Introduction of adoption of various data analytics service by firms is the major factor that drives growth of the middle office outsourcing market. However, data theft and privacy issues and delays in outsourcing process hampers the market growth.
Furthermore, rise in need for advanced technologies among businesses such as machine-to-machine communication and internet of things (IoT) is expected to provide lucrative opportunities for the market.
The middle office outsourcing market is growing at a very fast pace. In addition, the market is very competitive so prominent players are adopting different strategies such as expansion of their services, new product launches, collaborations, partnerships, and mergers to increase their customer base.
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For instance, in April 2020, BNP Paribas Securities Services and BlackRock made a partnership via Aladdin Provider to deliver integrated end-to-end investment management capabilities to mutual clients. This agreement is expected to help BlackRock’s flagship investment operations platform to perform middle-office outsourced services with Aladdin’s Investment Book of Record.
North America is expected to have the largest market share during the forecast period, owing to surge in the financial sector in this region and rise in adoption of advance technology by various financial institutes.
In addition, growth in demand for cost effective solutions by financial institutes and growth in need to reduce operational efficiencies drive growth of the market in this region. Furthermore, rise in demand for middle office outsourcing from asset servicing companies to upsurge their profit is expected to provide lucrative opportunity for the market.
Impact of COVID -19 on Middle Office Outsourcing Market:
- Since the COVID-19 virus outbreak in December 2019, the disease has spread to almost all countries around the globe, with the WHO declaring it a public health emergency. The global impacts of the disease are already starting to be felt, and expected to significantly affect the middle office outsourcing market.
- Presently, companies and organizations are outsourcing work to reduce their overhead costs and generate more revenue, which helps prominent players to prosper in the market.
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