India IT Outsourcing Market Research Report 2023 offers a comprehensive analysis of the market, including business opportunities, growth, and trend analysis for various applications, types, and regions such as North America, Europe, Asia-Pacific, South America, Middle East, and Africa. The report delves into important producers, market developments, opportunities, challenges, and threats to the market as a whole. It is a 100+ page report that provides a detailed examination of growth statistics, opportunities, trends and the competitive landscape in the industry.
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In terms of revenue, the IT outsourcing market in India was valued at INR 5,649.47 Bn in 2019 and is estimated to reach INR 8,830.14 Bn by 2025, expanding at a CAGR of 7.25% during the 2020-2025 period.
Market insights
With the turn of the twenty first century, India emerged as a global sourcing destination for IT-related functions, as well as BPO. Low cost, technological competence, access to a competent talent pool, and a supportive policy framework are driving the Indian IT outsourcing market.
Market segmentation based on type:
The IT outsourcing market in India is segmented into IT services and packaged software. The market was dominated by the IT services segment, which accounted for 89.70% share of the market revenue in FY 2019. Increased demand for infrastructure service and Cloud service outsourcing contributed to the large share of this segment.
The packaged software segment is estimated to develop rapidly over the forecast period. Indias proficiency in SMAC (social, mobility, analytics, cloud) technologies is expected to fuel the growth of this segment. India is likely to emerge as a leading provider of various software including fintech, SaaS and network security in the coming years.
Market segmentation based on industry vertical:
Key industries served by the Indian IT outsourcing companies include banking, financial services, and insurance (BFSI), hi-tech/telecommunication, manufacturing and healthcare. BFSI emerged as the largest industry segment, accounting for 55.65% of revenue share in FY 2019. Indias aim of achieving a cashless economy with the aid of digital banking and fintech solutions has allowed steady growth of the BFSI segment. The healthcare segment is projected to expand at a CAGR of 12.00% during the FY 2020-FY 2025 period. The healthcare industry is at the cusp of a digital revolution, resulting in a colossal demand for technology-enabled products and services including telehealth, telemedicine, healthcare analytics and electronic health records (EHR).
Market segmentation based on export destination:
The U.S., U.K. and Europe are among the major countries and regions that outsource IT services from India, owing to price advantage and flexibility. With growing digital capabilities, India has leapfrogged from being a service provider to a developer of innovative software based on frontier technologies. The IT outsourcing market in India generated a revenue of INR 3,499.28 Bn from the U.S. Moreover, China, Japan, and ASEAN countries are likely to offer lucrative opportunities to IT outsourcing companies in India.
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Market influencers:
The phenomenal enhancement of digital infrastructure in India played an instrumental role in driving the IT outsourcing market. Penetration of the internet and high-speed internet connectivity, and establishment of innovation centers in software technology parks of India (STPI) units and special economic zones (SEZs) have propelled market growth. Furthermore, Indian IT companies are offering training on disruptive technologies like automation, analytics, AI, machine learning and IoT in order to build a digitally skilled workforce. However, the growth of global in-house centers and reduced global IT spending have been keeping the market from progressing. The economic meltdown and complex geopolitical environment are projected to impede its growth further.
Impact of COVID-19:
The COVID-19 pandemic has led to an unprecedented economic turmoil across the world and the IT outsourcing market in India is not expected to be resilient to its impact. Global business are likely to trim down their IT budget as part of their cost-cutting strategies. Stringent measures taken by enterprises to reduce discretionary spending are projected to affect the conversion of new deals in pipeline, assignment of new contracts and delay contract renewals. On the other hand, existing projects are likely to face a reduction in billable employees, affecting price negotiations. However, as enterprises focus on business continuity plans (BCP) for remote working, the demand for Cloud infrastructure services and security software is expected to pick up.
Competitive landscape
The IT outsourcing market in India is led by established players, collectively accounting for more than 50% revenue share of the market. These players provide a comprehensive range of services and solutions to their huge customer base present across the globe. In addition to these large players, the market has a significant presence of numerous mid-level, emerging, and small players. The leading IT companies in India have been focusing on strengthening their digital capabilities through inorganic growth strategies. Companies like Infosys Limited, Wipro Limited, Tata Consultancy Services Limited and HCL Technologies Limited have acquired start-ups and niche players with exclusive capabilities in digital technologies.
Companies covered
HCL Technologies Limited
Hexaware Technologies Limited
Infosys Limited
Larsen & Toubro Infotech Limited
Mindtree Limited
Mphasis Limited
Tata Consultancy Services Limited
Tech Mahindra Limited
Wipro Limited
Zensar Technologies Limited
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Our most recent research report showcases the thriving expansion of the India IT Outsourcing Market and offers in-depth insights into the projected market size, share, and revenue until 2030.
The report addresses the following key questions regarding the India IT Outsourcing market:
- What is the expected growth rate of the market in the upcoming years and what factors are driving this growth?
- How do consumers perceive and adopt different types of India IT Outsourcing in the market?
- How are regulatory policies and government initiatives impacting the growth of the India IT Outsourcing market?
- What is the market share of the top 5 players in the India IT Outsourcing market and how is it likely to change in the future?
- What are the latest technologies and innovations in the India IT Outsourcing market and how are they shaping the industry landscape?
- How do macroeconomic factors such as inflation, GDP, and exchange rates affect the India IT Outsourcing market?
- What are the challenges related to the supply chain and logistics that India IT Outsourcing market players face and how are they addressing them?
- How is the changing consumer behavior and preferences influencing the dynamics of the India IT Outsourcing market?
- What are the potential risks and uncertainties associated with investing in the India IT Outsourcing market, and how can they be mitigated?
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of India IT Outsourcing market revenues on a global, regional, and country level, projecting trends until 2030. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the India IT Outsourcing market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the India IT Outsourcing market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate India IT Outsourcing business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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