India continues to be the largest BPM base in the World with $32.5 bn in Revenues
India continues to be the largest BPM base in the world, generating revenues close to $32.5 billion and employing around 1.2 million people.
According to Nasscom, the Indian BPM industry now has more than a 37 per cent share in global sourcing and is witnessing a 1.7x revenue growth. This is set to grow from USD 154 billion to a projected USD 167 billion in FY18, an increase of almost 8%.
The Indian BPM industry comprises more than 17,000 firms that offer a complete range of services. The focus is now on Intelligent Operations — process and domain expertise combined with digital technology. Nasscom has stated that digital continues to be the key focus area for clients and service providers while the firms are focused at strategic acquisitions as the net margins showed stability.
“As digital technologies reshape businesses, this industry with its foundation in domain and process expertise, is increasingly innovating to emerge as the hub for digital solutions. Upskilling for digital, acquiring competencies through acquisitions or partnerships, building platforms and products, and leveraging centers of excellence in new technologies are some of the key priorities of companies in the BPM industry,” said Keshav R Murugesh, Vice-Chairman, NASSCOM. He was speaking at the Nasscom BPM Strategy Summit 2018.
Businesses are taking advantage of emerging technologies such as RPA, AI, digital communications, IoT, cognitive computing and more, to improve profitability, collaboration and competitiveness. RPA vendors like UI Path and Automation Anywhere have raised significant funds in the past few months and are doubling down on their hiring activities in the country.
The rise of robotic process automation (RPA) has also brought a plethora of opportunities to both organizations and individuals. Some companies have even started reporting the number of bots deployed along with the number of people employed.
Over the past few years, firms have made substantial investments in building their portfolio of capabilities around these technologies and have set up a number of labs and CoEs to deliver digital services to customers.
Firms in India are still coping with new data privacy requirements and compliance with the European Union’s GDPR (General Data Protection Regulation) as a regulatory requirement.
