Back Office Outsourcing in Financial Services Market Scope
Back office outsourcing in financial services is the process in which the finance function of an organization is outsourced to a third-party service provider. An organization requires seamless coordination between different departments. It is usually a complicated process and involves a lot of time in the organization. Managing finance in an organization is a time-consuming process. Back-office outsourcing in financial services helps organizations to reduce the time-consuming process of managing finance
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Accenture (Ireland), Cognizant (United States), IBM (United States), Genpact (United States), Infosys (United States), Concentrix (United States), EXL Service (United States), Tata Consultancy Services (India) and Invensis (India) |
CAGR | % |
Global Back Office Outsourcing in Financial Services is a fragmented market due to the presence of various players. The players are focusing on investing more in Launching New Services. These will enhance their market presence. The companies are also planning strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge.
Accenture (Ireland), Cognizant (United States), IBM (United States), Genpact (United States), Infosys (United States), Concentrix (United States), EXL Service (United States), Tata Consultancy Services (India) and Invensis (India) are some of the key players that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Back Office Outsourcing in Financial Services market by Type and Region with country level break-up.
On the basis of geography, the market of Back Office Outsourcing in Financial Services has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2022.
Market Leaders and their expansionary development strategies
In 2020, Cognizant has acquired Collaborative Solutions, specializing in Workday enterprise cloud applications for finance and human resources. The acquisition will add new finance and HR advisory and implementation services to Cognizant’s cloud offerings
Green Domus Desenvolvimento Sustentável LTDA, a renowned sustainability consultancy with experience assisting clients with the design and implementation of a variety of sustainability services with a focus on quantifiable decarbonization techniques, has announced its intention to be acquired by Accenture
Influencing Trend:
Outsource Financial Services in Middle and Back Office Operations and Accounting Processes and Need for Greater Efficiency and Productivity
Market Growth Drivers:
Increasing Application of Back Office Outsourcing in Financial Services to Avoid Operational Risk by Standardizing Processes and Oversight
Challenges:
Lack of IT Infrastructure and High Attrition Levels and Employee Turnover in BPO Companies
Restraints:
Lack Management Skills to carry out the Responsibilities under Financial Outsourcing
Opportunities:
Growing Demand for Back Office Outsourcing in Financial Services to Increase Revenues for Businesses of all Sizes
Key Target Audience
Back Office Outsourcing in Financial Services Providers, New Entrants, Regulatory Bodies, Potential Investors, Research and Development Institutes and Others