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Australian BFSI Outsourcing Market Set to Grow Over 40% by 2010 - Frost & Sullivan, Enterprise Outsourcing Opportunities in the Australian Banking, Financial Services & Insurance Vertical 2006-2010, reveals that revenues in this market totaled AU$1.83 billion in 2006 & is forecasted to be worth AU$2.63B by end 2010
Australian BFSI Outsourcing Market Set to Grow Over 40% by 2010

 

NewswireToday - /newswire/ - Sydney, Australia, 2007/05/22 - Frost & Sullivan, Enterprise Outsourcing Opportunities in the Australian Banking, Financial Services & Insurance Vertical 2006-2010, reveals that revenues in this market totaled AU$1.83 billion in 2006 & is forecasted to be worth AU$2.63B by end 2010.

   
 
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Growth in the IT outsourcing (ITO) and business process outsourcing (BPO) markets within the banking, financial services and insurance (BFSI) vertical is set to accelerate over the next four years.

New analysis from global growth consulting company, Frost & Sullivan, Enterprise Outsourcing Opportunities in the Australian Banking, Financial Services & Insurance Vertical 2006-2010, reveals that revenues in this market totaled AU$1.83 billion in 2006 and is forecasted to be worth AU$2.63 billion by end-2010, growing at a CAGR of 9.5 per cent (2006-2010).

The strongest growth is expected to be seen in BPO, where a year-on-year growth of 16.3 per cent is expected while ITO will grow at just 6.2 per cent on a compound annual basis. BPO is expected to grow more rapidly due to increased competition and a desire of players in the BFSI vertical to extract more costs out of the back office.

IT outsourcing includes operations and applications. While BPO includes front office, back office and other BFSI processes such as loan processing and verification, collections and superannuation fund administration, among others.

"The outsourcing of BFSI business processes is the key growth area for the Australian outsourcing market looking forward to 2010", says senior industry analyst, Simon Hayes at Frost & Sullivan Australia. "With a CAGR of 18 per cent, banks in particular are branching out from single-process outsourcing like credit card application management to more complex multi-process work like, payroll and procurement."

"However, the potential for higher rates of growth in BPO may be restrained by caution in the BFSI industry over the level of service provider competence in industry processes. Initial growth will be slow until service providers can convince clients that they have the skills necessary to run business-critical processes efficiently," continues Mr. Hayes.

The Frost & Sullivan study found that EDS led the Australian BFSI outsourcing market (for both ITO and BPO) in 2006 with a large margin of 41.7 per cent, followed by IBM with 19.1 per cent. KAZ, Salmat and CSC are in third, fourth and fifth place respectively.

BPO specialists Salmat, TeleTech and HPA all rate highly in that space, however, they face a significant challenge from the traditional IT outsourcing players, with EDS dominating and IBM building up its business in this area.

"IT outsourcers are now increasingly pitching themselves as offering process transformation, rather than simply outsourcing", concludes Mr. Hayes.

Frost & Sullivan predicts that enterprise outsourcing in the Australian BFSI vertical will continue to show growth in years to come, both in terms of renewals and new contracts. A survey conducted with 25 management level executives, with control into their business’ outsourcing budget and strategy showed that the market is generally enthusiastic about offshoring of IT outsourcing and BPO, with 26 per cent saying they currently offshore, with a further 12 per cent planning to offshore in the next 12 months.

The Enterprise Outsourcing Opportunities in the Australian Banking, Financial Services & Insurance Vertical 2006-2010 Demand & Supply reports forms part of Frost & Sullivan Australia’s enterprise outsourcing subscription, which will also include research on the following sectors: Enterprise Outsourcing Opportunities in Government (August 2007) and Enterprise Outsourcing Opportunities in the Australian Healthcare Vertical (November 2007). This service can be purchased separately or bundled as a full report.

All research included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants. Analyst interviews are available to the press.

If you are interested in a virtual brochure, which provides the methodology adopted for this research, a brief synopsis along with a complete table of contents, then send an email to Sharmin Jassal, Corporate Communications, at sharmin.jassal[.]frost.com with your full name, company name, title, telephone number, fax number, city, state, country and email address. Upon receipt of the above information, an overview will be sent to you by email.

About Frost & Sullivan
Frost & Sullivan, a global growth consulting company, has been partnering with clients to support the development of innovative strategies for more than 40 years. The company's industry expertise integrates growth consulting, growth partnership services, and corporate management training to identify and develop opportunities. Frost & Sullivan serves an extensive clientele that includes Global 1000 companies, emerging companies, and the investment community by providing comprehensive industry coverage that reflects a unique global perspective and combines ongoing analysis of markets, technologies, econometrics, and demographics.

 
 
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Australian BFSI Outsourcing Market Set to Grow Over 40% by 2010

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Frost & Sullivan |
Publisher Contact: Sharmin Jassal 
+61.2.8247.8900 sharmin.jassal[.]frost.com
 
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