY
FIGURE 11.GLOBAL BFSI BPO SERVICES MARKET REVENUE, BY SERVICE TYPE, 2020–2028 ($MILLION)
FIGURE 12.COMPARATIVE SHARE ANALYSIS FOR BFSI BPO SERVICES MARKET FOR CUSTOMER SERVICE, BY COUNTRY, 2020 & 2028(%)
FIGURE 13.COMPARATIVE SHARE ANALYSIS FOR BFSI BPO SERVICES MARKET FOR FINANCE & ACCOUNTING, BY COUNTRY,  2020 & 2028(%)
FIGURE 14.COMPARATIVE SHARE ANALYSIS FOR BFSI BPO SERVICES MARKET FOR HUMAN RESOURCE, BY COUNTRY, 2020 & 2028(%)
FIGURE 15.COMPARATIVE SHARE ANALYSIS FOR BFSI BPO SERVICES MARKET FOR KPO, BY COUNTRY,  2020 & 2028(%)
FIGURE 16.COMPARATIVE SHARE ANALYSIS FOR BFSI BPO SERVICES MARKET FOR PROCUREMENT & SUPPLY CHAIN, BY COUNTRY, 2020 & 2028(%)
FIGURE 17.COMPARATIVE SHARE ANALYSIS FOR BFSI BPO SERVICES MARKET FOR OTHERS, BY COUNTRY,  2020 & 2028(%)
FIGURE 18.GLOBAL BFSI BPO SERVICES MARKET, BY ENTERPRISE SIZE, 2020-2028
FIGURE 19.COMPARATIVE SHARE ANALYSIS OF LARGE ENTERPRISES BFSI BPO SERVICES MARKET, BY COUNTRY,  2020 & 2028 (%)
FIGURE 20.COMPARATIVE SHARE ANALYSIS OF SMALL & MEDIUM-SIZED ENTERPRISES BFSI BPO SERVICES MARKET, BY COUNTRY, 2020 & 2028 (%)
FIGURE 21.GLOBAL BFSI BPO SERVICES MARKET, BY END USER, 2020-2028
FIGURE 22.COMPARATIVE SHARE ANALYSIS OF BFSI BPO SERVICES MARKET FOR BANKS, BY COUNTRY, 2020 & 2028(%)
FIGURE 23.COMPARATIVE SHARE ANALYSIS OF BFSI BPO SERVICES MARKET FOR CAPITAL MARKETS, BY COUNTRY,  2020 & 2028 (%)
FIGURE 24.COMPARATIVE SHARE ANALYSIS OF BFSI BPO SERVICES MARKET FOR INSURANCE COMPANIES, BY COUNTRY, 2020 & 2028 (%)
FIGURE 25.COMPARATIVE SHARE ANALYSIS OF BFSI BPO SERVICES MARKET FOR OTHERS, BY COUNTRY,  2020 & 2028 (%)
FIGURE 26.U.S. BFSI BPO SERVICES MARKET REVENUE, 2020-2028 ($MILLION)
FIGURE 27.CANADA BFSI BPO SERVICES MARKET REVENUE, 2020-2028 ($MILLION)
FIGURE 28.UK BFSI BPO SERVICES MARKET REVENUE, 2020-2028 ($MILLION)
FIGURE 29.GERMANY BFSI BPO SERVICES MARKET REVENUE, 2020-2028 ($MILLION)
FIGURE 30.FRANCE BFSI BPO SERVICES MARKET REVENUE, 2020-2028 ($MILLION)
FIGURE 31.ITALY BFSI BPO SERVICES MARKET REVENUE, 2020-2028 ($MILLION)
FIGURE 32.SPAIN BFSI BPO SERVICES MARKET REVENUE, 2020-2028 ($MILLION)
FIGURE 33.NETHERLANDS BFSI BPO SERVICES MARKET REVENUE, 2020-2028 ($MILLION)
FIGURE 34.REST OF EUROPE BFSI BPO SERVICES MARKET REVENUE, 2020-2028 ($MILLION)
FIGURE 35.CHINA BFSI BPO SERVICES MARKET REVENUE, 2020-2028 ($MILLION)
FIGURE 36.INDIA BFSI BPO SERVICES MARKET REVENUE, 2020-2028 ($MILLION)
FIGURE 37.JAPAN BFSI BPO SERVICES MARKET REVENUE, 2020-2028 ($MILLION)
FIGURE 38.AUSTRALIA  BFSI BPO SERVICES MARKET REVENUE, 2020-2028 ($MILLION)
FIGURE 39.SOUTH KOREA BFSI BPO SERVICES MARKET REVENUE, 2020-2028 ($MILLION)
FIGURE 40.SINGAPORE BFSI BPO SERVICES MARKET REVENUE, 2020-2028 ($MILLION)
FIGURE 41.REST OF ASIA-PACIFIC BFSI BPO SERVICES MARKET REVENUE, 2020-2028 ($MILLION)
FIGURE 42.LATIN AMERICA BFSI BPO SERVICES MARKET REVENUE, 2020-2028 ($MILLION)
FIGURE 43.MIDDLE EAST BFSI BPO SERVICES MARKET REVENUE, 2020-2028 ($MILLION)
FIGURE 44.AFRICA BFSI BPO SERVICES MARKET REVENUE, 2020-2028 ($MILLION)
FIGURE 45.KEY PLAYER POSITIONING ANLYSIS
FIGURE 46.TOP WINNING STRATEGIES, BY YEAR, 2019–2021
FIGURE 47.TOP WINNING STRATEGIES, BY DEVELOPMENT, 2019-2021
FIGURE 48.TOP WINNING STRATEGIES, BY COMPANY, 2019-2021
FIGURE 50.ACCENTURE CORPORATION: REVENUE, 2018–2020 ($MILLION)
FIGURE 51.ACCENTURE CORPORATION: REVENUE BY SEGMENT, 2020 (%)
FIGURE 52.ACCENTURE CORPORATION: REVENUE SHARE BY REGION, 2020 (%)
FIGURE 53.COGNIZANT CORPORATION: REVENUE, 2018–2020 ($MILLION)
FIGURE 54.COGNIZANT CORPORATION: REVENUE SHARE BY SEGMENT, 2020 (%)
FIGURE 55.COGNIZANT CORPORATION: REVENUE SHARE BY REGION, 2020 (%)
FIGURE 56.CONCENTRIX CORPORATION: REVENUE, 2018–2020 ($MILLION)
FIGURE 57.CONCENTRIX CORPORATION: REVENUE SHARE BY SEGMENT, 2020 (%)
FIGURE 58.CONCENTRIX CRPORATION: REVENUE SHARE BY REGION, 2020 (%)
FIGURE 59.GENPACT: REVENUE, 2018–2020 ($MILLION)
FIGURE 60.GENPACT: REVENUE SHARE BY SEGMENT, 2020 (%)
FIGURE 61.R&D EXPENDITURE, 2018–2020 ($MILLION)
FIGURE 62.INTERNATIONAL BUSINESS MACHINES CORPORATION: REVENUE, 2018–2020 ($MILLION)
FIGURE 63.INTERNATIONAL BUSINESS MACHINES CORPORATION: REVENUE SHARE BY SEGMENT, 2020 (%)
FIGURE 64.INTERNATIONAL BUSINESS MACHINES CORPORATION: REVENUE SHARE BY REGION, 2020 (%)
FIGURE 65.INFOSYS LIMITED: REVENUE, 2019–2021 ($MILLION)
FIGURE 66.INFOSYS LIMITED: REVENUE SHARE BY SEGMENT, 2021 (%)
FIGURE 67.INFOSYS LIMITED: REVENUE SHARE BY REGION, 2021 (%)
FIGURE 68.MPHASIS.: REVENUE, 2019–2021 ($MILLION)
FIGURE 69.MPHASIS: SHARE BY SEGMENT 2021 (%) ($MILLION)
FIGURE 70.MPHASIS: SHARE BY REGION, 2021(%) ($MILLION)
FIGURE 71.NTT DATA  CORPORATION: REVENUE, 2019–2021 ($MILLION)
FIGURE 72.NTT DATA CORPORATION: REVENUE SHARE BY SEGMENT, 2021 (%)
FIGURE 73.R&D EXPENDITURE, 2018–2020 ($MILLION)
FIGURE 74.TATA CONSULTANCY SERVICES LIMITED: REVENUE, 2018–2020 ($MILLION)
FIGURE 75.TATA CONSULTANCY SERVICES LIMITED: REVENUE SHARE BY REGION, 2020 (%)
FIGURE 76.WIPRO LIMITED: REVENUE, 2018–2020 ($MILLION)
FIGURE 77.WIPRO LIMITED: REVENUE SHARE BY SEGMENT, 2020 (%)
FIGURE 78.WIPRO LIMITED: REVENUE SHARE BY REGION, 2020 (%)

 
 

In accordance with several interviews conducted by the top level CXOs, the Asia-Pacific region is witnessing an increased adoption of BFSI BPO service from developing economies such as China and India. Several banks and financial institutions have a low capital to invest in expensive infrastructure, labor, and other related expenses due to liquidity crunch in economy. As a result, these institutions increasingly consider the adoption of digital technologies such as cloud-based BPO services, which manage their business operations at a less capital investment. As the business operations of such banks are simple, they do not require complicated and expensive labor, and infrastructure. Increased adoption of BPO services by financial institutions is one of the key trends expected to gain prominence in the market. In addition, these institutions are also adopting BPO for lowering their financial costs and risks. Integration of AI in BPO further enables new ways of managing financial assets, resulting in increased adoption of the BFSI BPO services during the forecast period. 

In the current scenario, there has been a substantial rise in the usage of the BPO services across various banks, and financial institutions. By integrating their business functions in critical business processes of banks, they can increase the productivity and efficiency of their business. Hence, to lower the IT expenses and streamline processes, banks are implementing BPO services. Adoption of BPO services allows banks to integrate business operations with their suppliers, channel partners, and customers. However, the selection of BPO services differs in accordance to business outfits and their respective process. 
 

 
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