发帖
雷达卡
An Updated Look at the IT
Services Industry
SECTOR REVIEW
Multinationals Continue to Look Most
Defensive
Given the recent downturn in the global markets, we examine the changing trends
within information technology outsourcing (ITO) and business process outsourcing
(BPO) and identify leading players in growth areas. While Europe and Asia Pacific
have emerged as strong growth areas for ITO/BPO, the United States remains a
large consumer and supplier of outsourcing. While the future of the global economy
remains uncertain, we continue to see value and growth in IT services companies
owing to their global reach, expanding service offerings, and value proposition.
■
Operating in a recession. As companies start to think about a softer economy,
many will cut back production or expansion, affecting all levels of spending,
including IT. The two most likely outcomes in the near term for IT services
include scaled-back work on existing contracts (in attempts to lower client costs)
and delayed start dates. However, as outsourcing lowers run costs and improves
efficiencies, clients will turn to their providers looking for innovation via smaller
projects with quick ROIs. The typical larger transformational deal might take a
back seat in the near term in this economy.
■
Multinationals forced to adapt. Having developed and improved operations within
the United States, many large multinational providers have been shifting gears
toward non-U.S. growth through new global sales initiatives and the further
development of offshore and near-shore delivery networks. As Europe and Asia
markets gain comfort with offshore work owing to industry maturity and necessity,
providers that are able to leverage their services expertise on a global scale will
likely gain share in these quickly growing markets.
■
Traditional offshore players trying to move up the stack. Immediate budget cuts
have hit the early cycle offshore players, as much of their work tends to be
commodity development projects. Consequently, offshore IT providers continue
to shift from lower-cost services toward a full set of solutions, enabling them to
gain traction and acceptance in larger, more profitable engagements. The
economic volatility will likely lead to provider consolidation, as the cash-rich
providers seek to expand geographic reach and industry expertise.
■
Best positioned. We believe the IT Service companies that are best positioned to
prosper in a recession are BPO players Affiliated Computer Services (ACS) and
Genpact (G). For those looking to play IT Service companies more leveraged to
a recovery, we recommend Accenture (ACN) and Cognizant (CTSH).
Table of Contents
IT Services Dynamic Landscape 4
Secular Trends 4
Cyclical Trends 5
Seasonal Trends 5
Valuation 5
Key Players 7
Global Outsourcing Demand 8
Value Proposition 9
Contracts, Pricing, and Market Share 10
Geographic Layout 13
Americas Continue to Outsource 13
EMEA—The New Frontier 15
Asia Pacific Demand Environment 16
Key Supply Side Trends 18
Foreign Currency Exposure 21
Vertical Breakdown 23
Who Is Spending? 23
Bank, Financial Services, and Insurance (BFSI) 24
Healthcare 24
Telecommunications 25
Public Sector 25
Service Offering 26
Information Technology Outsourcing: Core Demand 26
Business Process Outsourcing: Beyond Call Centers 31
Provider Consolidation: Increased M&A and Alliances 35
Key Industry Players 38
Multinational Providers 38
Offshore Providers 38
282462.pdf
(585.62 KB, 需要: 500 个论坛币)
提升卡
置顶卡
沉默卡
变色卡
抢沙发
千斤顶
显身卡
京公网安备 11010802022788号
