by: Sarah Joson
Thursday, March 12, 2015 |
According to the “Global IT Outsourcing Market in Capital Markets 2015-2019” report by Research and Markets, the global IT outsourcing in capital markets will grow at a compound annual growth rate (CAGR) of 4.41 percent throughout the period of 2014-2019.
The research and consultancy firm noted in the report that the key growth driver for IT outsourcing is the banking, financial services, and insurance sector (BFSI). Government and manufacturing sectors also play a major role.
The major development in the market is the adoption of cloud-based outsourcing. Clients have been observed integrating the process to get prompt access to applications and tools at their disposal. Other advantages of using the cloud-based outsourcing model are reliability, scalability, agility, and cost reduction. Moreover, the report pointed out that cloud-based operations do not require large, upfront capital investments, which is why it is the perfect option for organizations that are strongly anchoring strategies on cost reduction.
However, the report pointed out that one of the major drawbacks in the market is the lax control over information security. It also warned that IT outsourcing clients face the risk of security breaches, particularly for crucial company information.
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