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The India - IT and BPO services market size is estimated to grow at a CAGR of 10.8% between 2022 and 2027. The market size is forecast to increase by USD 151.59 billion. The growth of the market depends on several factors, including the rising cost pressure to maintain in-house IT systems, the need to focus on core competencies and improve efficiency, and access to new technology, domain expertise, and round-the-clock service. IT and BPO services help organizations create, manage, and optimize information and business processes with business and technical expertise. They also aid in managing IT systems and are process-focused. These services focus on providing a framework to structure IT-related activities.
This IT and BPO services market in India report extensively covers market segmentation by end-user (finance, insurance, telecom, healthcare, and manufacturing and others), type (export and domestic), and product (IT services, BPM, and software and R&D). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The need to focus on core competencies and improve efficiency is the key factor driving the growth of the market. IT and BPO services help in improving business performance because businesses do not need to invest in resources or worry about managing limited available resources. Some companies have previously saved a significant amount of money by implementing IT and BPO services as market players help them plan IT-related business strategies such as software development, procurement IT, and data center outsourcing at minimal costs.
Moreover, IT and BPO not only help to reduce the costs of IT functions but also help to reduce the costs of non-IT functions such as finance, marketing, and customer relationship management (CRM). Cost savings can be achieved by allocating the resources saved in operations to other functions such as marketing, finance, and CRM, which will drive the growth of the India IT and BPO services market during the forecast period.
Increasing digital transformation in organizations is the primary trend in the market. The new digital era in the IT industry is rapidly changing market behavior, requiring IT solutions that can quickly adapt to business needs. Businesses are realizing the benefits of implementing digital technology that helps them to improve business efficiency and deliver superior services to customers.
Moreover, companies adopting digital technology are seeing significant shifts in their financial performance and business models. This helps to the growth of the market as many IT service providers in India provide digital transformation support to global businesses, which will drive the growth of the market during the forecast period.
Lack of effective communication between clients and companies is a challenge that affects the growth of the market. Technical communication in outsourcing contracts between customers and suppliers is essential to reduce outsourcing risks and build trust. Communication is necessary at different stages of the IT service delivery system to avoid system failures and provide backup and recovery functionality. Communication gaps that can occur due to language and cultural differences can lead to misinterpretation of instructions provided by the provider.
Furthermore, effective technical communication between customers and suppliers through appropriate channels such as email, video conferencing, and online project discussion meetings helps customers share information needed to execute projects IT, this will impede the growth of the market during this period. forecast period.
The market share growth by the finance segment will be significant during the forecast period. One of the main reasons behind the number of banking and financial institutions is increasing. Thus, banking and financial institutions are adopting IT services for IT infrastructure management and BPO services for customer support and sales to focus on their core operations. Many global financial institutions and banks depend on India for IT and BPO services, which supports the growth of the market.
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The finance segment showed a gradual increase in the market share of USD 35.58 billion in 2017. However, the Indian financial sector is expected to face certain challenges during the forecast period, such as stringent regulations on banking license approvals. Such regulatory issues related to the licensing of new banks may restrict the growth potential of the banking sector in India - IT and BPO services market during the forecast period.
India IT and BPO services export market will witness significant growth. One of the main reasons for this is the availability of a technically skilled workforce. Since IT and BPO companies in India provide 24/7 services to organizations across the globe, many developed countries like the US and the UK choose to source from the country. In addition, India has a large population and high demand for jobs. This leads to the availability of cheap labor. In addition, the country has a workforce that is highly educated, experienced, competent, fluent in English, computer savvy, and technically talented. Therefore, these factors will drive market growth during the forecast period.
The India IT and BPO Services Market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
India IT and BPO Services Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The India IT and BPO services market report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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India IT And BPO Services Market Scope |
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Report Coverage |
Details |
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Page number |
164 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 10.8% |
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Market growth 2023-2027 |
USD 151.59 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
9.23 |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Accenture Plc, Automatic Data Processing Inc., Cognizant Technology Solutions Corp., ExlService Holdings Inc., Firstsource Solutions Ltd., Genpact Ltd., HCL Technologies Ltd., Hinduja Group Ltd., Infosys Ltd., International Business Machines Corp., Morae Global Corp., Serco Group Plc, Srisys Inc., StarTek Inc., Sutherland Global Services Inc., Tata Consultancy Services Ltd., Tech Mahindra Ltd., TTEC Holdings Inc., Wipro Ltd., and WNS Holdings Ltd. |
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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, and market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Market Segmentation by Product
9 Customer Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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