Globalization of Middleoffice BPO Services Market to Create New Opportunities Challenging Leadership of International Companies

Persistence Market Research (PMR), in its recently published report, projects the global middleoffice BPO services market to register nearly 10% CAGR during the forecast period 2017 to 2022. Revenues from the global middleoffice BPO services market are estimated to surpass US$ 400,000 Mn by 2022-end.

Middleoffice witnessing an Unprecedented Transformation

Robust expansion of data, demand from internal as well as external stakeholders, increased profit pressures, and compliance requirements have resulted into an unprecedented transformation of the middle office. This has further resulted into extension of the concept of outsourcing to functions of middleoffice, which was earlier restricted to functions of back office. Data regulation & privacy are key aspects for success of the middleoffice BPO services. Popularity of middleoffice BPO services is soaring higher among asset managers, who help their clients in maximizing their investment returns. Different stakeholders are involved in middleoffice BPO services, including brokers, custodians, and various third parties, leading towards an increased manual intervention. Owing to this, demand for automation of workflow processes increases considerably, which can easily be fulfilled by middleoffice BPO services.

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Establishing the single source of data that offers seamless flow of processes is imperative for asset managers, which in turn compels the middleoffice administrator to effectively communicate with front office. It is important for the middleoffice administrators to make robust workflow technology, and the specialist staff expertise a high priority. Asset managers gain various operational benefits from middleoffice BPO services, such as highly accurate predictions in costing, along with cost savings. Middleoffice BPO services have gained momentum over the past few years, owing to operating compulsions, and requirement for asset managers in focusing on the investment management’s core competency, Middleoffice BPO services are gaining higher traction, on the back of increased investments across the globe, which in turn needs proper management of rapid data flow from middleoffice functions. Middleoffice BPO services sustain the reputation of asset managers by eliminating errors in the data, as it may result into delays in reporting, or wrong investment decisions.

Middleoffice BPO Services have Gained Immense Popularity among Asset Managers

With robust expansion of data, compliance requirements, cost pressure, and demand from external as well as internal stakeholders, the middleoffice is undergoing an unprecedented transformation. The phenomenon of outsourcing, earlier reserved for back-office functions, has therefore extended to middle-office functions. Data privacy & regulation are key aspects of success for middleoffice BPO services. The middleoffice BPO services have gained immense popularity among asset managers, who maximize the investments returns for their clients. As the middleoffice BPO services involve multiple stakeholders, including custodians, brokers, and several other third parties, they are experiencing an increased manual intervention. This further results into demand for automating the workflow process, which can be fulfilled with the help of middleoffice BPO services.

Middleoffice BPO Services Gaining Momentum Worldwide

Increasing investments worldwide have fuelled demand for the middleoffice BPO services, for managing the rapid flow of data coming from the functions of middleoffice. Any error in the data might lead towards wrong investment decisions, or delays in reporting, affecting the asset manager’s reputation. On the back of operating compulsions, and demand for asset managers to concentrate on investment management’s core competency, the middleoffice BPO services are gaining momentum across the globe. Asset managers can gain several operational benefits through the middleoffice BPO services, including higher predictability in costing, and cost savings. For asset managers and administrators, establishing a single data source with a seamless process flow is imperative. This necessitates the middleoffice administrator to communicate effectively with front office, and make specialist staff expertise and robust workflow technology a high priority.

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North America to Remain Largest Market for Middleoffice BPO Services

North America is anticipated to remain the largest market for middleoffice BPO services, in terms of revenues. The market in North America will register a robust expansion to reach approximately US$ 160,000 Mn in revenues by 2022-end. In contrast, Middle East & Africa (MEA) and Japan will remain the least lucrative regions for growth of the middleoffice BPO services market.

On the basis of service type, insurance BPO and Government segments are expected to witness the fastest expansion in the market through 2022. These two service type segments are projected to register approximately similar CAGRs, to collectively account for over one-fourth share of the market during the forecast period. Knowledge process outsourcing service segment will continue to witness a sluggish expansion in the global middleoffice BPO services market.

Based on vertical, retail & consumer goods and healthcare & pharmaceuticals segments are projected to register the highest and nearly equal CAGRs in the global middleoffice BPO services market through 2022. Aerospace & defense and Education are expected to remain the least lucrative verticals for the middleoffice BPO services across the globe.

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This release was published on openPR.