Back Office Outsourcing in Financial Services Market, Global Outlook and Forecast 2023-2032
Back office outsourcing is a cost-effective arrangement that helps organizations to save up to 30% of its operational costs. This cost efficiency is achieved because the outsourcing companies help enterprises to manage routine responsibilities at very minimal costs, which in turn, reduces their overhead liabilities. Back office outsourcing companies offer several benefits to the financial institutions such as access to specific domain knowledge, best practices, new ideas, and high-quality talent for data-related services. With such quality outsourcing services, the organizations are able to deliver projects in lesser time and at affordable prices.?
This report aims to provide a comprehensive presentation of the global market for Back Office Outsourcing in Financial Services, with both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding Back Office Outsourcing in Financial Services. This report contains market size and forecasts of Back Office Outsourcing in Financial Services in global, including the following market information:
Global Back Office Outsourcing in Financial Services Market Revenue, 2018-2023, 2024-2032, ($ millions)
Global top five companies in 2022 (%)
The global Back Office Outsourcing in Financial Services market was valued at US$ million in 2022 and is projected to reach US$ million by 2029, at a CAGR of % during the forecast period. The influence of COVID-19 and the Russia-Ukraine War were considered while estimating market sizes.
A key growth driver for this market is the need for greater efficiency and productivity. Given the limited workforce and budget allocation, there are always few specific business operations that a company is not able to focus on properly. Expansion through outsourcing of these resource intensive back office functions, such as monitoring budgets, maintenance of database, fielding queries helps companies to refocus on activities that are integral to the company's growth. Also, a huge chunk of the burden of employees is also brought down through the outsourcing of these administrative and procedural back office responsibilities. This, in turn, helps them to utilize the saved time in working towards core competencies of the company. One challenge that could hamper market growth is the high attrition levels and employee turnover in BPO companies.
MARKET MONITOR GLOBAL, INC (MMG) has surveyed the Back Office Outsourcing in Financial Services companies, and industry experts on this industry, involving the revenue, demand, product type, recent developments and plans, industry trends, drivers, challenges, obstacles, and potential risks.
Total Market by Segment:
Global Back Office Outsourcing in Financial Services Market, by Type, 2018-2023, 2024-2032 ($ millions)
Global Back Office Outsourcing in Financial Services Market Segment Percentages, by Type, 2022 (%)
Hardware
Software
Services
Global Back Office Outsourcing in Financial Services Market, by Application, 2018-2023, 2024-2032 ($ millions)
Global Back Office Outsourcing in Financial Services Market Segment Percentages, by Application, 2022 (%)
Large Players
Small Players
Global Back Office Outsourcing in Financial Services Market, By Region and Country, 2018-2023, 2024-2032 ($ Millions)
Global Back Office Outsourcing in Financial Services Market Segment Percentages, By Region and Country, 2022 (%)
North America
US
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Russia
Nordic Countries
Benelux
Rest of Europe
Asia
China
Japan
South Korea
Southeast Asia
India
Rest of Asia
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
Turkey
Israel
Saudi Arabia
UAE
Rest of Middle East & Africa
Competitor Analysis
The report also provides analysis of leading market participants including:
Key companies Back Office Outsourcing in Financial Services revenues in global market, 2018-2023 (estimated), ($ millions)
Key companies Back Office Outsourcing in Financial Services revenues share in global market, 2022 (%)
Further, the report presents profiles of competitors in the market, key players include:
Accenture
Infosys
TCS
Attra Infotech
Birlasoft
Capgemini
Cognizant
Dell
eClerx
Endava
Outline of Major Chapters:
Chapter 1: Introduces the definition of Back Office Outsourcing in Financial Services, market overview.
Chapter 2: Global Back Office Outsourcing in Financial Services market size in revenue.
Chapter 3: Detailed analysis of Back Office Outsourcing in Financial Services company competitive landscape, revenue and market share, latest development plan, merger, and acquisition information, etc.
Chapter 4: Provides the analysis of various market segments by type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 5: Provides the analysis of various market segments by application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 6: Sales of Back Office Outsourcing in Financial Services in regional level and country level. It provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space of each country in the world.
Chapter 7: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction, recent development, etc.
Chapter 8: The main points and conclusions of the report.
