BFSI BPO Services Market to Reach US$ 174.94 Billion by 2028

According to IMARC Group's latest research report, titled "BFSI BPO Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global BFSI BPO services market size reached US$ 107.58 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 174.94 Billion by 2028, exhibiting a growth rate (CAGR) of 8.05% during 2023-2028.

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BFSI BPO Services Market Outlook:

Banking, financial services, and insurance (BFSI) business process outsourcing (BPO) services enable businesses to outsource different processes that are not a core part of their operations. These services are aimed at providing cost-effective and efficient solutions for back-office operations in the BFSI industry. These include a wide range of activities, such as loan processing, claims management, fraud detection, customer support, accounting, and data processing. The providers offer customized solutions to their clients based on their specific requirements and leverage the latest technologies, including automation, artificial intelligence, and machine learning to deliver accurate and timely services. They help in cost reduction as BFSI companies can save on overhead costs, such as salaries, infrastructure, and technology investments.

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BFSI BPO Services Market Trends:

The increasing adoption of third-party banking software in the BFSI industry to improve productivity and operational efficiency is driving the global market. Moreover, the rising inclination towards online banking applications among individuals to access their account details and perform financial transactions via smartphones is propelling the market. Besides, the increasing integration of artificial intelligence (AI), machine learning (ML), cloud computing, natural language processing (NLP), the internet of things (IoT), chatbots, and blockchain technology in BFSI BPO services to automate various processes are providing a boost to the market. Furthermore, the rising adoption of robotics process automation (RPA) to automate repetitive and predictable tasks is strengthening the overall growth of the market.

Key Market Segmentation:

Competitive Landscape with Key Players:

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

Service Type Insights:

• Customer Services
• Finance and Accounting
• Human Resource
• KPO
• Procurement and Supply Chain
• Others

Enterprise Size Insights:

• Large Enterprises
• Small and Medium-sized Enterprises

End User Insights:

• Banks
o Commercial Banking
o Retail Banking
o Cards
o Lending

• Capital Markets
o Investment Banking
o Brokerage
o Asset Management
o Others

• Insurance Companies
• Others

Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key Highlights of the Report:

• Market Performance
• Market Outlook
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organisations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

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