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Rise in Middle-office and Back-office Outsourcing Will Significantly Impact the Global Outsourcing Market in the BFSI Sector Until 2020, Says Technavio | Business Wire

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<p>LONDON–(BUSINESS WIRE)–According to the latest market research report by Technavio, the global

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. 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

and BPO research.

“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

  • Americas

  • EMEA

  • APAC

Request sample report: http://bit.ly/1pH7adj

Americas: largest market for the global outsourcing market in the

BFSI sector

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

BFSI sector

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 center, disaster recovery. Data

processing are some of the major BPO businesses in APAC. The region

remains the most cost-effective application outsourcing service delivery

location.

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.

Browse related reports:

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Technavio subscriber. Subscribing to Technavio’s reports allows you to

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with your requirements and a link to our subscription platform.

About Technavio

Technavio

is a leading global technology research and advisory company. The

company develops over 2000 pieces of research every year, covering more

than 500 technologies across 80 countries. Technavio has about 300

analysts globally who specialize in customized consulting and business

research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research

techniques to ascertain the size and vendor landscape in a range of

markets. Analysts obtain information using a combination of bottom-up

and top-down approaches, beside using in-house market modeling tools

and proprietary databases. They corroborate this data with the data

obtained from various market participants and stakeholders across the

value chain, including vendors, service providers, distributors,

re-sellers. End-users.

If you're interested in more information, please contact our media team

at media@technavio.com.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com
media@technavio.com

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