Table of Contents
Historical Data, Premium Insights, Market Dynamic, Analysis and Projection, By Product, Analysis and Projection, By Application, Analysis and Projection, By End-Use, Analysis and Projection, By Regional Analysis, Competitive Landscape, Company Profiles, Market Revenue, Sale & Price Analysis
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According to a research report published by Spherical Insights & Consulting, The Global Back Office Outsourcing in the financial Services Market Size is Expected to Grow from USD 133.08 Billion in 2023 to USD 322.07 Billion by 2033, at a CAGR of 9.24% during the forecast period 2023-2033.
Browse 210 market data Tables and 45 Figures spread through 190 Pages and in-depth TOC on the Global Back Office Outsourcing in the financial Services Market Size, Share, and COVID-19 Impact Analysis, By The financial Institution Type (Banks, Insurance Companies, Asset Management, Wealth Management, Payment Processors, and Credit Unions), By End-User Location (Onshore Outsourcing, Nearshore Outsourcing, and Offshore Outsourcing), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.
The global back office outsourcing in the financial services market refers to the international market focused on the contracting of back-office operations within the financial institutions to third-party service providers. These outsourced tasks typically include non-customer-facing administrative and support functions. Furthermore, the global back office outsourcing in the financial services market is driven by cost reduction needs, focus on core business functions, digital transformation, and regulatory compliance demands. Enhanced efficiency, scalability, and access to skilled talent in emerging markets further propel growth. Additionally, automation, AI, and cloud computing advancements support seamless outsourcing operations, boosting demand across banking, insurance, and investment sectors. However, restraining factors include data security concerns, regulatory compliance complexities, loss of control over processes, communication barriers, and resistance to change within organizations, impacting adoption and efficiency of outsourcing solutions.
The asset management segment accounted for the largest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period.
On the basis of the financial institution type, the global back office outsourcing in the financial services market is segmented into banks, insurance companies, asset management, wealth management, payment processors, and credit unions. Among these, the asset management segment accounted for the largest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period. The segmental growth is attributed to the increasing demand for efficient portfolio management, rising global wealth, and growing institutional investments. Technological advancements and outsourcing for cost efficiency further drive its projected high CAGR.
The onshore outsourcing segment accounted for the largest share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period.
On the basis of the end-user location, the global back office outsourcing in the financial services market is divided into onshore outsourcing, nearshore outsourcing, and offshore outsourcing. Among these, the onshore outsourcing segment accounted for the largest share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period. The segmental growth is ascribed to enhanced regulatory compliance, data security, and improved communication with local vendors. Its growth is driven by increasing preference for proximity, cultural alignment, and faster issue resolution, making it a reliable choice for the financial services seeking efficiency and control during the forecast period.
North America is projected to hold the largest share of the global back office outsourcing in the financial services market over the forecast period.
North America is projected to hold the largest share of the global back office outsourcing in the financial services market over the forecast period. The regional growth is ascribed to its advanced the financial infrastructure, high adoption of outsourcing services, and strong presence of leading the financial institutions. Favorable regulatory frameworks, skilled workforce, and increasing demand for cost-efficient operations further boost regional growth. Technological innovations and strategic partnerships also enhance North America’s dominance in the market.
Asia Pacific is expected to grow at the fastest CAGR in the global back office outsourcing in the financial services market during the forecast period. The regional growth is attributed to its cost-effective labor, expanding the financial sector, and increasing digitalization. The region's skilled workforce, supportive government policies, and rapid adoption of advanced technologies attract global firms. Additionally, rising demand for scalable outsourcing solutions from emerging economies like India, China, and the Philippines fuels this accelerated growth.
Company Profiling
Major vendors in the global back office outsourcing in the financial services market are Accenture, Infosys, TCS, Cognizant, IBM, Wipro, Capgemini, Genpact, EXL Service, HCL Technologies, Sutherland, Mphasis, Account processing, Billing and invoicing, Customer service, Data entry, Fraud detection, Human resources, Information technology (IT) support, Payroll processing, Risk management, Transaction processing, Attra Infotech, Birlasoft, Dell, eClerx, Endava, Hexaware Technologies Limited, Infosys BPM Limited, Mastek Limited, Steria, WNS Global Services Limited, Xerox, and others.
Key Target Audience
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global back office outsourcing in the financial services market based on the below-mentioned segments:
Global Back Office Outsourcing in the financial Services Market, By The financial Institution Type
Global Back Office Outsourcing in the financial Services Market, By End-User Location
Global Back Office Outsourcing in the financial Services Market, By Regional
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