BFSI BPO Services Market: Comprehensive Study Explore Huge Growth in Future | Accenture PLC, Cognizant, Concentrix Corporation

BFSI BPO Services Market by Service Type (Customer Services, Finance & Accounting, Human Resource, KPO, Procurement & Supply Chain, and Others), Enterprise Size (Large Enterprises and Small & Medium Enterprises), End User (Banks, Capital Markets, Insurance Companies, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2028  , Covid 19 Outbreak Impact research report added by Report Ocean, is an in-depth analysis of market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography. It places the market within the context of the wider BFSI BPO Services market, and compares it with other markets., market definition, regional market opportunity, sales and revenue by region, manufacturing cost analysis, Industrial Chain, market effect factors analysis, BFSI BPO Services market size forecast, market data & Graphs and Statistics, Tables, Bar &Pie Charts, and many more for business intelligence. Get complete Report (Including Full TOC, 100+ Tables & Figures, and Chart). – In-depth Analysis Pre & Post COVID-19 Market Outbreak Impact Analysis

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 “BFSI BPO Services Market by Service Type, Enterprise Size and End User: Global Opportunity Analysis and Industry Forecast, 2021-2028,” The global BFSI BPO services market size was valued at $85.12 billion in 2020, and is projected to reach $174.94 billion by 2028, growing at a CAGR of 9.7% from 2021 to 2028.

BPO services is a highly specialized strategy used by banks and other lending institutions to support account activities and business acquisition services associated with the banking lifecycle of a customer. In an increasingly competitive market, many banks and financial institutions are positioning themselves for growth. This is possible for banks only by assigning their non-core activities to offshore providers and become specialized in core activities. These include financial & internal management reporting, budgets, and capital management reporting and regulatory returns. The outsourcing benefits banks in terms of low cost, high-quality services. According to Deloitte, many organizations increasingly leverage banking BPO services as a cost reduction tool and a sourcing strategy. Furthermore, according to KPMG, many investment banks have outsourced more than 50% of their finance services such as accounting, payroll, and human resource management.

Factors such as increase in need for operational efficiency and transparency in business processes and rise in demand for cost saving on infrastructure & technology are expected to fuel the market growth. In addition, surge in adoption of cloud communication based BPO services is expected to drive the growth of the BFSI BPO services market. However, higher investment & maintenance costs and overdependence on the BPO Company are expected to negatively impact the growth of the BFSI BPO services market. On the contrary, increase in demand for BPO services among banks, and financial institutions and technological advancements in BPO services are expected to provide lucrative opportunities for the market growth in the coming years.

Depending on enterprise size, the large enterprises segment dominated the BFSI BPO services market share in 2020, and is expected to continue this trend in the upcoming years. This is attributed to BPO services technology, which enables large-scale enterprises to be safer and smarter by providing business intelligence to reduce risks in its operation. Moreover, risk assessment, remote viewing & management, and streamlined solutions for enhanced security management & reporting fuel the BFSI BPO services market growth. However, the growth of the small enterprises sector is a key contributor to the developing economies. A greater adoption of BPO services among small & medium sized banking & financial industries in the upcoming years is expected to save the cost and carry out the in-house processes within the time interval, limited money, and compact skillset.

The COVID-19 pandemic has led to the decline in BFSI BPO services spending, owing to strict lockdown, business shutdowns and increase in challenges among companies in adopting work-from-home-culture. However, rapid increase in the demand for cloud-based BPO services has supported the banks to sustain during pandemic. Moreover, the pandemic has forced businesses around the globe to shift their physical offices into the remote working set-ups, which is considered opportunistic for BPO services market.

Key Findings Of The Study

By service type, the customer services generated the highest revenue in 2020. However, the human resource segment is expected to witness highest growth rate in the near future.

By enterprise size, the large enterprise segment accounted for the highest revenue in 2020, however, SMEs segment is expected to witness highest growth rate during the forecast period.

By region, the BFSI BPO services market trends was dominated by North America in 2020.

Some of the key BFSI BPO services players profiled in the report include Accenture PLC, Cognizant, Concentrix Corporation, Genpact, IBM Corporation, Infosys Limited, Mphasis, NTT Data Corporation, Tata Consultancy Services Limited and Wipro Limited. This study includes BFSI BPO services industry, BFSI BPO services market analysis, and future estimations to determine the imminent investment pockets.

Key Segments Studied in the Global BFSI BPO Services Market: Report Coverage

COVID-19 – Next Thoughts: In this piece, we have shared key data and numbers that shine a spotlight on the current scale of the crisis and the economic fallout.

A combination of factors, including COVID-19 containment situation, end-use market recovery & Recovery Timeline of 2020/ 2021

Under COVID-19 Outbreak Impact Analysis:
We analyzed industry trends in the context of COVID-19. We analyzed the impact of COVID-19 on the product industry chain based on the upstream and downstream markets. We analyze the impact of COVID-19 on various regions and major countries.
The impact of COVID-19 on the future development of the industry is pointed out.

Study Explore :

• Market Behavior/ Level of Risk and Opportunity
• End Industry Behavior/ Opportunity Assessment
• Expected Industry Recovery Timeline

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In-Depth Qualitative COVID 19 Outbreak Impact Analysis Include Identification And Investigation Of The Following Aspects:

Informational Takeaways from the Market Study: The report includes the completely examined and evaluated data of the noticeable companies and their situation in the market considering impact of Coronavirus. The measured tools including SWOT analysis, Porter’s five powers analysis, and assumption return debt were utilized while separating the improvement of the key players performing in the market.

Key Development’s in the Market: This report fuses the major developments of the market that contains confirmations, composed endeavors, R&D, new thing dispatch, joint endeavours, and relationship of driving members working in the market.

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The study objectives of this report are:

Important Features that are under offering & key highlights of the report:
– Detailed overview of market
– Changing market dynamics of the industry
– In-depth market segmentation by Type, Application etc
– Historical, current and projected market size in terms of volume and value
– Recent industry trends and developments
– Competitive landscape of market
– Strategies of key players and product offerings
– Potential and niche segments/regions exhibiting promising growth
– A neutral perspective towards market performance
– Market players information to sustain and enhance their footprint

The Study Explore COVID 19 Outbreak Impact Analysis

• What should be entry strategies, countermeasures to economic impact, and marketing channels?
• What are market dynamics?
• What are challenges and opportunities?
• What is economic impact on market?
• What is current market status? What’s market competition in this industry, both company, and country wise? What’s market analysis by taking applications and types in consideration?

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Key Points Covered in BFSI BPO Services Market Report:

Chapter 1, About Executive Summary to describe Definition, Specifications and Classification of BFSI BPO Services market, Applications, Market Segment by Regions North America, Europe or Asia;
Chapter 2, objective of the study.
Chapter 3, to display Research methodology and techniques.
Chapter 4 and 5, to show the Overall Market Analysis, segmentation analysis, characteristics;
Chapter 6 and 7, to show the Market size, share and forecast; Five forces analysis (bargaining Power of buyers/suppliers), Threats to new entrants and market condition;
Chapter 8 and 9, to show analysis by regional segmentation, comparison, leading countries and opportunities; Regional Marketing Type Analysis, Supply Chain Analysis
Chapter 10, focus on identifying the key industry influencer’s, overview of decision framework accumulated through Industry experts and strategic decision makers;
Chapter 11 and 12, Market Trend Analysis, Drivers, Challenges by consumer behavior, Marketing Channels and demand & supply.
Chapter 13 and 14, describe about the vendor landscape (classification and Market Positioning)
Chapter 15, deals with BFSI BPO Services  Market sales channel, distributors, traders, dealers, Research Findings and Conclusion, appendix and data source.

……..and view more in complete table of Contents

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