Market Overview:
The global back office outsourcing in financial services market is expected to grow at a CAGR of 7.5% during the forecast period from 2018 to 2030. The market growth can be attributed to the increasing demand for cost-effective and efficient back office operations across different regions. Furthermore, the growing need for automation and digitization of processes is also contributing to the growth of this market. Based on type, the global back office outsourcing in financial services market can be segmented into hardware, software, and services. The hardware segment is expected to hold a major share of this market during the forecast period owing to its ability to provide high performance and efficiency in terms of processing power and storage capacity. By application, large players are expected to account for a majority share of this market during the forecast period as they require more sophisticated solutions that offer economies of scale benefits.
Product Definition:
Back office outsourcing is the contracting out of some or all back-office functions to a third party. The importance of back office outsourcing in financial services is that it can help reduce costs and improve efficiency.
Hardware:
Hardware is the tangible assets of an organization. It can be in the form of computers, laptops, tablets, smartphones and other communication devices. Hardware acts as a support system for software applications and helps organizations to carry out their day-to-day activities efficiently.
Software:
Software is a set of procedures, protocols and tools which are used to carry out an operation efficiently. In the financial services industry, software is used for various functions such as accounting, finance & billing processing and asset management among others. The software helps in improving operational efficiency by reducing manual efforts which results into reduced operating costs and increased productivity.
The global Back Office Outsourcing (BFO) market size was valued at USD 1,33 billion in 2015.
Application Insights:
The large players segment held the largest market share in 2017. This is attributed to the presence of a large number of financial institutions and rising demand for efficient back office operations. The small players segment is expected to exhibit lucrative growth over the forecast period owing to increasing penetration of technology in various financial services activities, including accounting, billing & accounts management, payment processing and trading & markets administration. Furthermore, growing adoption of cloud computing has enabled small banks and other similar organizations with limited IT resources to effectively manage their operations by outsourcing critical back office functions such as data processing and business analytics through remote working centers or virtual offices.
The middle-sized organizations are anticipated to witness considerable growth over the forecast period due to increased competition within their industry along with other industries that use similar processes such as BFSI or banking sector which drives high demand for efficient business practices resulting in higher adoption of technologies especially relatedto Outsourcing Back Office Services (OBS).
Regional Analysis:
North America is expected to be the key regional market over the forecast period owing to presence of a large number of financial institutions in this region. The U.S. and Canada are among top five countries with highest number of banks across the globe, thus making it one of the most competitive banking sectors globally, which is further fueling growth in North America back office outsourcing market.
Asia Pacific is projected to be fastest-growing regional market over the forecast period due to increasing adoption by medium and small scale players for cost reduction purposes as well as technological advancement in back office operations for enhanced customer service delivery model followed by these players i.e., omnichannel banking, advanced analytics etc.
Growth Factors:
- Increased focus on core business functions and cost optimization by financial institutions
- Proliferation of digital channels and technologies that have increased the demand for back-office support services
- The need for improved compliance with regulatory requirements
- The growth of outsourcing as a preferred mode of delivery for back-office services
- The increasing demand from customers for enhanced customer service
Scope Of The Report
Report Attributes
Report Details
Report Title
Back Office Outsourcing in Financial Services Market Research Report
By Type
Hardware, Software, Services
By Application
Large Players, Small Players
By Companies
Accenture, Infosys, TCS, Attra Infotech, Birlasoft, Capgemini, Cognizant, Dell, eClerx, Endava
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
192
Number of Tables & Figures
135
Customization Available
Yes, the report can be customized as per your need.
Global Back Office Outsourcing in Financial Services Market Report Segments:
The global Back Office Outsourcing in Financial Services market is segmented on the basis of:
Types
Hardware, Software, Services
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Large Players, Small Players
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Accenture
- Infosys
- TCS
- Attra Infotech
- Birlasoft
- Capgemini
- Cognizant
- Dell
- eClerx
- Endava
Highlights of The Back Office Outsourcing in Financial Services Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Hardware
- Software
- Services
- By Application:
- Large Players
- Small Players
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Back Office Outsourcing in Financial Services Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Back office outsourcing is the process of contracting with a third-party company to provide back-office functions such as accounting, human resources, and information technology (IT) support. Back office outsourcing can save financial institutions money by reducing the need for their own employees to perform these tasks.
Some of the key players operating in the back office outsourcing in financial services market are Accenture, Infosys, TCS, Attra Infotech, Birlasoft, Capgemini, Cognizant, Dell, eClerx, Endava.
The back office outsourcing in financial services market is expected to register a CAGR of 7.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Back Office Outsourcing in Financial Services Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Back Office Outsourcing in Financial Services Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Back Office Outsourcing in Financial Services Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Back Office Outsourcing in Financial Services Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Back Office Outsourcing in Financial Services Market Size & Forecast, 2018-2028
4.5.1 Back Office Outsourcing in Financial Services Market Size and Y-o-Y Growth
4.5.2 Back Office Outsourcing in Financial Services Market Absolute $ Opportunity
Chapter 5 Global Back Office Outsourcing in Financial Services Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Back Office Outsourcing in Financial Services Market Size Forecast by Type
5.2.1 Hardware
5.2.2 Software
5.2.3 Services
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Back Office Outsourcing in Financial Services Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Back Office Outsourcing in Financial Services Market Size Forecast by Applications
6.2.1 Large Players
6.2.2 Small Players
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Back Office Outsourcing in Financial Services Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Back Office Outsourcing in Financial Services Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Back Office Outsourcing in Financial Services Analysis and Forecast
9.1 Introduction
9.2 North America Back Office Outsourcing in Financial Services Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Back Office Outsourcing in Financial Services Market Size Forecast by Type
9.6.1 Hardware
9.6.2 Software
9.6.3 Services
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Back Office Outsourcing in Financial Services Market Size Forecast by Applications
9.10.1 Large Players
9.10.2 Small Players
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Back Office Outsourcing in Financial Services Analysis and Forecast
10.1 Introduction
10.2 Europe Back Office Outsourcing in Financial Services Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Back Office Outsourcing in Financial Services Market Size Forecast by Type
10.6.1 Hardware
10.6.2 Software
10.6.3 Services
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Back Office Outsourcing in Financial Services Market Size Forecast by Applications
10.10.1 Large Players
10.10.2 Small Players
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Back Office Outsourcing in Financial Services Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Back Office Outsourcing in Financial Services Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Back Office Outsourcing in Financial Services Market Size Forecast by Type
11.6.1 Hardware
11.6.2 Software
11.6.3 Services
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Back Office Outsourcing in Financial Services Market Size Forecast by Applications
11.10.1 Large Players
11.10.2 Small Players
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Back Office Outsourcing in Financial Services Analysis and Forecast
12.1 Introduction
12.2 Latin America Back Office Outsourcing in Financial Services Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Back Office Outsourcing in Financial Services Market Size Forecast by Type
12.6.1 Hardware
12.6.2 Software
12.6.3 Services
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Back Office Outsourcing in Financial Services Market Size Forecast by Applications
12.10.1 Large Players
12.10.2 Small Players
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Back Office Outsourcing in Financial Services Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Back Office Outsourcing in Financial Services Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Back Office Outsourcing in Financial Services Market Size Forecast by Type
13.6.1 Hardware
13.6.2 Software
13.6.3 Services
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Back Office Outsourcing in Financial Services Market Size Forecast by Applications
13.10.1 Large Players
13.10.2 Small Players
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Back Office Outsourcing in Financial Services Market: Competitive Dashboard
14.2 Global Back Office Outsourcing in Financial Services Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Accenture
14.3.2 Infosys
14.3.3 TCS
14.3.4 Attra Infotech
14.3.5 Birlasoft
14.3.6 Capgemini
14.3.7 Cognizant
14.3.8 Dell
14.3.9 eClerx
14.3.10 Endava
