Market Overview:
The global middleoffice BPO 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 outsourcing of middleoffice functions by organizations across different industries. The other segment is expected to grow at the highest CAGR during the forecast period, owing to the increasing demand for knowledge process outsourcing (KPO) services. In terms of region, North America is expected to hold the largest share of the global middleoffice BPO services market in 2018, followed by Europe and Asia Pacific. However, Asia Pacific is projected to witness highest growth rate during the forecast period due to rising adoption of BPO services by small and medium-sized enterprises in this region.
Product Definition:
A business process outsourcing (BPO) service that provides support and back-office functions for a company's front-office operations. The middle office BPO service provider typically offers services such as accounting and payroll, human resources, procurement, and information technology. By outsourcing these functions to a third party, companies can reduce operating costs while still maintaining the quality of their customer service.
Insurance BPO:
Insurance BPO is the office help desk services which are used to handle customer queries regarding insurance policies. It helps in claims processing, policy administration and other related activities. The main function of Insurance BPO is to assist customers with their queries regarding life & health cover, car/motorbike insurance, home contents etc., by providing information on time and helping them with the claims process efficiently.
Banking BPO:
BPO stands for Business Process Outsourcing and it is a form of office support service that helps an organization's back-office operations to run efficiently. It includes tasks such as accounting, billing & collection, human resource management, information technology (IT), legal & regulatory compliance, sales & marketing and others. BPO services are outsourced by an organization to reduce its operational costs.
Application Insights:
The BFSI application segment accounted for the largest revenue share in 2016 and is projected to continue leading over the forecast period. Middleoffice BPO services help financial institutions offer better customer service by automating complex processes, such as mortgage approvals and account openings. The industry witnessed tremendous growth in this sector due to increasing demand for online banking services coupled with a rise in number of banks and other financial institutions across the world.
Regional Analysis:
North America dominated the global market in 2017. The growth of this region can be attributed to the presence of a large number of service providers and increasing outsourcing activities in various industries, such as insurance, banking & financial services, government & defense, and other. Moreover, technological advancements for communication and collaboration are boosting the Middleoffice BPO market across North America.
Asia Pacific is expected to witness significant growth over the forecast period owing to several factors such as improving internet infrastructure; rising adoption of technology by SMEs; growing middle-class population with higher spending capacity; expanding retail sector due to rapid urbanization; increasing foreign direct investments (FDI) from developed economies like U.S., UK and Japan among others which are driving demand for business process outsourcing (BPO) services in this region at a significant pace compared to other regions globally.
Growth Factors:
- Increased demand for outsourcing services due to the need for cost-effective alternatives to in-house operations
- Rapid growth of the global middle-market and their increased demand for specialized services
- The continued globalization of business operations and the need for seamless communication across different time zones and cultures
- The increasing complexity of business processes and regulations, which necessitates greater efficiency and specialization in service delivery
- The growing trend towards cloud-based solutions that offer flexibility, scalability, and cost savings
Scope Of The Report
Report Attributes
Report Details
Report Title
Middleoffice BPO Services Market Research Report
By Type
Insurance BPO, Banking BPO, Knowledge Process Outsourcing Services, Other
By Application
BFSI, Education, Government, Manufacturing, Aerospace & Defense, IT & Telecommunication, Retail & Consumer Goods, Healthcare & Pharmaceuticals, Other
By Companies
Accenture, IBM, Capgemini, Cognizant, Mphasis, Capita, HP, State Street, HCL Technologies, ADP
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
155
Number of Tables & Figures
109
Customization Available
Yes, the report can be customized as per your need.
Global Middleoffice BPO Services Market Report Segments:
The global Middleoffice BPO Services market is segmented on the basis of:
Types
Insurance BPO, Banking BPO, Knowledge Process Outsourcing Services, Other
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
BFSI, Education, Government, Manufacturing, Aerospace & Defense, IT & Telecommunication, Retail & Consumer Goods, Healthcare & Pharmaceuticals, Other
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
- IBM
- Capgemini
- Cognizant
- Mphasis
- Capita
- HP
- State Street
- HCL Technologies
- ADP
Highlights of The Middleoffice BPO 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:
- Insurance BPO
- Banking BPO
- Knowledge Process Outsourcing Services
- Other
- By Application:
- BFSI
- Education
- Government
- Manufacturing
- Aerospace & Defense
- IT & Telecommunication
- Retail & Consumer Goods
- Healthcare & Pharmaceuticals
- Other
- 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 Middleoffice BPO 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.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
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?
Middleoffice BPO services are a type of outsourced customer service that provide support for customers who are not located in the same physical location as the company's headquarters. This type of service is often used by companies with multiple locations around the world, or by companies that need to outsource customer service but do not have enough staff to provide full-time support from their own offices.
Some of the major companies in the middleoffice bpo services market are Accenture, IBM, Capgemini, Cognizant, Mphasis, Capita, HP, State Street, HCL Technologies, ADP.
The middleoffice bpo services market is expected to grow at a compound annual growth rate of 7.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Middleoffice BPO 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 Middleoffice BPO Services Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Middleoffice BPO 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 Middleoffice BPO 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 Middleoffice BPO Services Market Size & Forecast, 2020-2028
4.5.1 Middleoffice BPO Services Market Size and Y-o-Y Growth
4.5.2 Middleoffice BPO Services Market Absolute $ Opportunity
Chapter 5 Global 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 Market Size Forecast by Type
5.2.1 Insurance BPO
5.2.2 Banking BPO
5.2.3 Knowledge Process Outsourcing Services
5.2.4 Other
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global 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 Market Size Forecast by Applications
6.2.1 BFSI
6.2.2 Education
6.2.3 Government
6.2.4 Manufacturing
6.2.5 Aerospace & Defense
6.2.6 IT & Telecommunication
6.2.7 Retail & Consumer Goods
6.2.8 Healthcare & Pharmaceuticals
6.2.9 Other
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Middleoffice BPO 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 Middleoffice BPO 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 Analysis and Forecast
9.1 Introduction
9.2 North America 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 Market Size Forecast by Type
9.6.1 Insurance BPO
9.6.2 Banking BPO
9.6.3 Knowledge Process Outsourcing Services
9.6.4 Other
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 Market Size Forecast by Applications
9.10.1 BFSI
9.10.2 Education
9.10.3 Government
9.10.4 Manufacturing
9.10.5 Aerospace & Defense
9.10.6 IT & Telecommunication
9.10.7 Retail & Consumer Goods
9.10.8 Healthcare & Pharmaceuticals
9.10.9 Other
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 Analysis and Forecast
10.1 Introduction
10.2 Europe 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 Market Size Forecast by Type
10.6.1 Insurance BPO
10.6.2 Banking BPO
10.6.3 Knowledge Process Outsourcing Services
10.6.4 Other
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 Market Size Forecast by Applications
10.10.1 BFSI
10.10.2 Education
10.10.3 Government
10.10.4 Manufacturing
10.10.5 Aerospace & Defense
10.10.6 IT & Telecommunication
10.10.7 Retail & Consumer Goods
10.10.8 Healthcare & Pharmaceuticals
10.10.9 Other
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 Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific 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 Market Size Forecast by Type
11.6.1 Insurance BPO
11.6.2 Banking BPO
11.6.3 Knowledge Process Outsourcing Services
11.6.4 Other
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 Market Size Forecast by Applications
11.10.1 BFSI
11.10.2 Education
11.10.3 Government
11.10.4 Manufacturing
11.10.5 Aerospace & Defense
11.10.6 IT & Telecommunication
11.10.7 Retail & Consumer Goods
11.10.8 Healthcare & Pharmaceuticals
11.10.9 Other
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 Analysis and Forecast
12.1 Introduction
12.2 Latin America 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 Market Size Forecast by Type
12.6.1 Insurance BPO
12.6.2 Banking BPO
12.6.3 Knowledge Process Outsourcing Services
12.6.4 Other
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 Market Size Forecast by Applications
12.10.1 BFSI
12.10.2 Education
12.10.3 Government
12.10.4 Manufacturing
12.10.5 Aerospace & Defense
12.10.6 IT & Telecommunication
12.10.7 Retail & Consumer Goods
12.10.8 Healthcare & Pharmaceuticals
12.10.9 Other
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) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) 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) Market Size Forecast by Type
13.6.1 Insurance BPO
13.6.2 Banking BPO
13.6.3 Knowledge Process Outsourcing Services
13.6.4 Other
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) Market Size Forecast by Applications
13.10.1 BFSI
13.10.2 Education
13.10.3 Government
13.10.4 Manufacturing
13.10.5 Aerospace & Defense
13.10.6 IT & Telecommunication
13.10.7 Retail & Consumer Goods
13.10.8 Healthcare & Pharmaceuticals
13.10.9 Other
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 Middleoffice BPO Services Market: Competitive Dashboard
14.2 Global Middleoffice BPO Services Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Accenture
14.3.2 IBM
14.3.3 Capgemini
14.3.4 Cognizant
14.3.5 Mphasis
14.3.6 Capita
14.3.7 HP
14.3.8 State Street
14.3.9 HCL Technologies
14.3.10 ADP
