This market research report provides a comprehensive analysis of the global outsourcing market in BFSI sector market by service (ITO and BPO). It outlines the market shares for key regions such as the Americas, APAC, and EMEA. The key vendors analyzed in this report are Accenture, Genpact, IBM, and TCS.
Technavio’s market research analysts estimate the global outsourcing market in BFSI sector, to grow at a CAGR of around 7% between 2016 and 2020. Outsourcing enables BFSI organizations to minimise their expenses involved in meeting tight regulatory and compliance requirements. It enables organizations to transfer their risks, improve customer services, achieve cost efficiencies, and gain competitive advantages. North America is the biggest revenue-contributing region in the BFSI outsourcing market, owing to continuous regulatory and economic volatility challenges faced by financial organizations in the region
The new market research report from Technavio provides a breakdown and analysis of the BFSI outsourcing segments by technology.
“One of the latest trends gaining traction in the BFSI outsourcing market is the application of automation technology. Automated systems offer several advantages such as the elimination of human errors, maintenance of accuracies, and capabilities to handle large financial projects. Also, automation technology helps outsourcing firms to reduce costs spent on manpower in handling projects. Increasing adoption of automation coupled with higher adoption of platform-based solutions in insurance sector is reducing the FTE-intensive play in transaction-based processes such as claims processing,” says Amit Sharma, Lead Analyst, ICT, Technavio Research.
The ITO segment leads the BFSO outsourcing market in terms of outsourcing deals, occupying 89% of the total market share. Outsourcing service providers are creating and designing quick and user-friendly applications and platforms to increase the number of customer touchpoints to make banking experience convenient and hassle-free for end-users. Capital market companies are major contributors to ITO as the current fluctuating market scenarios have encouraged industries to enhance front-office, middle-office, and back-office functions.
The leading vendors in the global outsourcing market in BFSI sector are Accenture, Genpact, IBM, and TCS. This market is highly fragmented due to the presence of large and small players. Competition in the market is expected to intensify during the forecast period owing to the vast entry of new players. The vendors are focusing to differentiate themselves by offering innovative, cost-effective, and outcome-based solutions such as business process as a service (BPaaS).
A more detailed analysis is available in the Technavio report, Global Outsourcing Market in BFSI Sector 2016-2020.
We can customize reports by other regions and specific segments upon request.
Other related reports:
- Global Human Resource Outsourcing Market 2016-2020
- Global Procurement Outsourcing Market Research Study 2015-2019
- Global Software Testing Services Market in the BFSI Sector 2014-2018
Further readings:
Regulations, Mobility and GIS Will Modernize BFSI IT in India
