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IBM Cloud Authors: Yeshim Deniz, Pat Romanski, Liz McMillan, Carmen Gonzalez, Elizabeth White

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Global Application Outsourcing Market in Banking Sector

DUBLIN, April 4, 2014 /PRNewswire/ --

Research and Markets (http://www.researchandmarkets.com/research/msgk8q/global) have announced the addition of the "Global Application Outsourcing Market in Banking Sector" report to their offering. 

     (Logo: http://photos.prnewswire.com/prnh/20130307/600769 )

The analysts forecast 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. 

The report, the Global Application Outsourcing Market in Banking Sector, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the Americas, the EMEA and the APAC region; it also covers the Global Application Outsourcing market in the Banking sector landscape and its growth prospects in the coming years. The report also includes a discussion of the key vendors operating in 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. 

According to the report, 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.

Further, the report states that 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.

Key Topics Covered: 

1. Executive Summary

2. List of Abbreviations

3. Introduction

4. Market Research Methodology

5. Scope of the Report

6. Market Landscape

7. Market Segmentation

8. Geographical Segmentation

9. Key Leading Countries

10. Vendor Landscape

11. Buying Criteria

12. Market Growth Drivers

13. Drivers and their Impact

14. Market Challenges

15. Impact of Drivers and Challenges

16. Market Trends

17. Key Vendor Analysis

18. Other Reports in this Series

Companies Mentioned:

  • Accenture Plc.
  • CGI Group Inc.
  • Capgemini SA.
  • Cognizant Technology Solutions Ltd.
  • Computer Sciences Corp.
  • Dell Inc.
  • EPAM Systems
  • HCL Technologies
  • Hewlett-Packard Co.
  • Hexaware Technologies
  • IBM Corp.
  • ITC Infotech India Ltd.
  • Infosys Ltd.
  • L&T Infotech
  • Luxoft
  • Mindtree Ltd.
  • Polaris Financial Technology Ltd.
  • Softtek
  • Syntel Inc.
  • Tata Consultancy Services Ltd.
  • Unisys Corp.
  • Wipro Ltd.
  • iGATE Corp.

For more information visit http://www.researchandmarkets.com/research/msgk8q/global

Media Contact: Laura Wood, +353-1-481-1716, press@researchandmarkets.net

SOURCE Research and Markets

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