North America Insurance BPO Services Market 2022-2032 by Service Type, Insurance Type, Operation, Deployment Type, Application, Organization Size, and Country: Trend Forecast and Growth Opportunity
North America insurance BPO services market is projected to grow by 5.7% annually in the forecast period and reach $16,314.9 million by 2032
- Bonafide Trust
- 30-04-2023
- Pages : 108
- Figures : 52
- Tables : 25
- Region : North America
- Category : Consumer Goods & Services
- Services
North America insurance BPO services market is projected to grow by 5.7% annually in the forecast period and reach $16,314.9 million by 2032, driven by the increasing importance of insurance BPO service, rising trends in the contract values of insurance BPO providers, growing digitalization and increased demand for high-quality services at a lower cost, a rising adoption of cloud-based solutions & increasing demand for specialized solutions by BPOs, and an increasing customer demand for best-in-class insurance service. Highlighted with 25 tables and 52 figures, this 108-page report “North America Insurance BPO Services Market 2022-2032 by Service Type, Insurance Type, Operation, Deployment Type, Application, Organization Size, and Country: Trend Forecast and Growth Opportunity” is based on a comprehensive research of the entire North America insurance BPO services market and all its sub-segments through extensively detailed classifications. Profound analysis and assessment are generated from premium primary and secondary information sources with inputs derived from industry professionals across the value chain. The report is based on studies on 2020-2022 and provides forecast from 2023 till 2032 with 2022 as the base year. (Please note: The report will be updated before delivery so that the latest historical year is the base year and the forecast covers at least 5 years over the base year.) In-depth qualitative analyses include identification and investigation of the following aspects: • Market Structure • Growth Drivers • Restraints and Challenges • Emerging Product Trends & Market Opportunities • Porter’s Fiver Forces The trend and outlook of North America market is forecast in optimistic, balanced, and conservative view by taking into account of COVID-19 and Russia-Ukraine conflict. The balanced (most likely) projection is used to quantify North America insurance BPO services market in every aspect of the classification from perspectives of Service Type, Insurance Type, Operation, Deployment Type, Application, Organization Size, and Country.
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Download SampleBased on Service Type, the North America market is segmented into the following sub-markets with annual revenue ($ mn) for 2022-2032 included in each section. • Human Resource Outsourcing Services • IT Services • Underwriting Services • Customer Care Services • Finance and Accounting Services Based on Insurance Type, the North America market is segmented into the following sub-markets with annual revenue ($ mn) for 2022-2032 included in each section. • Life and Annuity Insurance • Property and Casualty Insurance By Operation, the North America market is segmented into the following sub-markets with annual revenue ($ mn) for 2022-2032 included in each section. • Claims Management • Administration • Asset Management • Development • Marketing • Other Operations
By Deployment Type, the North America market is segmented into the following sub-markets with annual revenue ($ mn) for 2022-2032 included in each section. • On-Premises • Cloud-based By Application, the North America market is segmented into the following sub-markets with annual revenue ($ mn) for 2022-2032 included in each section. • BFSI • Healthcare • Manufacturing • Retail • IT & Telecom • Other Applications By Organization Size, the North America market is segmented into the following sub-markets with annual revenue ($ mn) for 2022-2032 included in each section. • SMEs • Large Enterprises
Geographically, the following national/local markets are fully investigated: • U.S. • Canada • Mexico For each key country, detailed analysis and data for annual revenue ($ mn) are available for 2022-2032. The breakdown of national markets by Service Type, Insurance Type, and Application over the forecast years are also included. The report also covers the current competitive scenario and the predicted trend; and profiles key vendors including market leaders and important emerging players. Selected Key Players: Accenture PLC Cogneesol Cognizant Technology Solutions Corporation Dell Technologies, Inc. DXC Technology Company EXL Service Holdings, Inc. Genpact Limited HCL Technologies Limited Infosys Limited Mphasis Limited Syntel Water Street Company Wipro Limited WNS North America Services Private Limited (Please note: The report will be updated before delivery so that the latest historical year is the base year and the forecast covers at least 5 years over the base year.)
Table of Contents
- 1 Introduction 7
- 1.1 Industry Definition and Research Scope 7
- 1.1.1 Industry Definition 7
- 1.1.2 Research Scope 8
- 1.2 Research Methodology 11
- 1.2.1 Overview of Market Research Methodology 11
- 1.2.2 Market Assumption 12
- 1.2.3 Secondary Data 12
- 1.2.4 Primary Data 12
- 1.2.5 Data Filtration and Model Design 13
- 1.2.6 Market Size/Share Estimation 14
- 1.2.7 Research Limitations 15
- 1.3 Executive Summary 16
- 2 Market Overview and Dynamics 19
- 2.1 Market Size and Forecast 19
- 2.1.1 Impact of COVID-19 on World Economy 20
- 2.1.2 Impact of COVID-19 on the Market 23
- 2.1.3 Impact of Russia-Ukraine Conflict: War Slows Economic Recovery 25
- 2.2 Major Growth Drivers 29
- 2.3 Market Restraints and Challenges 33
- 2.4 Emerging Opportunities and Market Trends 36
- 2.5 Porter’s Fiver Forces Analysis 40
- 3 Segmentation of North America Market by Service Type 44
- 3.1 Market Overview by Service Type 44
- 3.2 Human Resource Outsourcing Services 46
- 3.3 IT Services 47
- 3.4 Underwriting Services 48
- 3.5 Customer Care Services 49
- 3.6 Finance and Accounting Services 50
- 4 Segmentation of North America Market by Insurance Type 51
- 4.1 Market Overview by Insurance Type 51
- 4.2 Life and Annuity Insurance 53
- 4.3 Property and Casualty Insurance 54
- 5 Segmentation of North America Market by Operation 55
- 5.1 Market Overview by Operation 55
- 5.2 Claims Management 57
- 5.3 Administration 58
- 5.4 Asset Management 59
- 5.5 Development 60
- 5.6 Marketing 61
- 5.7 Other Operations 62
- 6 Segmentation of North America Market by Deployment Type 63
- 6.1 Market Overview by Deployment Type 63
- 6.2 On-Premises 65
- 6.3 Cloud-based 66
- 7 Segmentation of North America Market by Application 67
- 7.1 Market Overview by Application 67
- 7.2 BFSI 69
- 7.3 Healthcare 70
- 7.4 Manufacturing 71
- 7.5 Retail 72
- 7.6 IT & Telecom 73
- 7.7 Other Applications 74
- 8 Segmentation of North America Market by Organization Size 75
- 8.1 Market Overview by Organization Size 75
- 8.2 SMEs 77
- 8.3 Large Enterprises 78
- 9 North America Market 2022-2032 by Country 79
- 9.1 Overview of North America Market 79
- 9.2 U.S. 82
- 9.3 Canada 85
- 9.4 Mexico 87
- 10 Competitive Landscape 89
- 10.1 Overview of Key Vendors 89
- 10.2 New Product Launch, Partnership, Investment, and M&A 92
- 10.3 Company Profiles 93
- Accenture PLC 93
- Cogneesol 95
- Cognizant Technology Solutions Corporation 96
- Dell Technologies, Inc. 97
- DXC Technology Company 98
- EXL Service Holdings, Inc. 99
- Genpact Limited 100
- HCL Technologies Limited 101
- Infosys Limited 102
- Mphasis Limited 103
- Syntel 104
- Water Street Company 105
- Wipro Limited 106
- WNS North America Services Private Limited 107
- RELATED REPORTS 108
Figure 1. Research Method Flow Chart 11
Figure 2. Bottom-up Approach and Top-down Approach for Market Estimation 14
Figure 3. North America Market Forecast in Optimistic, Conservative and Balanced Perspectives, 2022-2032 16
Figure 4. North America Insurance BPO Services Market, 2022-2032, $ mn 19
Figure 5. Impact of COVID-19 on Business 23
Figure 6. Primary Drivers and Impact Factors of North America Insurance BPO Services Market 29
Figure 7. GDP per capita in the World, 1990-2020, $ thousand 32
Figure 8. Forecast of World Middle-class Population by Region, 2015-2030, million 32
Figure 9. Primary Restraints and Impact Factors of North America Insurance BPO Services Market 33
Figure 10. Investment Opportunity Analysis 37
Figure 11. Porter’s Fiver Forces Analysis of North America Insurance BPO Services Market 40
Figure 12. Breakdown of North America Insurance BPO Services Market by Service Type, 2022-2032, % of Revenue 45
Figure 13. North America Addressable Market Cap in 2023-2032 by Service Type, Value ($ mn) and Share (%) 45
Figure 14. North America Insurance BPO Services Market by Service Type: Human Resource Outsourcing Services, 2022-2032, $ mn 46
Figure 15. North America Insurance BPO Services Market by Service Type: IT Services, 2022-2032, $ mn 47
Figure 16. North America Insurance BPO Services Market by Service Type: Underwriting Services, 2022-2032, $ mn 48
Figure 17. North America Insurance BPO Services Market by Service Type: Customer Care Services, 2022-2032, $ mn 49
Figure 18. North America Insurance BPO Services Market by Service Type: Finance and Accounting Services, 2022-2032, $ mn 50
Figure 19. Breakdown of North America Insurance BPO Services Market by Insurance Type, 2022-2032, % of Sales Revenue 52
Figure 20. North America Addressable Market Cap in 2023-2032 by Insurance Type, Value ($ mn) and Share (%) 52
Figure 21. North America Insurance BPO Services Market by Insurance Type: Life and Annuity Insurance, 2022-2032, $ mn 53
Figure 22. North America Insurance BPO Services Market by Insurance Type: Property and Casualty Insurance, 2022-2032, $ mn 54
Figure 23. Breakdown of North America Insurance BPO Services Market by Operation, 2022-2032, % of Sales Revenue 56
Figure 24. North America Addressable Market Cap in 2023-2032 by Operation, Value ($ mn) and Share (%) 56
Figure 25. North America Insurance BPO Services Market by Operation: Claims Management, 2022-2032, $ mn 57
Figure 26. North America Insurance BPO Services Market by Operation: Administration, 2022-2032, $ mn 58
Figure 27. North America Insurance BPO Services Market by Operation: Asset Management, 2022-2032, $ mn 59
Figure 28. North America Insurance BPO Services Market by Operation: Development, 2022-2032, $ mn 60
Figure 29. North America Insurance BPO Services Market by Operation: Marketing, 2022-2032, $ mn 61
Figure 30. North America Insurance BPO Services Market by Operation: Other Operations, 2022-2032, $ mn 62
Figure 31. Breakdown of North America Insurance BPO Services Market by Deployment Type, 2022-2032, % of Revenue 64
Figure 32. North America Addressable Market Cap in 2023-2032 by Deployment Type, Value ($ mn) and Share (%) 64
Figure 33. North America Insurance BPO Services Market by Deployment Type: On-Premises, 2022-2032, $ mn 65
Figure 34. North America Insurance BPO Services Market by Deployment Type: Cloud-based, 2022-2032, $ mn 66
Figure 35. Breakdown of North America Insurance BPO Services Market by Application, 2022-2032, % of Revenue 68
Figure 36. North America Addressable Market Cap in 2023-2032 by Application, Value ($ mn) and Share (%) 68
Figure 37. North America Insurance BPO Services Market by Application: BFSI, 2022-2032, $ mn 69
Figure 38. North America Insurance BPO Services Market by Application: Healthcare, 2022-2032, $ mn 70
Figure 39. North America Insurance BPO Services Market by Application: Manufacturing, 2022-2032, $ mn 71
Figure 40. North America Insurance BPO Services Market by Application: Retail, 2022-2032, $ mn 72
Figure 41. North America Insurance BPO Services Market by Application: IT & Telecom, 2022-2032, $ mn 73
Figure 42. North America Insurance BPO Services Market by Application: Other Applications, 2022-2032, $ mn 74
Figure 43. Breakdown of North America Insurance BPO Services Market by Organization Size, 2022-2032, % of Revenue 75
Figure 44. North America Addressable Market Cap in 2023-2032 by Organization Size, Value ($ mn) and Share (%) 76
Figure 45. North America Insurance BPO Services Market by Organization Size: SMEs, 2022-2032, $ mn 77
Figure 46. North America Insurance BPO Services Market by Organization Size: Large Enterprises, 2022-2032, $ mn 78
Figure 47. Breakdown of North America Insurance BPO Services Market by Country, 2022 and 2032, % of Revenue 80
Figure 48. Contribution to North America 2023-2032 Cumulative Market by Country, Value ($ mn) and Share (%) 81
Figure 49. U.S. Insurance BPO Services Market, 2022-2032, $ mn 83
Figure 50. Canada Insurance BPO Services Market, 2022-2032, $ mn 85
Figure 51. Insurance BPO Services Market in Mexico, 2022-2032, $ mn 87
Figure 52. Growth Stage of North America Insurance BPO Services Industry over the Forecast Period 89
Table 1. Snapshot of North America Insurance BPO Services Market in Balanced Perspective, 2022-2032 17
Table 2. World Economic Outlook, 2021-2031 21
Table 3. World Economic Outlook, 2021-2023 22
Table 4. Scenarios for Economic Impact of Ukraine Crisis 26
Table 5. Worldwide Insurance Market, 2022-2032, $ bn 31
Table 6. Main Product Trends and Market Opportunities in North America Insurance BPO Services Market 36
Table 7. North America Insurance BPO Services Market by Service Type, 2022-2032, $ mn 44
Table 8. North America Insurance BPO Services Market by Insurance Type, 2022-2032, $ mn 51
Table 9. North America Insurance BPO Services Market by Operation, 2022-2032, $ mn 55
Table 10. North America Insurance BPO Services Market by Deployment Type, 2022-2032, $ mn 63
Table 11. North America Insurance BPO Services Market by Application, 2022-2032, $ mn 67
Table 12. North America Insurance BPO Services Market by Organization Size, 2022-2032, $ mn 75
Table 13. North America Insurance BPO Services Market by Country, 2022-2032, $ mn 80
Table 14. U.S. Insurance BPO Services Market by Service Type, 2022-2032, $ mn 84
Table 15. U.S. Insurance BPO Services Market by Insurance Type, 2022-2032, $ mn 84
Table 16. U.S. Insurance BPO Services Market by Application, 2022-2032, $ mn 84
Table 17. Canada Insurance BPO Services Market by Service Type, 2022-2032, $ mn 86
Table 18. Canada Insurance BPO Services Market by Insurance Type, 2022-2032, $ mn 86
Table 19. Canada Insurance BPO Services Market by Application, 2022-2032, $ mn 86
Table 20. Mexico Insurance BPO Services Market by Service Type, 2022-2032, $ mn 88
Table 21. Mexico Insurance BPO Services Market by Insurance Type, 2022-2032, $ mn 88
Table 22. Mexico Insurance BPO Services Market by Application, 2022-2032, $ mn 88
Table 23. Accenture PLC: Company Snapshot 93
Table 24. Accenture PLC: Business Segmentation 94
Table 25. Accenture PLC: Product Portfolio 94
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