2014-01-30 05:43:01 - Global Application Outsourcing Market in Banking Sector 2012-2016 - a new market research report on companiesandmarkets.com
The Global Application Outsourcing market in the Banking sector to grow at a CAGR of 4.63 percent over the period 2012-2016. One of the key factors contributing to this market growth is the considerable reduction of operational cost and time. The Global Application Outsourcing market in the Banking sector has also been witnessing increasing offshoring opportunities for global outsourcing vendors. However, the fear of losing valuable company information could pose a challenge to the growth of this market.
One of the main trends witnessed in the Global Application Outsourcing market is the growing offshore opportunities for global outsourcing vendors. Outsourcing application management to offshore destinations is a profitable business model for banks as it offers the opportunity to establish an economical
cost structure. Outsourcing to countries such as India reduces the cost of application management to a large extent. While India still remains the top offshore application outsourcing destination, banks are exploring other destinations such as Brazil, China, Philippines, Russia, Argentina, Mexico, Hungary and Poland. These destinations are gaining popularity because of the improvement in their education system, rapidly increasing workforce, and the development of their overall infrastructure. With the 24/7 availability of high quality and low cost services in these destination, the Global Application Outsourcing market in the Banking sector is expected to grow in the years to come.
One of the main factors driving the market is the need to reduce operational cost and time. If banks adopt application outsourcing, they do not have to invest in resources or worry about handling the limited available resources for the required applications.
One of the main challenges is issues with data security. In application outsourcing transactions, banks need to transfer the responsibility of handling a task or managing a project to a third-party. Consequently, these transactions also require banks to provide the outsourcing vendor with valuable and confidential company information such as details of their customers.
The key vendors dominating this space include Accenture Plc., Computer Sciences Corp., Hewlett-Packard Co., and IBM Corp.
The other vendors mentioned are Capgemini SA., CGI Group Inc., Cognizant Technology Solutions Ltd., Dell Inc., EPAM Systems, HCL Technologies, Hexaware Technologies, iGATE Corp., Infosys Ltd., ITC Infotech India Ltd., L&T Infotech, Luxoft, Mindtree Ltd., Polaris Financial Technology Ltd., Softtek, Syntel Inc., Tata Consultancy Services Ltd., Wipro Ltd., and Unisys Corp.
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