LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the IT and BPO services market in India to grow at a CAGR of close to 8% during the forecast period, according to their latest report.
This market research report segments the IT and BPO services market in India into the following segments based on type (export and domestic), product (IT services, BPM, software, and R&D), and end-user (finance, insurance, telecom, and healthcare).
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In this report, Technavio analysts highlight the top market drivers that are contributing to the growth of the IT and BPO services market in India:
- Rising cost pressure to maintain in-house IT systems
- Need to focus on core competencies and improve efficiency
Rising cost pressure to maintain in-house IT systems
Globalization has resulted in labor arbitrage that leads to shifting of business processes to less expensive locations. Labor arbitrage is regarded as one of the prospective benefits of business process outsourcing and knowledge process outsourcing. Companies that incorporate an outsourcing strategy need not invest in resources or worry about handling their limited available resources. Outsourcing of data analytics processes assists them to 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. Furthermore, they require fewer investments for in-house staff training. Therefore, IT and BPO services enable client firms to focus on their core competencies and obtain a competitive edge in the market.
According to a senior analyst at Technavio for ITO and BPO, “India is a country with a vast talent pool of educated professionals with language proficiency. In addition, the total cost of operations in India is low when compared with developed countries such as the US and the UK. Therefore, many global companies are choosing India as their sourcing location.”
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IT and BPO services market in India segmentation
Of the three products, the IT services segment held the largest market share in 2017, accounting for more than 58%. IT services include project-oriented services, IT maintenance, support and training services, and cloud computing services. Of the two type-based segments, the export segment dominated the market, accounting for a share of more than 75%.
The finance segment dominated the end-user segments of the IT and BPO services market in India, accounting for more than 22% of the market share. It was followed by the insurance segment that contributed for approximately 21%.
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