bubble

Analysis

Business and financial services M&A update: Q3 2024

The convergence of customer demands, technological advances, and government policies will likely significantly affect the direction of financial industry market trends in 2024.¹

Business and financial services trends

  • Business process outsourcing (BPO)

Technological developments like artificial intelligence and machine learning have rapidly advanced in 2024, leading to a tech revolution in the BPO industry.2

  • Consulting

Currently, 77% of professional client services organizations choose to specialize in specific industries, reflecting a growing trend toward industry specialization in consulting due to the increasing complexity of business environments.3

  • Education and training

The global executive coaching market was valued at $9.3 billion in 2022 and is expected to reach $27 billion by 2032, growing at a CAGR of 11.3%.4

  • Insurance, legal, and risk services

With the rapid escalation of vendor-caused outages, third-party risk management is now a necessity.5

  • Staffing and recruiting

The United States had a major share in the recruitment and staffing market, with a market size of approximately $164.0 billion in 2024, and is projected to grow at a CAGR of 7.9% during the forecast period.6

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Endnotes

1. Igor Tomych, “Trends 2024: Financial services industry overview,” DashDevs, March 6, 2024.

2. Confie BPO, “Top BPO industry trends reshaping business in 2024 and 2025,” September 16, 2024.

3. Nicole Sheynin, “Consulting industry trends and outlook for 2024,” AlphaSense, August 7, 2024.

4. CJPI Insights, “15 business coaching statistics which may surprise you,” July 22, 2024.

5. LMG Security, “Our Q3 2024 top control is third party risk management: Lessons from the CrowdStrike outage,” August 22, 2024.

6. Swasti Dharmadhikari, Recruitment & staffing report 2024, Cognitive Market Research, September 2024.
 

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