Global Outsourcing Market in BFSI Sector 2016-2020
About Outsourcing Market in BFSI Sector
Outsourcing refers to the transfer of services or business functions to a third-party service provider on a contract basis. Companies primarily outsource to reduce costs and reap potential benefits such as access to skilled expertise, flexible staffing, short turnaround time, improved efficiency, and profit enhancement
Organizations in the BFSI sector outsource both regulated and non-regulated activities to third-party service providers to reduce costs and identify key investment areas. Typically, the BFSI sector outsources IT service requirements such as application support and infrastructure management and support. Also, specific operations related to finance and accounting (F&A), back-office activities and processing, and administration and contract functions are outsourced. Outsourcing enables organizations in the BFSI sector to transfer their risks, meet changing regulatory compliances, improve customer services, and achieve cost-efficiencies.
Technavio’s analysts forecast the global outsourcing market in BFSI sector to grow at a CAGR of 6.79% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global outsourcing market in the BFSI sector for 2016-2020. The report also presents the vendor landscape and a corresponding detailed analysis of the top four vendors operating in the market.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Outsourcing Market in BFSI Sector 2016-2020
Technavio recognizes the following companies as the key players in the Global Outsourcing Market in BFSI Sector: Accenture, Genpact, IBM, and TCS.
Other Prominent Vendors in the market are: Aegis, Attra Infotech, Birlasoft, Capgemini, CGI, Cognizant, CSC, Dell, eClerx, Endava, EPAM, EXL, HCL, Hexaware Technologies, HP, Infosys, ITC Infotech, L&T Infotech, Luxoft, Mindtree, NIIT Technologies, Polaris Consulting and Services, Serco Global Services, Softek, Sutherland Global Services, Syntel, Tech Mahindra, Unisys, Virtusa, Wipro, WNS, Xchanging, Xerox, and Zensar Technologies.
Commenting on the report, an analyst from Technavio’s team said: “The global BFSI outsourcing market is experiencing increased application of automation technology due to rapid advances in technology and related systems. Actual process and transaction of outsourced financial projects is done through automated systems. However, these outsourced projects are still managed by highly skilled professionals.”
According to the report, globalization has resulted in labor arbitrage. Labor arbitrage is regarded as one of the prospective benefits of outsourcing business processes. Business processes are now shifting from more expensive to less expensive locations. Firms incorporating this strategy need not invest in resources or worry about managing their limited available resources.
Further, the report states that data security and privacy concerns are major challenges for any organization as business data are critical.
Accenture, Genpact, IBM, TCS, Aegis, Attra Infotech, Birlasoft, Capgemini, CGI, Cognizant, CSC, Dell, eClerx, Endava, EPAM, EXL, HCL, Hexaware Technologies, HP, Infosys, ITC Infotech, L&T Infotech, Luxoft, Mindtree, NIIT Technologies, Polaris Consulting and Services, Serco Global Services, Softek, Sutherland Global Services, Syntel, Tech Mahindra, Unisys, Virtusa, Wipro, WNS, Xchanging, Xerox, Zensar Technologies.