The middleoffice business process outsourcing (BPO) market size is expected to see strong growth in the next few years. It will grow to $20.48 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The anticipated growth in the forecast period can be ascribed to several factors, the significant aim for companies to integrate digital technologies and achieve efficiency, an increasing emphasis on cost optimization, a growing focus on core business functions among companies, the expansion of financial services and investment firms, and the rising demand for risk management and regulatory reporting services. Major trends expected in the forecast period encompass advancements in automation and artificial intelligence, the integration of artificial intelligence (AI) and machine learning (ML) technologies for predictive analytics in middle-office functions, global expansion, customer-centric strategies, and technological advancements.
The increasing emphasis on data security is anticipated to drive growth in the middle-office BPO service market. This emphasis refers to the crucial need to safeguard sensitive information from unauthorized access, disclosure, alteration, or destruction. Factors such as the expanding volume of data, the rise in remote work and cloud adoption, the growing prevalence of cyber threats, and heightened privacy expectations contribute to the rising demand for data security measures. BPO service providers ensure the secure management and processing of sensitive information in alignment with client specifications and regulatory standards by implementing robust data security policies and best practices. Additionally, these providers utilize data loss prevention (DLP) solutions to prevent inadvertent or intentional data leaks by monitoring and managing data transit across networks, endpoints, and cloud environments. For example, according to McKinsey & Company, a US-based strategy and management consulting firm, global organizations spent approximately $150 billion on cybersecurity in 2021, growing at a rate of 12.4% annually. Consequently, the increasing need for data security and privacy measures is propelling the growth of the middle-office BPO service market.
Leading companies in the middle-office BPO service market are actively engaging in strategic collaborations to gain a competitive advantage. BPO service providers partner with technology vendors to implement advanced tools and platforms for data processing, analytics, automation, and cybersecurity. These partnerships enable BPO firms to deliver innovative solutions and services to their clients, enhance operational efficiency, and stay ahead of industry developments. For instance, LiquidX Inc., a US-based financial technology solutions provider, teamed up with Broadridge Financial Solutions, a US-based corporate services and financial technology company, in January 2023 to launch InBlock TradeOps. This new tool caters to the back and middle offices in trade finance, offering a comprehensive solution for lending and investing in this multi-trillion-dollar credit asset class while addressing operational challenges. LiquidX leveraged Broadridge's global network to expand its customer base and facilitate connections between finance and treasury experts, asset management firms, banks, and corporate clients.
In September 2023, Continuum Global Solutions, a US-based customer care provider in the BPO industry, acquired Faneuil Inc. for an undisclosed sum. This strategic acquisition aims to bolster Continuum's position in the BPO industry and enhance its customer care services through a global network of contact centers. Faneuil Inc., a US-based provider of middle-office BPO services, offers various business process outsourcing solutions, including customer care and technical support, thereby complementing Continuum's expertise in customer care management for Fortune 500 clients.
Major companies operating in the middleoffice business process outsourcing (bpo) service market are Accenture PLC, International Business Machines Corporation, Hewlett Packard Enterprise Development LP, Tata Consultancy Services Limited, Capgemini SE, NTT DATA Group Corporation, Cognizant, Infosys Limited, ADP Inc., DXC Technology Company, IQVIA Holdings Inc., HCL Technologies Limited, State Street Corporation, Atos SE, Wipro Limited, CGI Inc., Tech Mahindra Limited, Concentrix Corporation, Sopra Steria Group SA, Genpact Limited, UST Global Inc., Conduent Inc., Capita plc, Sutherland Global Services Inc., Larsen & Toubro Infotech Limited, Firstsource Solutions Limited, Mphasis Limited, ExlService Holdings Inc., Mindtree Limited, WNS Global Services Inc., Hexaware Technologies Limited.
North America was the largest region in the middleoffice business process outsourcing (BPO) service market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the middleoffice business process outsourcing (bpo) service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the middleoffice business process outsourcing (bpo) service market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Middle office business process outsourcing (BPO) entails outsourcing a variety of operational and administrative tasks related to the middle office functions of financial institutions. The objective of middle office BPO services is to streamline operational procedures, enabling financial institutions to focus on their core capabilities while reducing costs and improving efficiency.
The primary categories of middle office business process outsourcing (BPO) services include portfolio management, trade management, and others. Insurance BPO involves outsourcing services to insurance companies for activities such as policy administration, claims processing, customer support, and offering underwriting support and risk assessment services for the middle-office operations of insurance companies. Different types of service offices encompass insurance business process outsourcing (BPO), banking business process outsourcing (BPO), government, knowledge process outsourcing services, and others, which find application across various sectors such as banking, financial services, and insurance (BFSI), manufacturing, healthcare and pharmaceuticals, and retail and consumer goods.
The middleoffice BPO service market research report is one of a series of new reports that provides middleoffice BPO service market statistics, including middleoffice BPO service industry global market size, regional shares, competitors with a middleoffice BPO service market share, detailed middleoffice BPO service market segments, market trends and opportunities, and any further data you may need to thrive in the middleoffice BPO service industry. This middleoffice BPO service market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The middleoffice business process outsourcing (BPO) service market includes revenues earned by entities by providing services such as corporate actions processing, cash management and reconciliation, client servicing and reporting, technological solutions, and other. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
Executive Summary
Middleoffice Business Process Outsourcing (BPO) Service Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on middleoffice business process outsourcing (BPO) service market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase:
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
- Assess the Russia - Ukraine war’s impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis
- Report will be updated with the latest data and delivered to you along with an Excel data sheet for easy data extraction and analysis.
- All data from the report will also be delivered in an excel dashboard format.
Description
Where is the largest and fastest growing market for middleoffice business process outsourcing (BPO) service ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The middleoffice business process outsourcing (BPO) service market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) By Type: Portfolio Management; Trade Management; Other Types2) By Service Office: Insurance Business Process Outsourcing (BPO); Banking Business Process Outsourcing (BPO); Government; Knowledge Process Outsourcing Services; Other Middleoffice Business Process Outsourcing (BPO) Services.
3) By Vertical: Banking, Financial Services, And Insurance (BFSI); Manufacturing; Healthcare And Pharmaceuticals; Retail And Consumer Goods.
Key Companies Mentioned: Accenture PLC; International Business Machines Corporation; Hewlett Packard Enterprise Development LP; Tata Consultancy Services Limited; Capgemini SE
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Accenture PLC
- International Business Machines Corporation
- Hewlett Packard Enterprise Development LP
- Tata Consultancy Services Limited
- Capgemini SE
- NTT DATA Group Corporation
- Cognizant
- Infosys Limited
- ADP Inc.
- DXC Technology Company
- IQVIA Holdings Inc.
- HCL Technologies Limited
- State Street Corporation
- Atos SE
- Wipro Limited
- CGI Inc.
- Tech Mahindra Limited
- Concentrix Corporation
- Sopra Steria Group SA
- Genpact Limited
- UST Global Inc.
- Conduent Inc.
- Capita plc
- Sutherland Global Services Inc.
- Larsen & Toubro Infotech Limited
- Firstsource Solutions Limited
- Mphasis Limited
- ExlService Holdings Inc.
- Mindtree Limited
- WNS Global Services Inc.
- Hexaware Technologies Limited
Methodology
LOADING...
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 175 |
Published | April 2024 |
Forecast Period | 2024 - 2028 |
Estimated Market Value ( USD | $ 16.62 Billion |
Forecasted Market Value ( USD | $ 20.48 Billion |
Compound Annual Growth Rate | 5.4% |
Regions Covered | Global |