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IT and BPO Services Market in India by Product, End-user, and Type - Forecast and Analysis 2020-2024

  • Published: Apr 2020
  • Pages: 120
  • SKU: IRTNTR40476
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The IT and BPO services market share in India is expected to increase by USD 83.6 billion from 2019 to 2024, and the market’s growth momentum will accelerate at a CAGR of 8%.

This IT and BPO services market in India research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers IT and BPO services market segmentation in India by product (IT services, BPM, and software and R&D), end-user (finance, insurance, telecom, healthcare, and others), and type (export and domestic). The IT and BPO services market in India report also offers information on several market vendors, including Accenture Plc, Cognizant Technology Solutions Corp., HCL Technologies Ltd., International Business Machines Corp., Infosys Ltd., Serco Group Plc, Tata Consultancy Services Ltd., Tech Mahindra Ltd., Wipro Ltd., and WNS Holdings Ltd. among others.

What will the IT and BPO Services Market Size in India be During the Forecast Period?

Download the Free Report Sample to Unlock the IT and BPO Services Market Size in India for the Forecast Period and Other Important Statistics

 

IT and BPO Services Market in India: Key Drivers and Trends

Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The need to focus on core competencies is notably driving the IT and BPO services market growth in India, although factors such as the lack of effective communication between client and vendor may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the IT and BPO services market in India industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key IT and BPO Services Market Driver in India

One of the key factors driving growth in the IT and BPO services market in India is the rising cost pressure to maintain in-house IT systems. Globalization has resulted in labor arbitrage, which shifts business processes to less expensive locations. Labor arbitrage is regarded as one of the prospective benefits of business process outsourcing and knowledge process outsourcing processes. Companies that incorporate an outsourcing strategy need not invest in resources or worry about handling their limited available resources. Outsourcing of data analytics processes helps them gain access to skilled talent and advanced analytics technologies in another country with the maintenance of a lean workforce. Client firms can develop an economical cost structure, as they can avoid paying for extra office space, hardware, equipment, or specialized talent. Thus, IT and BPO services enable client firms to focus on their core competencies and obtain a competitive edge in the market. India is a country with a vast talent pool of educated professionals with language proficiency. Therefore, many global companies are opting for India as their sourcing location.

Key IT and BPO Services Market Challenge in India

The lack of effective communication between client and vendor will be a major challenge for the IT and BPO services market in India. Vendors should effectively communicate with their clients to deliver the service in a timely manner. Technical communication in outsourcing contract between client and vendor is required to reduce outsourcing risk and build trust. Communication is required at various stages of IT service delivery systems to avoid system failures and provide backup and recovery facilities. The communication gap may arise due to language and cultural differences that can lead to a misunderstanding of instructions provided by vendors. Effective technical communication between client and vendor through adequate channels such as email, video conferencing, and online project discussion forum helps the client to share information that is required for the execution of the IT projects.

This IT and BPO services market in India analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2020-2024.

Who are the Major IT and BPO Services Market Vendors in India?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • Accenture Plc
  • Cognizant Technology Solutions Corp.
  • HCL Technologies Ltd.
  • International Business Machines Corp.
  • Infosys Ltd.
  • Serco Group Plc
  • Tata Consultancy Services Ltd.
  • Tech Mahindra Ltd.
  • Wipro Ltd.
  • WNS Holdings Ltd.

 

This statistical study of the IT and BPO services market in India encompasses successful business strategies deployed by the key vendors. The IT and BPO market trends in India is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The IT and BPO services market in India forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

What are the Revenue-generating Product Segments in the IT and BPO Services Market in India?

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The IT and BPO services market share growth in India by the IT services segment will be significant during the forecast period. Leading vendors such as IBM and Accenture are investing heavily in the next-generation IT solutions due to the increase in demand for cloud-based solutions, cybersecurity, and analytics solutions. Firms are focusing on developing IT solutions that can help their clients to increase business agility at minimal upfront cost. With continuous advancements in the field of IT, the demand for IT services will also increase, resulting in an increase in revenue inflow in the IT services market in India during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the IT and BPO services market size in India and actionable market insights on post COVID-19 impact on each segment.

 

IT and BPO Services Market Scope in India

Report Coverage

Details

Page number

120

Base year

2019

Forecast period

2020-2024

Growth momentum & CAGR

Accelerate at a CAGR of 8%

Market growth 2020-2024

$ 83.6 billion

Market structure

Fragmented

YoY growth (%)

6.78

Regional analysis

India

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Accenture Plc, Cognizant Technology Solutions Corp., HCL Technologies Ltd., International Business Machines Corp., Infosys Ltd., Serco Group Plc, Tata Consultancy Services Ltd., Tech Mahindra Ltd., Wipro Ltd., and WNS Holdings Ltd.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

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What are the Key Data Covered in this IT and BPO Services Market in India Report?

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive IT and BPO services market growth in India during the next five years
  • Precise estimation of the IT and BPO services market size in India and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the IT and BPO services industry in India
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of IT and BPO services market vendors in India

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Executive Summary

  • Market Overview

Market Landscape

  • Market ecosystem
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2019
  • Market outlook: Forecast for 2019 - 2024

Five Forces Analysis

  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by Product

  • Market segments
  • Comparison by Product placement
  • IT services - Market size and forecast 2019-2024
  • BPM - Market size and forecast 2019-2024
  • Software and R and D - Market size and forecast 2019-2024
  • Market opportunity by Product

Market Segmentation by End-user

  • Market segments
  • Comparison by End user placement
  • Finance - Market size and forecast 2019-2024
  • Insurance - Market size and forecast 2019-2024
  • Telecom - Market size and forecast 2019-2024
  • Healthcare - Market size and forecast 2019-2024
  • Others - Market size and forecast 2019-2024
  • Market opportunity by End user

Market Segmentation by Type

  • Market segments
  • Comparison by Type placement
  • Export - Market size and forecast 2019-2024
  • Domestic - Market size and forecast 2019-2024
  • Market opportunity by Type

Customer landscape

  • Overview

Drivers, Challenges, and Trends

  • Market drivers
  • Volume driver - Demand led growth
  • Volume driver - Supply led growth
  • Volume driver - External factors
  • Volume driver - Demand shift in adjacent markets
  • Price driver - Inflation
  • Price driver - Shift from lower to higher priced units
  • Market challenges
  • Market trends

Vendor Landscape

  • Overview
  • Landscape disruption

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • Accenture Plc
  • Cognizant Technology Solutions Corp.
  • HCL Technologies Ltd.
  • International Business Machines Corp.
  • Infosys Ltd.
  • Serco Group Plc
  • Tata Consultancy Services Ltd.
  • Tech Mahindra Ltd.
  • Wipro Ltd.
  • WNS Holdings Ltd.

Appendix

  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The it and bpo services market growth will increase by $83.60 billion during 2019-2024.
The it and bpo services market is expected to grow at a CAGR of 7.82% during 2019-2024.
Technavio has segmented the it and bpo services market by product (IT services, BPM, and Software and R and D) ,type (Export and Domestic) , and material (Wood, Metal, and Others).
Accenture Plc, Cognizant Technology Solutions Corp., HCL Technologies Ltd., International Business Machines Corp., Infosys Ltd., Serco Group Plc, Tata Consultancy Services Ltd., Tech Mahindra Ltd., Wipro Ltd., WNS Holdings Ltd. are a few of the key vendors in the it and bpo services market.
North America will register the highest growth rate of 83.05% among the other regions. Therefore, the it and bpo services market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the it and bpo services market growth are:
  • Rising cost pressure to maintain in-house IT systems
  • Emergence of online furniture stores
The it and bpo services market vendors should focus on grabbing business opportunities from the it services segment as it accounted for the largest market share in the base year.
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