Indian BPM sector to reach US$ 100 bn by 2032: Nasscom

The Indian IT sector is expected to reach US$ 100 billion in the next decade, driven by higher demand for Business Process Management (BPM) services following the pandemic, according to a report from industry body Nasscom. The country’s IT industry is currently worth US$ 44 billion.

Media reports said that last year, the industry has been estimated to grow at a rate of over 14% from the previous year and has accounted for about 40% of global outsourcing for IT services.

Due to a rise in applying cost control measures by global clients, the demand for core enterprise solutions has increased. The growth of the industry will be primarily led by that. The IT sector aims to reach US$ 72-75 billion in total revenue by 2027-2728, according to the report. 

According to the report, over 60% of the surveyed companies have expressed satisfaction with the delivery of Cloud, Artificial Intelligence (AI), Finance and Accounting (F&A), and data & insights from India. India’s industry is currently being evaluated by the G2000 enterprises for being used as a delivery location for BPM services. Additionally, the outsourcing industry has witnessed an increase in outcome-based models by 15-20% over the past five years. 

Regarding talent, out of the Indian BPM industry’s 1.4 million employees, 10% comprises workers dealing with core technology. As per the report, the main driver of attracting tech talent is an increased application of technologies such as Robotic Process Automation (RPA) and data analytics, among others. 

With the rise in Internet businesses and further innovations in computer technologies, outsourcing services for IT services will rapidly evolve over the next decade.  

Source: Economic Times