Global outsourcing in BFSI sector forecast to hit USD $277B by 2020
Global outsourcing in the banking, financial services and insurance (BFSI) sector is expected to reach over USD277bn by 2020, with the insurance sector forecast to take up the majority share of the market. According to a report released by Technavio, outsourcing deals in the BFSI sector will increase during the forecast period due to a substantial rise in middle-office and back-office outsourcing and the growing need of companies to streamline business operations and gain competitive edge. In Asia, Technavio said the availability of a larger talent pool and high-quality service offerings will boost the market growth. However, the report warned that BPO destinations are now moving away from mature markets such as India, China and the Philippines to emerging locations such as Thailand and Indonesia.