outsourcing market in the BFSI sectoris expected to
reach over USD 277 billion by 2020.
In this report, Technavio
covers the present scenario and growth prospects of the Global
Outsourcing Market in the BFSI Sector 2016-2020
Outsourcing Market in the BFSI Sector 2016-2020. To
calculate the market size, the report covers outsourcing deals in
leading regions such as Americas, EMEA. APAC.
“In terms of outsourcing deals by volume within the insurance sector,
the general insurance segment held the majority share of the market,
accounting for around 55%-60% in 2015. The health and life insurance
segment held 35%-40%, while the others segment made up 5%-10% of the
market in the same year,” said Amit Sharma, one of Technavio’s lead
industry analysts for ITO
“Technavio researchers expect outsourcing deals in the financial
services sector to increase during the forecast period due to a
substantial rise in middle-office and back-office outsourcing with more
market players looking to leverage ITO to streamline business operations
and gain a competitive edge,” added Amit.
Global outsourcing market in the BFSI sector by geography
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Americas: largest market for the global outsourcing market in the
In 2015, North America was one of the key contributors to the global
outsourcing market in the BFSI sector. This is attributed to factors
such as continuous regulatory and economic volatility challenges faced
by financial organizations in the region.
The implementation of acts and reforms such as Dodd-Frank Act, Volcker
Rule, HIPAA, Securitization Reform, Consumer Protection Reform.
Credit Rating Agency Reform has led financial institutions to outsource
their business processes.
The US is the key leading country in this market, as many service
providers in the US extend extensive financial services support to
clients to meet their regulatory and financial requirements.
EMEA: second largest market for the global outsourcing market in the
Factors such as increased pressure to improve operational efficiencies
and uncertain regulatory environment are driving market growth in EMEA.
EMEA has gained much importance as an insurance and capital BPO
destination because of the region’s proximity to outsourcing clients in
the US and Europe. Also, outsourcing insurance and capital market
functions to this region results in lower turn-around time, improvements
in service quality. Higher customer satisfaction.
The UK was the leading country in this market with the country
experiencing domestic outsourcing trends and grabbing most deals from
clients in the US and Europe.
Outsourcing market in BFSI sector in the APAC region
Factors such as the availability of a large talent pool and high-quality
service offerings at affordable costs have boosted market growth in
APAC. Also, the scalability of ITO and BPO operations in countries such
as India, China. The Philippines makes these countries attractive
outsourcing destinations in the region.
Credit card processing, call centre, disaster recovery. Data
processing are some of the major BPO businesses in APAC. The region
remains the most cost-effective application outsourcing service delivery
However, BPO destinations are now moving from mature markets such as
India, China. The Philippines to emerging countries such as Thailand
and Indonesia. Advantages offered by these countries include low
attrition rates, an adequate talent pool, good ICT infrastructure. A
stable political and economic environment for BPO operations. We expect
APAC to see a much higher investment in the BPO market than in the
Americas and EMEA.
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