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At CAGR of 9.7% Global BFSI BPO Services Market to Reach $174.94 Billion by 2028
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Surge in need for operational efficiency & transparency in business processes and adoption of cloud communication-based outsourcing services in the banking sector drive the growth of the global BFSI BPO services market. However, privacy issues and security concerns hinder the market growth. On the other hand, technological advancements and untapped potential in emerging economies present new opportunities in the coming years.
The report offers detailed segmentation of the global BFSI BPO services market based on service type, enterprise size, end user, and region.
Based on service type, the customer services segment accounted for the largest share, contributing to more than one-fourth of the total share in 2019, and is expected to maintain its lead position throughout the forecast period. However, the human resource segment is projected to witness the largest CAGR of 11.8% from 2021 to 2028.
Based on end user, the banks segment contributed to the highest market share in 2019, accounting for nearly half of the global BFSI BPO services market, and is expected to maintain its leadership status during the forecast period. However, the capital markets segment is expected to grow at the highest CAGR of 11.2% from 2021 to 2028.
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Based on region, North America held the highest market share in 2019, accounting for more than one-third of the total share, and is projected to maintain its dominance in terms of revenue by 2028. However, Asia-Pacific is projected to manifest the fastest CAGR of 11.3% during the forecast period.
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
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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
Cognizant
Concentrix Corporation
Genpact
IBM Corporation
Infosys Limited
Mphasis
NTT Data Corporation
Tata Consultancy Services Limited
Wipro Limited
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