TechNavio recognizes the following companies as the key players in the Global Application Outsourcing market in the Banking Sector: Accenture plc, Computer Sciences Corp., Hewlett-Packard Co., IBM Corp.
Commenting on the report, an analyst from TechNavio’s team said: “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.
The report also includes a discussion of the other vendors operating in this market. The other vendors in the market 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.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors. For further information on this report, please visit https://www.technavio.com/report/global-application-outsourcing-market-ba…
TechNavio, the market research platform of Infiniti Research Ltd., publishes periodic market research reports on niche and emerging technologies. For more information on our market research, please visit https://www.technavio.com/it-hardware-software-services
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TechNavio Announces the Publication of its Research Report – Global Application Outsourcing Market in the Banking Sector 2012-2016
