TechNavio Outlines Market Drivers and Trends in the Global Outsourcing Market in the BFS Sector

LONDON - Aug. 19, 2014 - PRLog -- 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.

If you are interested in more information on this topic and our upcoming research on the

Global Outsourcing Market in BFS Sector 2014-2018, please send an e-mail to media@TechNavio.com.

About TechNavio

TechNavio is a leading global technology research and advisory company. Founded in 2003, TechNavio has about 200 analysts globally and develops over 2000 pieces of research every year. We cover more than 500 technologies across 80 countries.

We focus on emerging trends that can shape a market, and model these trends using a mix of quantitative and qualitative tools in our proprietary research methodologies in order to build forecasts across market segments and geographies. These forecasts and analysis are used to help our customers identify new and existing opportunities in their markets. We also help customers assess their competitive position in a constantly changing technology market scenario.

TechNavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Our analysts obtain the information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

Our large and growing base of happy customers include technology suppliers, end users, consulting companies, investment firms, research institutes and media worldwide.