NEW YORK, Nov. 3, 2022 /PRNewswire/ -- The "Outsourcing Market In BFSI Sector Market by Type (ITO and BPO) and Geography (North America, Europe, APAC, Middle East and Africa, and South America) - Forecast and Analysis 2022-2026" report has been added to Technavio's offering. With ISO 9001:2015 certification, Technavio is proudly partnering with more than 100 Fortune 500 companies for over 16 years.
The potential growth difference for the outsourcing market in the BFSI sector market between 2021 and 2026 is USD 31.15 billion. To get the exact yearly growth variance and the Y-O-Y growth rate, Request a FREE PDF Sample Report.
Key Market Dynamics:
- Market Driver: The growing need to comply with regulatory standards is one of the key factors driving the global outsourcing market in the BFSI sector market growth. The need to adhere to regulatory standards is a key factor driving the growth of this market. The BFSI sector is witnessing massive regulatory changes, which has resulted in increased demand for regulatory compliance and transparency in this sector. Outsourcing makes it easier for companies to focus on their core competencies and also aids in managing the uncertainty caused by changing market regulations besides having a minimal impact on the business. Such factors are expected to drive the growth of the global outsourcing market in the BFSI sector market during the forecast period.
- Market Challenges: The growing concerns over data breaches are the major challenge to the global outsourcing market in BFSI sector market growth. Data security and data privacy have always been key concerns for outsourcing companies. With increasing technological advances and the rising use of Internet services across the world, the safety of customer data is becoming crucial. Data breaches will be a major challenge for the global outsourcing market in the BFSI sector during the forecast period. A data breach can tarnish the reputation of individuals and organizations. Hence, data breaches may hamper the growth of the global outsourcing market in the BFSI sector market during the forecast period.
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Vendor Landscape
The global outsourcing market in the BFSI sector is highly fragmented due to the presence of large and small players. The key players in the market include Dell Inc, Wipro Ltd, Accenture PLC, HCL Technologies Limited, Unisys Corporation, CGI Global Inc. The competition in this market is anticipated to intensify with more numbers of players entering the market space. Vendors in the market are constantly looking for ways to increase their market share through partnerships and strategic acquisitions. They are focusing on differentiating themselves by offering innovative, cost-effective, and outcome-based solutions such as business process as a service (BaaS). Such factors will help the vendors to sustain themselves in the competitive environment and are expected to drive the growth of the global outsourcing market in the BFSI sector during the forecast period.
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Market Segmentation
The outsourcing market in the BFSI sector market report is segmented by type (ITO and BPO) and Geography (North America, Europe, APAC, Middle East and Africa, and South America). North America will be the leading region with 40% of the market's growth during the forecast period. The US is the key market for outsourcing in the BFSI sector in North America.
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Some Companies Mentioned with their Offerings
- Accenture Plc
- Beyondsoft Corp
- CGI INC
- Cognizant Technology Solutions Corp.
- Dell Technologies Inc.
- eClerx Services Ltd.
- EPAM Systems Inc.
- ExlService Holdings Inc.
- Genpact Ltd.
- HCL Technologies Ltd.
- Infosys Ltd.
- International Business Machines Corp.
- ITC Ltd.
- Larsen and Toubro Ltd.
- Mahindra and Mahindra Ltd.
- Unisys Corp.
- Valores Corporativos Softtek S.A. de C.V.
- Virtusa Corp.
- Wipro Ltd.
- WNS Holdings Ltd.
- Xerox Holdings Corp.
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Related Reports:
IT business process outsourcing (BPO) market by Type and Geography – Forecast and Analysis 2022-2026: The IT business process outsourcing (BPO) market share is expected to increase by USD 281.25 billion from 2021 to 2026.
IT outsourcing market by Service and Geography – Forecast and Analysis 2022-2026: The IT outsourcing market share is expected to increase by USD 117.24 million from 2021 to 2026.
Outsourcing Market In BFSI Sector Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.89% |
Market growth 2022-2026 |
USD 31.15 billion |
Market structure |
Fragmented |
YoY growth (%) |
4.51 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 40% |
Key consumer countries |
US, China, Japan, UK, and Germany |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
Accenture Plc, Beyondsoft Corp, CGI INC, Cognizant Technology Solutions Corp., Dell Technologies Inc., eClerx Services Ltd., EPAM Systems Inc., ExlService Holdings Inc., Genpact Ltd., HCL Technologies Ltd., Infosys Ltd., International Business Machines Corp., ITC Ltd., Larsen and Toubro Ltd., Mahindra and Mahindra Ltd., Unisys Corp., Valores Corporativos Softtek S.A. de C.V., Virtusa Corp., Wipro Ltd., WNS Holdings Ltd., and Xerox Holdings Corp. |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table of Contents:
1 Executive Summary
- 1.1 Market Overview
- Exhibit 01: Executive Summary – Chart on Market Overview
- Exhibit 02: Executive Summary – Data Table on Market Overview
- Exhibit 03: Executive Summary – Chart on Global Market Characteristics
- Exhibit 04: Executive Summary – Chart on Market by Geography
- Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
- Exhibit 06: Executive Summary – Chart on Incremental Growth
- Exhibit 07: Executive Summary – Data Table on Incremental Growth
- Exhibit 08: Executive Summary – Chart on Vendor Market Positioning
2 Market Landscape
- 2.1 Market ecosystem
- Exhibit 09: Parent market
- Exhibit 10: Market Characteristics
3 Market Sizing
- 3.1 Market Definition
- Exhibit 11: Offerings of vendors included in the market definition
- 3.2 Market segment analysis
- Exhibit 12: Market segments
- 3.3 Market size 2021
- 3.4 Market outlook: Forecast for 2021-2026
- Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ billion)
- Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ billion)
- Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
- Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)
4 Five Forces Analysis
- 4.1 Five forces summary
- Exhibit 17: Five forces analysis - Comparison between 2021 and 2026
- 4.2 Bargaining power of buyers
- Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026
- 4.3 Bargaining power of suppliers
- Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
- 4.4 Threat of new entrants
- Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026
- 4.5 Threat of substitutes
- Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026
- 4.6 Threat of rivalry
- Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026
- 4.7 Market condition
- Exhibit 23: Chart on Market condition - Five forces 2021 and 2026
5 Market Segmentation by Type
- 5.1 Market segments
- Exhibit 24: Chart on Type - Market share 2021-2026 (%)
- Exhibit 25: Data Table on Type - Market share 2021-2026 (%)
- 5.2 Comparison by Type
- Exhibit 26: Chart on Comparison by Type
- Exhibit 27: Data Table on Comparison by Type
- 5.3 ITO - Market size and forecast 2021-2026
- Exhibit 28: Chart on ITO - Market size and forecast 2021-2026 ($ billion)
- Exhibit 29: Data Table on ITO - Market size and forecast 2021-2026 ($ billion)
- Exhibit 30: Chart on ITO - Year-over-year growth 2021-2026 (%)
- Exhibit 31: Data Table on ITO - Year-over-year growth 2021-2026 (%)
- 5.4 BPO - Market size and forecast 2021-2026
- Exhibit 32: Chart on BPO - Market size and forecast 2021-2026 ($ billion)
- Exhibit 33: Data Table on BPO - Market size and forecast 2021-2026 ($ billion)
- Exhibit 34: Chart on BPO - Year-over-year growth 2021-2026 (%)
- Exhibit 35: Data Table on BPO - Year-over-year growth 2021-2026 (%)
- 5.5 Market opportunity by Type
- Exhibit 36: Market opportunity by Type ($ billion)
6 Customer Landscape
- 6.1 Customer landscape overview
- Exhibit 37: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
7 Geographic Landscape
- 7.1 Geographic segmentation
- Exhibit 38: Chart on Market share by geography 2021-2026 (%)
- Exhibit 39: Data Table on Market share by geography 2021-2026 (%)
- 7.2 Geographic comparison
- Exhibit 40: Chart on Geographic comparison
- Exhibit 41: Data Table on Geographic comparison
- 7.3 North America - Market size and forecast 2021-2026
- Exhibit 42: Chart on North America - Market size and forecast 2021-2026 ($ billion)
- Exhibit 43: Data Table on North America - Market size and forecast 2021-2026 ($ billion)
- Exhibit 44: Chart on North America - Year-over-year growth 2021-2026 (%)
- Exhibit 45: Data Table on North America - Year-over-year growth 2021-2026 (%)
- 7.4 Europe - Market size and forecast 2021-2026
- Exhibit 46: Chart on Europe - Market size and forecast 2021-2026 ($ billion)
- Exhibit 47: Data Table on Europe - Market size and forecast 2021-2026 ($ billion)
- Exhibit 48: Chart on Europe - Year-over-year growth 2021-2026 (%)
- Exhibit 49: Data Table on Europe - Year-over-year growth 2021-2026 (%)
- 7.5 APAC - Market size and forecast 2021-2026
- Exhibit 50: Chart on APAC - Market size and forecast 2021-2026 ($ billion)
- Exhibit 51: Data Table on APAC - Market size and forecast 2021-2026 ($ billion)
- Exhibit 52: Chart on APAC - Year-over-year growth 2021-2026 (%)
- Exhibit 53: Data Table on APAC - Year-over-year growth 2021-2026 (%)
- 7.6 Middle East and Africa - Market size and forecast 2021-2026
- Exhibit 54: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ billion)
- Exhibit 55: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ billion)
- Exhibit 56: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
- Exhibit 57: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)
- 7.7 South America - Market size and forecast 2021-2026
- Exhibit 58: Chart on South America - Market size and forecast 2021-2026 ($ billion)
- Exhibit 59: Data Table on South America - Market size and forecast 2021-2026 ($ billion)
- Exhibit 60: Chart on South America - Year-over-year growth 2021-2026 (%)
- Exhibit 61: Data Table on South America - Year-over-year growth 2021-2026 (%)
- 7.8 US - Market size and forecast 2021-2026
- Exhibit 62: Chart on US - Market size and forecast 2021-2026 ($ billion)
- Exhibit 63: Data Table on US - Market size and forecast 2021-2026 ($ billion)
- Exhibit 64: Chart on US - Year-over-year growth 2021-2026 (%)
- Exhibit 65: Data Table on US - Year-over-year growth 2021-2026 (%)
- 7.9 UK - Market size and forecast 2021-2026
- Exhibit 66: Chart on UK - Market size and forecast 2021-2026 ($ billion)
- Exhibit 67: Data Table on UK - Market size and forecast 2021-2026 ($ billion)
- Exhibit 68: Chart on UK - Year-over-year growth 2021-2026 (%)
- Exhibit 69: Data Table on UK - Year-over-year growth 2021-2026 (%)
- 7.10 Germany - Market size and forecast 2021-2026
- Exhibit 70: Chart on Germany - Market size and forecast 2021-2026 ($ billion)
- Exhibit 71: Data Table on Germany - Market size and forecast 2021-2026 ($ billion)
- Exhibit 72: Chart on Germany - Year-over-year growth 2021-2026 (%)
- Exhibit 73: Data Table on Germany - Year-over-year growth 2021-2026 (%)
- 7.11 China - Market size and forecast 2021-2026
- Exhibit 74: Chart on China - Market size and forecast 2021-2026 ($ billion)
- Exhibit 75: Data Table on China - Market size and forecast 2021-2026 ($ billion)
- Exhibit 76: Chart on China - Year-over-year growth 2021-2026 (%)
- Exhibit 77: Data Table on China - Year-over-year growth 2021-2026 (%)
- 7.12 Japan - Market size and forecast 2021-2026
- Exhibit 78: Chart on Japan - Market size and forecast 2021-2026 ($ billion)
- Exhibit 79: Data Table on Japan - Market size and forecast 2021-2026 ($ billion)
- Exhibit 80: Chart on Japan - Year-over-year growth 2021-2026 (%)
- Exhibit 81: Data Table on Japan - Year-over-year growth 2021-2026 (%)
- 7.13 Market opportunity by geography
- Exhibit 82: Market opportunity by geography ($ billion)
8 Drivers, Challenges, and Trends
- 8.1 Market drivers
- 8.2 Market challenges
- 8.3 Impact of drivers and challenges
- Exhibit 83: Impact of drivers and challenges in 2021 and 2026
- 8.4 Market trends
9 Vendor Landscape
- 9.1 Overview
- 9.2 Vendor landscape
- Exhibit 84: Overview on Criticality of inputs and Factors of differentiation
- 9.3 Landscape disruption
- Exhibit 85: Overview on factors of disruption
- 9.4 Industry risks
- Exhibit 86: Impact of key risks on business
10 Vendor Analysis
- 10.1 Vendors covered
- Exhibit 87: Vendors covered
- 10.2 Market positioning of vendors
- Exhibit 88: Matrix on vendor position and classification
- 10.3 Accenture Plc
- Exhibit 89: Accenture Plc - Overview
- Exhibit 90: Accenture Plc - Business segments
- Exhibit 91: Accenture Plc - Key news
- Exhibit 92: Accenture Plc - Key offerings
- Exhibit 93: Accenture Plc - Segment focus
- 10.4 CGI INC
- Exhibit 94: CGI INC - Overview
- Exhibit 95: CGI INC - Business segments
- Exhibit 96: CGI INC - Key news
- Exhibit 97: CGI INC - Key offerings
- Exhibit 98: CGI INC - Segment focus
- 10.5 Cognizant Technology Solutions Corp.
- Exhibit 99: Cognizant Technology Solutions Corp. - Overview
- Exhibit 100: Cognizant Technology Solutions Corp. - Business segments
- Exhibit 101: Cognizant Technology Solutions Corp. - Key news
- Exhibit 102: Cognizant Technology Solutions Corp. - Key offerings
- Exhibit 103: Cognizant Technology Solutions Corp. - Segment focus
- 10.6 Dell Technologies Inc.
- Exhibit 104: Dell Technologies Inc. - Overview
- Exhibit 105: Dell Technologies Inc. - Business segments
- Exhibit 106: Dell Technologies Inc. - Key news
- Exhibit 107: Dell Technologies Inc. - Key offerings
- Exhibit 108: Dell Technologies Inc. - Segment focus
- 10.7 Genpact Ltd.
- Exhibit 109: Genpact Ltd. - Overview
- Exhibit 110: Genpact Ltd. - Business segments
- Exhibit 111: Genpact Ltd. - Key news
- Exhibit 112: Genpact Ltd. - Key offerings
- Exhibit 113: Genpact Ltd. - Segment focus
- 10.8 HCL Technologies Ltd.
- Exhibit 114: HCL Technologies Ltd. - Overview
- Exhibit 115: HCL Technologies Ltd. - Business segments
- Exhibit 116: HCL Technologies Ltd. - Key offerings
- Exhibit 117: HCL Technologies Ltd. - Segment focus
- 10.9 Infosys Ltd.
- Exhibit 118: Infosys Ltd. - Overview
- Exhibit 119: Infosys Ltd. - Business segments
- Exhibit 120: Infosys Ltd. - Key news
- Exhibit 121: Infosys Ltd. - Key offerings
- Exhibit 122: Infosys Ltd. - Segment focus
- 10.10 International Business Machines Corp.
- Exhibit 123: International Business Machines Corp. - Overview
- Exhibit 124: International Business Machines Corp. - Business segments
- Exhibit 125: International Business Machines Corp. - Key offerings
- Exhibit 126: International Business Machines Corp. - Segment focus
- 10.11 Unisys Corp.
- Exhibit 127: Unisys Corp. - Overview
- Exhibit 128: Unisys Corp. - Business segments
- Exhibit 129: Unisys Corp. - Key news
- Exhibit 130: Unisys Corp. - Key offerings
- Exhibit 131: Unisys Corp. - Segment focus
- 10.12 Wipro Ltd.
- Exhibit 132: Wipro Ltd. - Overview
- Exhibit 133: Wipro Ltd. - Business segments
- Exhibit 134: Wipro Ltd. - Key news
- Exhibit 135: Wipro Ltd. - Key offerings
- Exhibit 136: Wipro Ltd. - Segment focus
11 Appendix
- 11.1 Scope of the report
- 11.2 Inclusions and exclusions checklist
- Exhibit 137: Inclusions checklist
- Exhibit 138: Exclusions checklist
- 11.3 Currency conversion rates for US$
- Exhibit 139: Currency conversion rates for US$
- 11.4 Research methodology
- Exhibit 140: Research methodology
- Exhibit 141: Validation techniques employed for market sizing
- Exhibit 142: Information sources
- 11.5 List of abbreviations
- Exhibit 143: List of abbreviations
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