It And Bpo Services Market In India 2024-2028: Rising cost pressure to maintain in-house IT systems demand Fuels Growth
The it and bpo services market in india size by End-user (Finance, Insurance, Telecom, Healthcare, and Others), Type (Export and Domestic), Product (IT services, BPM, and Software and R and D), and Geography (APAC), is forecast to increase by USD 167 billion. The market is expected to grow at a CAGR of 10.87% between 2024 and 2028.
Globalization has led to labor arbitrage, a key advantage of Business Process Outsourcing (BPO) and Knowledge Process Outsourcing (KPO), enabling companies to shift business processes to more cost-effective locations, such as India. This strategy allows firms to save on resources and infrastructure investments, including office space, hardware, and specialized talent. By outsourcing data analytics processes, businesses can access a large pool of skilled professionals and advanced technologies at a lower cost. This results in an economical cost structure for client firms, reducing the need for significant in-house staff training and infrastructure investment.
Access the full report to know about market driving, challenges and trend factors
In the Indian IT and BPO services market, the finance sector emerged as a significant revenue generator in 2023. The expansion of the banking and financial institutions sector has fueled the demand for IT and BPO services, particularly for customer retention solutions. Consequently, these institutions have adopted IT services for managing their IT infrastructure and BPO services for customer support and sales functions. With numerous global banking and finance entities relying on India for their IT and BPO requirements, this trend is anticipated to continue, driving market expansion throughout the forecast period.
The Indian IT and BPO services market continues to thrive, driven by robust growth in sectors such as finance, healthcare, and retail. Companies are increasingly outsourcing business processes to India due to cost savings, skilled workforce, and advanced infrastructure. The government's focus on digitization and investment in technology are further fueling market expansion. Despite challenges, the future looks promising for this dynamic industry.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
