India remains a premier sourcing destination for back office services worldwide, can double revenue by 2020 says NASSCOM
news Wednesday, February 25, 2015 - 05:30
The News Minute | September 17, 2014 | 6.15 pm IST As in software services, India remains a premier sourcing destination for back office services worldwide, with a potential to be a $50 billion industry by 2020 from $23 billion in 2014, a top industry representative said Wednesday. "The Indian business process management (BPM) industry, which provides back office services worldwide, has witnessed exponential growth since 2010 with strong fundamentals to remain a premier sourcing destination for global firms across verticals," National Association of Software and Services Companies (Nasscom) president R. Chandrashekhar told reporters here. A recent Nasscom survey found that the BPM players have come of age from providing voice and data services to end-to-end services, including analytics for meeting their clients' expectations, which are changing to business outcomes through customer acquisition, revenue addition and improving workforce performance. "The BPM industry has potential to double its revenue growth to $24-50 billion and employ two million people by 2020, thanks to dynamic shifts in demand side markets spanning verticals, geographies, customers and services," the former telecom regulatory chairman said on the margins of its strategy summit on back office business. Noting that dynamic shifts in demand side will compel the BPM players to adopt alternate growth and delivery strategies, the trade body head said that emerging technologies would eliminate some current offerings but pave way for new opportunities. "The BPM firms have to foster innovation and collaboration, identify unmet and unknown customer needs and re-design their service offerings to address the emerging opportunities," Chandrashekhar added. IANS
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