SAN JOSE, CALIFORNIA: Global Industry Analysts (GIA), has announced the release of a comprehensive global outlook on the Data Processing Services Industry.

According to the report, the global market for data processing services which descended to lower demand levels and which passed through a rough patch during the recent economic crisis recovered at an equally faster rate post 2009, as world economies set out to recover from the decade's worst crisis.

Data processing services has already attained maturity and the industry has been witnessing slower growth for the past few years, added the report.

The recent economic crisis has only added to the situation by pulling growth further down. Nonetheless, akin to several other industries, growth for data processing services recovered rather quickly with the gradual shift of companies towards outsourcing, said a report.

Technological advancements and process outsourcing are considered to be the major factors fuelling growth in the mature market currently said a company release and further added that enhancements in data warehousing software are reducing the query turnaround time and improving data retrieval for quicker decisions and improved business results for client enterprises.

Service providers are also stretching the limits of the industry’s scope and offering value-added services to client enterprises.

Personalized solutions tailored to the needs of specific enterprises ensure loyal customers for service providers and offer that crucial competitive edge to stand out in the competitive market space. The industry globally is highly fragmented with top four service providers serving a meager 10 per cent of the market.

According to report, it is predicted that a healthy compounded annual growth rate of about 6.0 per cent for the global data processing services market over the period 2010-2015.

The US and Europe lead the way with growth in merchant and bank accounts, economic recovery and positive business environment fuelling industry prospects.

Dissipating all myths, the payroll processing service segment emerged stronger during the recent recession while the segment of card processing also experienced growth with the rising popularity of plastic money.

Number of transactions are increasing by day and new payment instruments being introduced on a constant basis are only complicating the payment processing job further and throwing up newer opportunities at the payment processors, added the report.