India's domestic process management services segment is forecast to reach $683 million in 2010, a 31.1 per cent increase from 2009 revenue of $521 million, according to research firm Gartner,
The market will experience steady growth through 2014 when process management services revenue in India will reach $1.6 billion.
Large scale outsourcing of process management will bring in the next wave of growth in the Indian domestic IT / IT-enabled services (ITeS) industry. High economic growth, competitive pressure, agility, time to market, innovation and adoption across verticals and breadth of services will be driving this high growth rate in this segment, said Gartner.
According to Gartner, in 2009, the Indian IT Services / business process outsourcing (BPO) market showed resilience with greater interest from corporate level executives in outsourcing decisions. Prioritisation for outsourcing spending aligned with organisations' agility, scalability and cost focus. Cautious buyers, cost containment were evident in mature verticals.
''IT services spending will continue to shift from discrete spending to outsourcing in 2010. New avenues of growth will open in the mid-market and in up-selling,'' said Arup Roy, senior research analyst at Gartner. ''The entry of new hybrid providers will blur the lines between product and IT services and offerings will move from traditional to utility, 'as-a-service' to cloud-based delivery models.''
Currently process management services are restricted largely to telecommunications and banking and financial services sectors. However moving forward it is likely to be adopted in verticals such as government, utilities, healthcare and retail.