London, 01 August 2014: TechNavio, the independent tech-focused global research firm, has published a report on the Global Outsourcing Market in BFS Sector, which is expected to grow at a CAGR of 7.07 percent from 2013-2018.
The BFS sector worldwide is increasingly outsourcing its activities, both regulated and non-regulated, to third parties, to reduce costs and identify investment areas. The BFS sector commonly outsources its IT service requirements such as application development, programming and coding, specific operations related to F&A, back-office activities and processing, and administration and contract functions.
Key Market Drivers
- Cost-effective Operations
- Reduced Cycle Time
- Compliance to Changing Regulations
- Need for Process Standardization
Key Market Trends
- Rising Demand in Mortgage Market
- Credit Card Business
- Commercial Lending
- Increase in Digital Solutions
“High-quality service at low cost is the main criteria for outsourcing services. The low cost of labour in many developing economies is driving the outsourcing market in the BFS sector,” says Faisal Ghaus, Vice President of TechNavio.
“Credit card business functions are more outsourceable functions because of the scalability required. Outsourcing credit card business programs means less investments, and the core processing will not be an issue as everything resides on the third-party system.”
To define the market circumstances in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
