The middleoffice business process outsourcing (bpo) service global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Middleoffice Business Process Outsourcing (BPO) Service Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The middleoffice business process outsourcing (BPO) Service market size has grown strongly in recent years. It will grow from $15.61 billion in 2023 to $16.62 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to growing emphasis on risk management is boosting the market growth, growing demand for specialized services, increasing demand for cost-effective outsourcing solutions, rising regulatory compliance requirements in various industries, increasing complexity of middle-office processes.
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 growth in the forecast period can be attributed to incorporating digital technologies and gaining efficiency is a significant aim for companies, increasing focus on cost optimization, growing focus on core business functions among companies, expansion of financial services and investment firms, demand for risk management and regulatory reporting services. Major trends in the forecast period include advancements in automation and artificial intelligence, integration of artificial intelligence (AI) and machine learning (ML) technologies for predictive analytics in middle-office functions, global expansion, customer-centric strategies, technological advancements.
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Scope Of Middleoffice Business Process Outsourcing (BPO) Service Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Middleoffice Business Process Outsourcing (BPO) Service Market Overview
Market Drivers –
The growing need for data security is expected to propel the growth of the middle-office BPO service market going forward. The need for data security refers to the critical requirement to protect sensitive information against unauthorized access, disclosure, change, or destruction. The demand for data security measures is rising due to several factors, such as the growing volume of data, remote work and cloud adoption, the increasing proliferation of cyber threats, and heightened privacy expectations. BPO service providers ensure the secure management and processing of sensitive information in compliance with client specifications and regulatory standards by implementing strong data security policies and best practices. Furthermore, BPO providers use data loss prevention (DLP) solutions to avoid inadvertent or intentional data leaks by monitoring and managing data transit across networks, endpoints, and cloud environments. For instance, in October 2022, according to McKinsey & Company, a US-based strategy and management consulting firm, organizations around the world spent around $150 billion in 2021 on cybersecurity, growing by 12.4% annually. Therefore, the growing need for data security and privacy measures is driving the growth of the middle-office BPO service market.
Market Trends –
Major companies operating in the middleoffice BPO service market are focused on adopting strategic collaborations to gain a competitive edge in the market. BPO service providers collaborate with technology vendors to implement cutting-edge tools and platforms for data processing, analytics, automation, and cybersecurity. These agreements allow BPO firms to provide new solutions and services to their clients, improve operational efficiency, and remain ahead of industry trends. For instance, in January 2023, LiquidX Inc., a US-based financial technology solutions provider, in partnership with Broadridge Financial Solutions, a US-based corporate services and financial technology company, launched InBlock TradeOps, a brand new tool that offers solutions for back and middle offices in trade finance. It is the first comprehensive solution that focuses on lending and investing in this multi-trillion-dollar credit asset class while removing all operational obstacles. We are proud of TradeOps’ flexible pricing and servicing approach that scales with the investor’s assets, allowing them to operate smarter, faster, and cheaper with higher investment returns. This strategic alliance enabled LiquidX to leverage Broadridge’s global contacts, acquire new customers, and connect finance and treasury experts with asset management, bank, and corporate clients.
The middleoffice business process outsourcing (BPO) service market covered in this report is segmented –
1) By Type: Portfolio Management, Trade Management, Other Types
2) 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
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Regional Insights –
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.
Key Companies –
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
Table of Contents
1. Executive Summary
2. Middleoffice Business Process Outsourcing (BPO) Service Market Report Structure
3. Middleoffice Business Process Outsourcing (BPO) Service Market Trends And Strategies
4. Middleoffice Business Process Outsourcing (BPO) Service Market – Macro Economic Scenario
5. Global Middleoffice Business Process Outsourcing (BPO) Service Market Size and Growth
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32. Global Middleoffice Business Process Outsourcing (BPO) Service Market Competitive Benchmarking
33. Global Middleoffice Business Process Outsourcing (BPO) Service Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Middleoffice Business Process Outsourcing (BPO) Service Market
35. Middleoffice Business Process Outsourcing (BPO) Service Market Future Outlook and Potential Analysis
36. Appendix
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