The global BFSI Business Process Outsourcing market is anticipated to grow at a considerable CAGR of 9.6 % during the forecast period. The growing need for customer analytics, modernization of business environments, and surge in cloud-based deployment is propelling the growth of the market. The banks and other financial institutions are adopting cloud-based business process outsourcing due to cost-effective solutions. The cloud-based BPO helps businesses to get the benefits of scalability, agility, reliability, and cost reduction. Therefore BFSI (Banking, Financial Service, and Insurance) are adopting this new technology to improve disruptive productivity and business enablement. Moreover, Enterprises such as Wipro and IBM are providing BPaaS solutions in the business process outsourcing market for analytical services. IBM uses the BPaas solution that utilizes cloud computing and analytical technology to re-engineer the existing business processes of organizations. BPaaS solution helps in managing business-critical functions like HR, marketing, finance, and supply chain management. The cloud-based BPO services support globalization efforts without having to deal with associated infrastructure issues is another factor propelling the growth of the market.
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Moreover, the companies are partnering with different banks to provide cloud-based BPO services which is another factor propelling the growth of the market over the forecast. For instance, in November 2019, the multinational IT player, International Business Machines Corporation (IBM) has joined hands with the Bank of America to provide specific cloud services for the financial service domain. The bank would be the first to use a public cloud-based platform. The cloud service platform is designed to align with the high regulatory and security standards that have to be adhered to the financial service industry.
Global BFSI Business Process Outsourcing Market Report Segment
By Service Type
- Finance & Accounting
- HR
- KPO
- Procurement
- Customer services
- Others
By Deployment Model
- Cloud
- On-Premises
By Enterprise size
- Large Size Enterprises
- Small & Medium Size Enterprises
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BFSI Business Process Outsourcing Market Report Segment by Region
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Middle East & Africa
- Latin America
Company Profiles
- Acelerar Technologies
- Automatic Data Processing, Inc.
- Concentrix Corp.
- EXL Service
- Firstsource Solutions Ltd.
- Helpware
- IBM Corp.
- Invensis
- Intetics
- Maxicus
- Mphasis
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