Payments outsourcing generated $3.3 bln by 2005
Fact recorded on: May 13, 2006. Categories: Outsourcing.
IDC estimates that US spending on payments BPO services reached $3.3 bln in 2005 and will grow at a 5-year CAGR of 4.2% to reach $4 bln by 2010. This increasing trend of payments outsourcing presents new opportunities and challenges for financial institutions and payments processing vendors.
Latest Outsourcing facts
- Outsourcing is 7% of India’s GDP
- Indian outsourcers to earn $220-280 bln by 2012
- European outsourcing worth $40.9 bln in 2007
- Indian outsourcing companies to earn $10.73 bln by 2011
- Outsourcing to grow 8.1% in 2008
- Indian software salaries up 18.7% in 2006
- New Asia-Pacific outsourcing contracts command $25 mln
- HR services up 8% in 2006
- Small business who outsource IT end up spending less than 5% on maintenance and upgrades
- 87% of outsourcing buyers to continue outsourcing
- HR outsourcing to grow to $18.9 bln by 2010
- Asia-Pacific IT outsouring market reached $10.9 bln in the first half of 2006
- Brazilian printing outsourcing up 42.5% in 2005
- What law companies outsource
- IT offshore spending to reach $29.4 bln by 2010
- Top 100 Western European outsourcing deals generated $40.5 bln in 2005
- Mobile network outsourcing to grow to $55.3 bln by 2010
- Outsourcing spending by Asia-Pacific companies to reach $16 bln in 2010
- Global procurement BPO market generated $627 mln in 2005
- Indian software and backoffice industry generated $23.6 bln in fiscal 2005-2006
- 1 mln US jobs to be outsourced by year-end 2006
- European service providers plan to increase offshore assets by 65%
- 16 outsourcing megadeals awarded in 2003, 12 in 2004, 11 in 2005
- 130K US jobs offshored so far in 2006
- Payments outsourcing generated $3.3 bln by 2005
- Asian business process outsourcing market reached $6 bln in 2005
- Gartner predicted 85% of US companies would outsource at least 1 HR function by 2006
- Outsourcing saves 15% on average
- Outsourcing industry generated $23.4 bln for India
- Business outsourcing market up 33% in 2005
- 29K legal jobs to migrate to India by 2008
- India’s outsourcing industry employs 1.2 mln people, contributes $23.4 bln to GDP
- 38% of multinational companies plan to change the distribution of their research and development centers within the next 3 years
- Desktop management outsourcing reached $28 bln in 2005
- Outsourced processing services in Asia-Pacific to grow at 11.4% a year
- Software and services exports from India reached $17.2 bln in fiscal 2005
- US outsourcing market to grow 4.2% in 2005
- Value of top 100 outsourcing deals down 1.2% in 2004
- $50 bln will be spent on offshore outsourcing by 2007
- Global outsourcing to create 337,625 US jobs by 2010
- Packaging and test outsourcing to reach $15.5 bln in 2005
- Worldwide BPO market to grow at 10.9% a year
- Value of outsourcing contracts down 10-15% in 2005
- Global PC shipments up 17% in Q3 2005
- 19% of US businesses have some offshore outsourcing strategy
- Indian outsourcing brought in $12 bln in 2004
- UK and Germany got most of the European outsourcing contracts in Q2 2005
- US IT offshoring to double to $14.7 bln by 2009
- Asia-Pacific IT outsourcing to grow at 10.1% a year
- IT outsourcing in EMEA to reach $90.9 bln by 2009