BFSI BPO Services Market worth USD 192,033.8 million by 2030

The Market Statsville Group (MSG) publishes the new report on the "BFSI BPO Services Market by Service Type (Customer Services, Finance & Accounting, Human Resource, KPO, Procurement & Supply Chain, and Others), by Enterprise Size (Large Enterprises and Small and Medium-sized Enterprises), by End-Users (Banks, Capital Markets, Insurance Companies, and Others), by Region – Global Share and Forecast to 2030".

The global BFSI BPO services market size is estimated to reach USD 192,033.8 million by 2030 from USD 91,564 million in 2021, at a CAGR of 9.7% from 2022 to 2030. The key factors impacting include the rise in need for operational efficiency and transparency in business processes and a surge in the adoption of cloud communication-based business process outsourcing services in the banking sector, positively impacting the market's growth. Moreover, security issues and privacy concerns is expected to affect the market growth. Technological advancements in BPO services, and untapped potential of emerging economies are further expected to impact the expansion of the market during the forecast period. However, each of these factors is projected to have a definite impact on the growth of the BFSI BPO services market.

Scope of the Global BFSI BPO Services Market

The BFSI BPO services market has been segmented into the service type, enterprise size, end-users, and region.

• By Service Type (Customer Services, Finance & Accounting, Human Resource, KPO, Procurement & Supply Chain, and Others)
• By Enterprise Size (Large Enterprises and Small and Medium-sized Enterprises)
• By End-Users (Banks, Capital Markets, Insurance Companies, and Others)
• By Region (North America, Europe, Asia Pacific, South America, and Middle East & Africa)

Large enterprises hold the largest market share during the forecast period

By enterprise size, the BFSI BPO services market is categorized into large enterprises and small & medium-sized enterprises. Large enterprises considered here are those with more than 1,000 employees. Large-scale enterprises provide a higher capital than small-scale and medium-scale enterprises. Small-scale enterprises are adopting BPO services and benefit from their technologies to assist their employees in working efficiently on core operations.

The large enterprise segment was the highest contributor to the market, with a share of 68.3% in the global BFSI BPO services market in 2021. Large-scale enterprises are usually found in places that are considered to be economic hubs, such as the U.S., Germany, Japan, Russia, and Australia. An increase in the need of connectivity, cost containment, and expertise & specialization boosts the growth of the BPO services market across large enterprises. Industrial and other corporate enterprises adopt enhanced BPO provider solutions to obtain operational efficiency. BPO companies bear the cost of maintaining current technology such as software and communications equipment. All these factors enable large-scale enterprises to be safer and smarter by providing business intelligence to reduce risk in its operation.

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North America accounts for the largest market share in BFSI BPO services market 2021

On the basis of region, the BFSI BPO services market is studied across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2021, North America accounted for the highest market share of 35.5% in the global BFSI BPO services market. North America includes the U.S. Canada, and Mexico. In the U.S., there has a significant increase in the adoption of BPO services, and is expected to maintain its dominance during the forecast period (2022-2030). The presence of major market players, rise in implementation of advanced technologies, and higher awareness about BPO services to focus on core businesses by banks, financial institutions, and enterprises are some of the major trends in the region.

Advancements in information technology and an increase in the development of interactive & consumer-friendly user interfaces of websites & applications are the major factors that boost the growth of the BFSI BPO services market in the region. Moreover, rise in digitization across the region, rise in awareness of advanced technology among the youth, and surge in product awareness among the general public are some of the major factors driving the market's growth.

This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the BFSI BPO services market. It also consists of the profiles of leading companies such as Cognizant, Concentrix Corporation, Infosys Limited, Tata Consultancy Services Limited, NTT Data Corporation, Genpact, IBM Corporation, Mphasis, Accenture PLC, and Wipro Limited.

Browse complete report: https://www.marketstatsville.com/bfsi-bpo-services-market

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