BFSI Business Process Outsourcing Market
Global BFSI Business Process Outsourcing Market Size, Share & Trends Analysis Report by Service Type (Finance & Accounting, HR, KPO, Procurement, Customer Services, and Others), by Deployment Model (Cloud and On-Premises), and by Enterprise Size (Large Size Enterprises, and Small & Medium Size Enterprises) for the Forecast Period (2022-2028). Update Available - Forecast 2024-2030
The global BFSI Business Process Outsourcing market is anticipated to grow at a significant CAGR of 9.6 % during the forecast period. Technology is transforming the BFSI sector, providing better reach, customer engagement, and improved customer experience. Digital platforms have enabled speed, efficiency, and transparency to ensure high levels of end-user satisfaction. Furthermore, the increasing adoption of digitization by BPO companies during the pandemic enabled BFSI to regain customer trust and establish a connection with clients through affordable, accessible, and accurate business operations. Moreover, institutions are seeking to digitalize their core processes to leverage the advantages of operational efficiency and reduced costs. Outsourcing of BFSI digitalization can be beneficial for institutions to ensure a seamless digital transformation. SBL Corp. states that it has innovative solutions to meet the digitalization needs of the BFSI sector, developed through years of research and backed by extensive exposure to the vertical.
Impact of COVID-19 Pandemic on Global BFSI Business Process Outsourcing Market
Every business across the world has been affected by the adverse impact of the Covid-19 pandemic. BFSI is rightly placed to help customers recover from the pandemic's economic impact. Banks are simultaneously improving customer support by driving and sustaining the adoption of digital banking and encouraging outsourcing. Banks and other financial institutions are emphasizing optimizing their business operations by leveraging cloud-based applications and social media networking. Effective utilization and transformation of the data will assist the banks in gaining more customers and will improve customer satisfaction which will lead to long-term productivity.
Segmental Outlook
The global BFSI Business Process Outsourcing market is segmented based on the service type and enterprise size. Based on the service type, the market is sub-segmented into finance and accounting, HR, KPO, procurement, customer services, and others. Based on the deployment model, the market is bifurcated into the cloud and on-premises. Based on the enterprise size, the market is augmented into large size enterprises and small & medium-size enterprises. Among all segments, the HR segment is expected to hold a considerable share in the market. A surge in demand to perform billing services, accounts payable, receivables, and other financial services by HR managers is the key factor propelling the growth of the business process outsourcing market over the forecast
Global BFSI Business Process Outsourcing Market Share by Service Type, 2021 (%)
The Customer Services Segment Holds the Significant Share in the Global BFSI Business Process Outsourcing Market.
Among all segments, the customer service segment is expected to hold a significant share in the market over the forecast. BFSI institutions are gaining business value through an integrated services approach resulting in optimized processes for Customer Lifetime Value, agile & robust systems & processes, and real-time analytics, which is supporting the segment growth. Moreover, adopting BPO in BFSI increases better efficiency, improved customer experience, reduced risks, costs by collaborating with a PCI-compliant service provider, and enhances customer satisfaction.
Regional Outlooks
The global BFSI Business Process Outsourcing market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East & Africa, and Latin America). The presence of major BFSI business process outsourcing players across the region such as Accenture PLC, Concentrix Corp., Cognizant, IBM Corp., Genpact, and others are majorly contributing to the market growth over the forecast.
Global BFSI Business Process Outsourcing Market Growth, by Region 2022-2028
The Asia-Pacific Region Holds the Prominent Share in the Global BFSI Business Process Outsourcing Market.
Among all regions, the Asia-Pacific region is expected to hold a prominent share in the market over the forecast. The various government initiatives and support for the development of the business process outsourcing industry to efficiently manage their business practices are driving the growth of the market. For instance, in June 2021, the government has decided to unshackle the multi-billion-dollar Indian BPO industry, removing the need for a plethora of regulatory approvals and compliances. The move by the government also simplifies the process of infrastructure and work-sharing between different entities to build scale and speed.
Market Players Outlook
The major companies serving the global BFSI Business Process Outsourcing market include Accenture Plc, Capgemini SE, Genpact Ltd., Concentrix Corp., EXL Service, Firstsource Solutions Ltd., IBM Corp., Invensis, Intetics, NTT Data Corp., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in February 2022, BygC launched India’s first upskilling-focused community platform for banking and financial services. BygC’s mobile app (currently available on Android) is aimed at benefiting young aspirants keen on starting and building their careers in the country’s huge BFSI sector which includes banks, insurance companies, mutual funds firms, broking, wealth & portfolio management firms, BFSI GCCs (Global Capability Centres) and even fintech, among others.
The Report Covers
- Market value data analysis of 2020 and forecast to 2027.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global BFSI business process outsourcing market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
• Impact of COVID-19 on the Global BFSI Business Process Outsourcing Market
• Recovery Scenario of Global BFSI Business Process Outsourcing Market
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. BY Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Accenture Plc
3.1.1. Overview
3.1.2. Financial Analysis
3.1.3. SWOT Analysis
3.1.4. Recent Developments
3.2. Capgemini SE
3.2.1. Overview
3.2.2. Financial Analysis
3.2.3. SWOT Analysis
3.2.4. Recent Developments
3.3. Cognizant Technology Solutions Corp.
3.3.1. Overview
3.3.2. Financial Analysis
3.3.3. SWOT Analysis
3.3.4. Recent Developments
3.4. Genpact Ltd.
3.4.1. Overview
3.4.2. Financial Analysis
3.4.3. SWOT Analysis
3.4.4. Recent Developments
3.5. Infosys BPM Ltd.
3.5.1. Overview
3.5.2. Financial Analysis
3.5.3. SWOT Analysis
3.5.4. Recent Developments
3.6. Key Strategy Analysis
3.7. Impact of Covid-19 on Key Players
4. Market Segmentation
4.1. Global Bfsi Business Process Outsourcing Market by Service Type
4.1.1. Finance & Accounting
4.1.2. HR
4.1.3. KPO
4.1.4. Procurement
4.1.5. Customer Services
4.1.6. Others
4.2. Global Bfsi Business Process Outsourcing Market by Deployment Model
4.2.1. Cloud
4.2.2. On-Premises
4.3. Global BFSI Business Process Outsourcing Market by Enterprise Size
4.3.1. Large Size Enterprises
4.3.2. Small & Medium Size Enterprises
5. Regional Analysis
5.1. North America
5.1.1. United States
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
6. Company Profiles
6.1. Acelerar Technologies
6.2. Automatic Data Processing, Inc.
6.3. Concentrix Corp.
6.4. EXL Service
6.5. Firstsource Solutions Ltd.
6.6. Helpware
6.7. IBM Corp.
6.8. Invensis
6.9. Intetics
6.10. Maxicus
6.11. Mphasis
6.12. NTT Data Corp.
6.13. Octopus Tech
6.14. Plaxonic Technologies
6.15. Premier BPO
6.16. SunTec India
6.17. Tata Consultancy Services Ltd
6.18. TAG Eservices Private Ltd.
6.19. Unity Communications
6.20. Vserve
6.21. Wipro Ltd.
1. GLOBAL BFSI BUSINESS PROCESS OUTSOURCING MARKET RESEARCH AND ANALYSIS BY SERVICE TYPE, 2021-2028 ($ MILLION)
2. GLOBAL BFSI BUSINESS PROCESS OUTSOURCING FOR FINANCE & ACCOUNTING MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
3. GLOBAL BFSI BUSINESS PROCESS OUTSOURCING FOR HR MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
4. GLOBAL BFSI BUSINESS PROCESS OUTSOURCING FOR KPO MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
5. GLOBAL BFSI BUSINESS PROCESS OUTSOURCING FOR PROCUREMENT MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
6. GLOBAL BFSI BUSINESS PROCESS OUTSOURCING FOR CUSTOMER SERVICES MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
7. GLOBAL BFSI BUSINESS PROCESS OUTSOURCING FOR OTHER MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
8. GLOBAL BFSI BUSINESS PROCESS OUTSOURCING MARKET RESEARCH AND ANALYSIS BY DEPLOYMENT MODEL, 2021-2028 ($ MILLION)
9. GLOBAL CLOUD BFSI BUSINESS PROCESS OUTSOURCING MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
10. GLOBAL ON-PREMISES BFSI BUSINESS PROCESS OUTSOURCING MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
11. GLOBAL BFSI BUSINESS PROCESS OUTSOURCING MARKET RESEARCH AND ANALYSIS BY ENTERPRISE SIZE, 2021-2028 ($ MILLION)
12. GLOBAL BFSI BUSINESS PROCESS OUTSOURCING FOR LARGE SIZE ENTERPRISES MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
13. GLOBAL BFSI BUSINESS PROCESS OUTSOURCING FOR SMALL & MEDIUM SIZE ENTERPRISES MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
14. GLOBAL BFSI BUSINESS PROCESS OUTSOURCING MARKET RESEARCH AND ANALYSIS BY GEOGRAPHY, 2021-2028 ($ MILLION)
15. NORTH AMERICAN BFSI BUSINESS PROCESS OUTSOURCING MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2028 ($ MILLION)
16. NORTH AMERICAN BFSI BUSINESS PROCESS OUTSOURCING MARKET RESEARCH AND ANALYSIS BY SERVICE TYPE, 2021-2028 ($ MILLION)
17. NORTH AMERICAN BFSI BUSINESS PROCESS OUTSOURCING MARKET RESEARCH AND ANALYSIS BY ENTERPRISE SIZE, 2021-2028 ($ MILLION)
18. EUROPEAN BFSI BUSINESS PROCESS OUTSOURCING MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2028 ($ MILLION)
19. EUROPEAN BFSI BUSINESS PROCESS OUTSOURCING MARKET RESEARCH AND ANALYSIS BY SERVICE TYPE, 2021-2028 ($ MILLION)
20. EUROPEAN BFSI BUSINESS PROCESS OUTSOURCING MARKET RESEARCH AND ANALYSIS BY ENTERPRISE SIZE, 2021-2028 ($ MILLION)
21. ASIA-PACIFIC BFSI BUSINESS PROCESS OUTSOURCING MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2028 ($ MILLION)
22. ASIA-PACIFIC BFSI BUSINESS PROCESS OUTSOURCING MARKET RESEARCH AND ANALYSIS BY SERVICE TYPE, 2021-2028 ($ MILLION)
23. ASIA-PACIFIC BFSI BUSINESS PROCESS OUTSOURCING MARKET RESEARCH AND ANALYSIS BY ENTERPRISE SIZE, 2021-2028 ($ MILLION)
24. REST OF THE WORLD BFSI BUSINESS PROCESS OUTSOURCING MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2028 ($ MILLION)
25. REST OF THE WORLD BFSI BUSINESS PROCESS OUTSOURCING MARKET RESEARCH AND ANALYSIS BY SERVICE TYPE, 2021-2028 ($ MILLION)
26. REST OF THE WORLD BFSI BUSINESS PROCESS OUTSOURCING MARKET RESEARCH AND ANALYSIS BY ENTERPRISE SIZE, 2021-2028 ($ MILLION)
1. IMPACT OF COVID-19 ON GLOBAL BFSI BUSINESS PROCESS OUTSOURCING MARKET, 2021-2028 ($ MILLION)
2. IMPACT OF COVID-19 ON GLOBAL BFSI BUSINESS PROCESS OUTSOURCING MARKET BY SEGMENT, 2021-2028 ($ MILLION)
3. RECOVERY OF GLOBAL BFSI BUSINESS PROCESS OUTSOURCING MARKET, 2021-2028 (%)
4. GLOBAL BFSI BUSINESS PROCESS OUTSOURCING MARKET SHARE BY SERVICE TYPE, 2021 VS 2028 (%)
5. GLOBAL BFSI BUSINESS PROCESS OUTSOURCING FOR FINANCE & ACCOUNTING MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
6. GLOBAL BFSI BUSINESS PROCESS OUTSOURCING FOR HR MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
7. GLOBAL BFSI BUSINESS PROCESS OUTSOURCING FOR KPO MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
8. GLOBAL BFSI BUSINESS PROCESS OUTSOURCING FOR PROCUREMENT MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
9. GLOBAL BFSI BUSINESS PROCESS OUTSOURCING FOR CUSTOMER SERVICES MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
10. GLOBAL BFSI BUSINESS PROCESS OUTSOURCING FOR OTHER MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
11. GLOBAL BFSI BUSINESS PROCESS OUTSOURCING MARKET SHARE BY DEPLOYMENT MODEL, 2021 VS 2028 (%)
12. GLOBAL CLOUD BFSI BUSINESS PROCESS OUTSOURCING MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
13. GLOBAL ON-PREMISES BFSI BUSINESS PROCESS OUTSOURCING MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
14. GLOBAL BFSI BUSINESS PROCESS OUTSOURCING MARKET SHARE BY ENTERPRISE SIZE, 2021 VS 2028 (%)
15. GLOBAL BFSI BUSINESS PROCESS OUTSOURCING FOR LARGE-SIZE ENTERPRISES MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
16. GLOBAL BFSI BUSINESS PROCESS OUTSOURCING FOR SMALL & MEDIUM SIZE ENTERPRISES MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
17. GLOBAL 6 MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
18. GLOBAL BFSI BUSINESS PROCESS OUTSOURCING MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
19. US BFSI BUSINESS PROCESS OUTSOURCING MARKET SIZE, 2021-2028 ($ MILLION)
20. CANADA BFSI BUSINESS PROCESS OUTSOURCING MARKET SIZE, 2021-2028 ($ MILLION)
21. UK BFSI BUSINESS PROCESS OUTSOURCING MARKET SIZE, 2021-2028 ($ MILLION)
22. FRANCE BFSI BUSINESS PROCESS OUTSOURCING MARKET SIZE, 2021-2028 ($ MILLION)
23. GERMANY BFSI BUSINESS PROCESS OUTSOURCING MARKET SIZE, 2021-2028 ($ MILLION)
24. ITALY BFSI BUSINESS PROCESS OUTSOURCING MARKET SIZE, 2021-2028 ($ MILLION)
25. SPAIN BFSI BUSINESS PROCESS OUTSOURCING MARKET SIZE, 2021-2028 ($ MILLION)
26. REST OF EUROPE BFSI BUSINESS PROCESS OUTSOURCING MARKET SIZE, 2021-2028 ($ MILLION)
27. INDIA BFSI BUSINESS PROCESS OUTSOURCING MARKET SIZE, 2021-2028 ($ MILLION)
28. CHINA BFSI BUSINESS PROCESS OUTSOURCING MARKET SIZE, 2021-2028 ($ MILLION)
29. JAPAN BFSI BUSINESS PROCESS OUTSOURCING MARKET SIZE, 2021-2028 ($ MILLION)
30. SOUTH KOREA BFSI BUSINESS PROCESS OUTSOURCING MARKET SIZE, 2021-2028 ($ MILLION)
31. REST OF ASIA-PACIFIC BFSI BUSINESS PROCESS OUTSOURCING MARKET SIZE, 2021-2028 ($ MILLION)
32. REST OF THE WORLD BFSI BUSINESS PROCESS OUTSOURCING MARKET SIZE, 2021-2028 ($ MILLION)
