In 2012, IT-BPM industry in India had achieved a landmark of $100 billion of revenues. And in the near future, the Indian domestic market is likely to become the hotbed for the IT-BPM (Business Process Management) industry mainly driven by plenty of opportunities.
Currently, India is the fastest growing IT market in the world and fourth largest enterprise software market in APAC (Asia Pacific). And in 2016, India would become the world’s fastest enterprise software market and in this period, most of the product companies are likely to offer enterprise solutions to customers.
A huge change in the Indian IT-BPM industry is likely to occur in order to maintain its growth trajectory. In 2014, this industry is expected to generate export revenues of $84-87 billion at 12-14% growth rate and also generate corresponding domestic revenue growth at 13-15% which is Rs 1,180-1,200 billion, according to the predictions made by Nasscom. This growth is mainly driven by technologies such as social media, mobility, analytics and cloud technologies along with the rise in global technology spending and opportunities.
There is a transition in the industry from enterprise services to enterprising solutions. In order to offer innovative offerings, this industry is planning to introduce de2sign solutions which incorporates SMAC (i.e. social, mobile, analytics, and cloud).
Based on the dynamic customer needs, there is a change in the IT-BPM industry’s business and delivery models. Business organisations are focussing mainly on internal structures such as offering clients the choice of offshore, onshore and near shore delivery, moving towards fixed price; outcomes based pricing models and managed services. This industry also provides business opportunities in various fields such as healthcare, utilities, education or legal. Inspite of the economic crisis, Europe has a higher acceptance of global sourcing. Even though there is a slow growth in Germany and France markets, they are having plans to outsource their business in order to achieve costs control.
By 2015, India will become the second highest country to use Internet after China and overtake the U.S, according to the forecast made by McKinsey, a global management consulting firm. According to the forecast, around 2 billion people around the globe will be using the Internet and this growth will in-turn increase the content and e-commerce businesses, due to which an additional GDP of $100 billion would be contributed by e-commerce in 2015 as compared to $30 billion in 2011.
In India, technology entrepreneurship is also witnessing a huge growth mainly driven by the availability of capital funding, business incubators and accelerators and mentor networks. In 2011, around 450+ funded technology entrepreneurs were created in India, and among them Bangalore was ranked in the top 20 start-up ecosystems in the world.
India is the only country which has different segments in its industry which includes IT services, BPM, engineering and R&D, internet and mobility and software products. Among them, IT-BPM is $20 billion sector, engineering crossed $10 billion, whereas software products, internet and mobility are emerging sectors in the Indian industry.
In the near future, India will have a huge number of global companies mainly because of its strong and robust eco-system for start-ups, innovation clusters and centres of excellence (CoE) which will encourage entrepreneurship in the country.