The global BFSI Business Process Outsourcing market is anticipated to grow at a considerable CAGR of 9.6 % during the forecast period (2022-2028). 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.
Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
Segment Covered-
o By Service Type
o By Deployment Model
o By Enterprise Size
Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Landscape- including Accenture Plc, Capgemini SE, Genpact Ltd., Concentrix Corp., EXL Service, Firstsource Solutions Ltd., IBM Corp., Invensis, Intetics, NTT Data Corp., and others.
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North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
- Latin America
- Middle East & Africa
Company Profiles
- Acelerar Technologies
- Automatic Data Processing, Inc.
- Concentrix Corp.
- EXL Service
- Firstsource Solutions Ltd.
- Helpware
- IBM Corp.
- Invensis
- Intetics
- Maxicus
- Mphasis
- NTT Data Corp.
- Octopus Tech
- Plaxonic Technologies
- Premier BPO
- SunTec India
- Tata Consultancy Services Ltd
- TAG Eservices Private Ltd.
- Unity Communications
- Vserve
- Wipro Ltd.
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