BFSI BPO Services Market Type, Share, Size, Analysis, Trends, Demand and Outlook 2030

BFSI BPO Services Market is anticipated to be driven by elements like the expanding demand for outsourcing services across the BFSI, IT & communications, and human resource industries as well as the growing propensity of firms to concentrate on their core strengths. Additionally, during the projection period, the BPO market is anticipated to benefit from the advent of next-generation services like smart self-service and personalised consumer experiences as well as rising consumer demand for multi-channel communication.

The business process outsourcing sector has grown significantly over the past ten years as a result of the advantages that BPO services provide, including cost savings and enhanced flexibility. The growth of the information and communication technology sector has caused a significant shift in the global service sector. Through moving operations to nearshore or offshore regions and utilising a talent pool of low-cost workers that can adapt to changing business needs, firms can save costs by outsourcing business processes.

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COVID-19 Impact on BFSI BPO Services Market

 The negative effects of the Covid-19 epidemic have harmed every industry worldwide. BFSI is well-positioned to assist clients in overcoming the financial effects of the epidemic. By encouraging outsourcing and promoting the adoption of digital banking, banks are concurrently enhancing customer service. Banks and other financial organisations place a strong emphasis on streamlining their business processes by utilising social media and cloud-based solutions. The efficient use and transformation of the data would help the banks increase client numbers and satisfaction, which will boost productivity over the long term.

The BPO sector was negatively impacted by the COVID-19 outbreak. Many businesses were forced to work remotely as a result of the supply chain delays caused by varying degrees of lockdowns and travel restrictions. Due to either a lack of oversight or poor infrastructure at employees' homes, BPO organisations had issues with data security and decreased productivity. Other problems included challenges with recording calls from distant work sites and the disclosure of staff information to clients.

Key Trends of Global BFSI BPO Services Market:

 Technological advancement in BPO Services

 Traditional BPO services have been deployed since several decades; however, increased adoption of advanced technologies such as IoT, AI, and robotics process automation have led to the growth of the industry. Increase in technological innovations in Asia-Pacific countries, which include India, China, Australia, and Singapore is expected to create several opportunities for the BFSI BPO services market. The integration of “Swiss Post Solutions” BPO services with IoT-based devices allows organizations, banks, and financial institutions to identify and eliminate issues such as unnecessary assets and lead to operational efficiencies, cost reductions, and optimal human resource deployment.

Segmental Analysis of Global BFSI BPO Services Market:

 Based on Service type

• Customer Service

• Finance and Accounting

• Human Resource

• KPO

• Procurement and Supply Chain

• Others

 The customer services segment dominated the market, with a revenue share exceeding 30%. The segment is expected to retain its dominance, registering the fastest CAGR during the forecast period. The dominance of the segment can be attributed to the increasing number of service centers across the globe that need both online as well as offline technical support.

 Based on Enterprise Size

• Large Enterprises

• Small and Medium Enterprises

 Based on End-user

• Banks

o Commercial Banking

o Retail Banking

o Cards

o Lending

 • Capital Markets

o Investment Banking

o Brokerage

o Asset Management

o Others

Competitive Landscape:

Accenture, Amdocs, Capgemini, CBRE Group Inc., HCL Technologies Limited, Infosys Limited (Infosys BPM), NCR Corporation, Sodexo, TTEC Holdings, Inc., and Wipro Limited.

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 Frequently Asked Questions

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