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

Cognizant
NTT Data Corporation
Concentrix Corporation
Infosys Limited
Tata Consultancy Services Limited
Genpact
IBM Corporation
Mphasis
Accenture PLC
Other Prominent Players
Market Segmentation

The global BFSI BPO services market segmentation focuses on Service, Enterprize, End-Users, and Region.

By Service Type Outlook

Customer Services
Finance & Accounting
Human Resource
KPO
Procurement & Supply Chain
Others
By Enterprise Size Outlook

Large Enterprises
Small and Medium-sized Enterprises
By End-Users Outlook

Banks
Commercial Banking
Retail Banking
Cards
Lending
Capital Markets
Investment Banking
Brokerage
Asset Management
Others
Insurance Companies
Others
By Regional Outlook

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America