Capital Market Operations Services State of the Market 2025

Capital markets enterprises are accelerating transformation agendas to respond to rising regulatory complexities, cost pressures, and growing investor demands across wealth, pensions, and alternative assets. The shift to outsourced operating models is gaining momentum, especially in back- and middle-office services where scalability, compliance assurance, and faster time-to-liquidity are paramount. Enterprises are replacing point automation with intelligence-led orchestration and adopting BPaaS and SaaS constructs to modernize operations and drive outcomes. Meanwhile, providers are investing heavily in advisory capabilities and next-generation technologies, including generative AI, predictive analytics, and tokenized-asset servicing, to meet buyer expectations for speed, resilience, and compliance.

Digital transformation, the T+1 settlement cycle, and sustainability mandates such as ISSB are reshaping sourcing priorities. Offshore delivery dominates but is increasingly balanced by nearshore/onshore presence for high-touch and regulated functions. Asset management, private equity, and investment banking drive most BPS spend, reflecting demand for specialized, complex services. Growth opportunities are emerging in Continental Europe and Asia Pacific, even as North America remains the industry’s largest market. This report provides key insights into how buyers are reimagining sourcing strategies and how providers are positioning to deliver differentiated value.