The global BFSI BPO services market size was US$ 91,117 million in 2021. The global BFSI BPO services market is forecast to grow to US$ 192,001.8 million by 2030 by growing at a compound annual growth rate (CAGR) of 8.9% during the forecast period from 2022 to 2030.
A BPO system incorporates several modules, each of them concentrated on a particular department, including marketing, HR, finance, material purchasing, accounting, and inventory control. These modules are available in a customized format as per the bank's demands.
Factors Influencing the Market
BPOs are growing in adoption due to their capabilities of offering effective planning and streamlining of data under one platform. In addition, it benefits users by regulating operational costs, growing sales, and offering enhanced decision-making applications. As a result, it will drive the BFSI BPO services market during the forecast period.
The growing number of banks and financial institutions focusing on improving their operational and business process efficiency will contribute to the growth of the BFSI BPO services market during the forecast period. Apart from that, the advantageous properties of BFSI BPO services, such as improved collaboration, simplified compliance, productivity, and efficient risk management, will surge the growth of the global BFSI BPO services market during the forecast period.
Security issues and privacy concerns associated with BFSI BPO services may limit the market growth during the study period.
COVID-19 Impact Analysis
BPO services witnessed various growth opportunities due to the COVID-19 pandemic. The ongoing COVID-19 pandemic is driving digitalization to another level. As a result, the demand for BFSI BPO services is also increasing across banks. Furthermore, the rising adoption of cloud services to manage consumer data is expected to benefit the BFSI BPO services market. In addition, banks are also putting more effort into adopting solutions that may offer advanced planning. Therefore, the COVID-19 pandemic has remained beneficial for the BFSI BPO services market so far.
Regional Analysis
Globally, the Asia-Pacific BFSI BPO services market is forecast to emerge as the largest market due to the presence of some rapidly developing economies like China, Japan, India, etc. Furthermore, a growing range of banking and insurance businesses in the Asia-Pacific will contribute to the growth of the BFSI BPO services market. Additionally, favourable government initiatives and investments by banks to enhance consumer experience are expected to bring lucrative growth opportunities for the BFSI BPO services market during the forecast period.
Competitors in the Market
Market Segmentation
The global BFSI BPO services market segmentation focuses on Service, Enterprize, End-Users, and Region.
By Service Type Outlook
By Enterprise Size Outlook
By End-Users Outlook
By Regional Outlook