Middleoffice BPO Services Market Going to Touch at Value of US$ 437,000 Mn revenues by 2022
Persistence Market Research (PMR), in its recently published report, projects the global middleoffice BPO services market to register nearly 10% CAGR during the forecast period 2017 to 2022. Revenues from the global middleoffice BPO services market are estimated to surpass US$ 400,000 Mn by 2022-end.
Robust expansion of data, demand from internal as well as external stakeholders, increased profit pressures, and compliance requirements have resulted into an unprecedented transformation of the middle office. This has further resulted into extension of the concept of outsourcing to functions of middleoffice, which was earlier restricted to functions of back office.
Data regulation & privacy are key aspects for success of the middleoffice BPO services. Popularity of middleoffice BPO services is soaring higher among asset managers, who help their clients in maximizing their investment returns.
Different stakeholders are involved in middleoffice BPO services, including brokers, custodians, and various third parties, leading towards an increased manual intervention. Owing to this, demand for automation of workflow processes increases considerably, which can easily be fulfilled by middleoffice BPO services.
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Establishing the single source of data that offers seamless flow of processes is imperative for asset managers, which in turn compels the middleoffice administrator to effectively communicate with front office. It is important for the middleoffice administrators to make robust workflow technology, and the specialist staff expertise a high priority.
Asset managers gain various operational benefits from middleoffice BPO services, such as highly accurate predictions in costing, along with cost savings. Middleoffice BPO services have gained momentum over the past few years, owing to operating compulsions, and requirement for asset managers in focusing on the investment management’s core competency, Middleoffice BPO services are gaining higher traction, on the back of increased investments across the globe, which in turn needs proper management of rapid data flow from middleoffice functions.
Middleoffice BPO services sustain the reputation of asset managers by eliminating errors in the data, as it may result into delays in reporting, or wrong investment decisions.
Manufacturing is anticipated to remain the most lucrative vertical in the global middleoffice BPO services market, with revenues estimated to surpass US$ 80,000 Mn by 2022-end. Compared to manufacturing, BFSI is projected to register a comparatively higher CAGR in the market through 2022.
Healthcare & pharmaceuticals, and retail & consumer goods are expected to remain the fastest growing verticals in the global middleoffice BPO services market.
Asia-Pacific excluding Japan (APEJ) will continue to be the fastest expanding market for middleoffice BPO services. Revenues from the market in APEJ are estimated to exceed US$ 60,000 Mn by 2022-end.
North America is expected to remain dominant in the global middleoffice BPO services market. In addition, Europe will account for over one-fourth revenue share of the market over the forecast period.
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By service type, banking BPO service is anticipated to retain its dominance in the global market for middleoffice BPO services. Revenues from banking BPO service segment are projected to account for nearly half share of the market throughout the forecast period.
In addition, Insurance BPO service is projected to witness the fastest expansion in the market through 2022, followed by government service. Although knowledge process outsourcing service is expected to account for a lower market revenue share, it is projected to register an impressive expansion through 2022.
Leading companies in the global market for middleoffice BPO services are now concentrating on developing a highly integrated platform for middle-to-back office. These companies are also shifting their focus towards replacement of offline & unscalable solutions.
Key companies profiled by PMR’s report include ADP LLC, State Street Corporation, HCL Technologies, Hewlett Packard Enterprise Company, Capita PLC, Mphasis Ltd., Cognizant Technology Solutions Corp, Capgemini, International Business Machines Corporation, and Accenture PLC.
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