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IT and BPO Services Market in India to Grow by USD 167 Billion from 2024-2028, Driven by Rising Cost Pressures on In-House IT Systems and AI’s Role in Market Transformation – Technavio

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NEW YORK, Oct. 2, 2024 /PRNewswire/ — Report with the AI impact on market trends – IT and BPO Services Market in India  size is estimated to grow by USD 167 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  10.87%  during the forecast period. Rising cost pressure to maintain in-house IT systems is driving market growth, with a trend towards increased adoption of application outsourcing. However, lack of effective communication between client and vendor  poses a challenge – Key market players include Accenture Plc, Automatic Data Processing Inc., Cognizant Technology Solutions Corp., ExlService Holdings Inc., Firstsource Solutions Ltd., Genpact Ltd., HCL Technologies Ltd., Hinduja Group Ltd., Infosys Ltd., International Business Machines Corp., Morae Corp., Serco Group Plc, Srisys Inc., StarTek Inc., Sutherland Services Inc., Tata Consultancy Services Ltd., Tech Mahindra Ltd., TTEC Holdings Inc., Wipro Ltd., and WNS Holdings Ltd..

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Forecast period

2024-2028

Base Year

2023

Historic Data

2017 – 2021

Segment Covered

End-user (Finance, Insurance, Telecom, Healthcare, and Others), Type (Export and Domestic), Product (IT services, BPM, and Software and R and D), and Geography (APAC)

Region Covered

India

Key companies profiled

Accenture Plc, Automatic Data Processing Inc., Cognizant Technology Solutions Corp., ExlService Holdings Inc., Firstsource Solutions Ltd., Genpact Ltd., HCL Technologies Ltd., Hinduja Group Ltd., Infosys Ltd., International Business Machines Corp., Morae Global Corp., Serco Group Plc, Srisys Inc., StarTek Inc., Sutherland Global Services Inc., Tata Consultancy Services Ltd., Tech Mahindra Ltd., TTEC Holdings Inc., Wipro Ltd., and WNS Holdings Ltd.

Key Market Trends Fueling Growth

Companies are turning to IT and Business Process Outsourcing (BPO) service providers in India for application development services to stay competitive in the market. The complex and costly nature of application development makes it beneficial for organizations to outsource this function. IT and BPO service providers offer modular architectures and compatibility with advanced IT infrastructure like the cloud. They also develop intelligent applications capable of handling multiple features and large data volumes. Effective application portfolio management is a priority for service providers to add value. DevOps and Agile methodologies are increasingly used for software development, enabling automation and improved business processes. Leading vendors like Accenture Plc and International Business Machines Corp. Offer application outsourcing services, contributing to the market’s growth. 

The IT and BPO services market in India continues to grow, with trends including data processing, forms processing, and running support. Businesses require troubleshooting and problem resolution for their computer software, hardware, peripherals, and up-selling, promoting, and cross-selling opportunities. Insurance processing and claims are key sectors, with policy maintenance and management also in demand. Data entry, conversion, and financial services such as accounts receivables, financial statements, and bank reconciliations are common requirements. Form processing services, including online forms, payroll processing, medical billing, and contact centers, are also popular. Artificial intelligence and niche BPO services are emerging trends, driven by skilled labor, incentives, tax breaks, and macroeconomic factors. B2G, B2B, and B2C enterprises are significant clients, with technology spending and consulting services also contributing. IT associations play a crucial role in shaping the industry’s growth, which is expected to contribute significantly to India’s GDP. 

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Market Challenges

•         Clear and effective communication is essential for the successful implementation of IT and BPO services in India. Vendors must maintain open lines of communication with clients to deliver services on time. Technical communication in outsourcing contracts is necessary to minimize risks and build trust. Misunderstandings can arise due to language and cultural differences, leading to potential system failures. Effective communication is crucial in various IT service delivery processes, including application development, testing, and system integration. Ineffective communication between clients and vendors can negatively impact the growth of the IT and BPO services market in India.

•         The Indian IT and BPO services market is experiencing significant growth, driven by increasing technology spending from B2B, B2G, and B2C enterprises. However, challenges persist. Niche BPO services face stiff competition due to the availability of skilled labor and incentives like tax breaks. Macroeconomic factors, such as GDP growth and Internet penetration, provide a favorable environment. However, the use of Artificial Intelligence (AI) technologies and automation in ITES requires internal resources and core competency development. Pestle analysis reveals challenges like BPO attrition, wage structures, and data security. Surveys conducted by IT associations indicate the need for process automation, intelligent workflows, and cloud technology adoption. BPO services include horizontal services like payroll and accounting, and vertical-specific services like telemarketing, social media marketing, and customer service. Government initiatives, such as cloud technology and process automation, are essential for businesses to remain competitive. CRM and ERP systems, personalized services, and data security are key areas of focus for businesses. The Internet of Things and automated workflows are emerging trends. Business scheduling and automated workflows are critical for efficient operations. In conclusion, the Indian IT and BPO services market presents opportunities and challenges. Businesses must focus on developing AI technologies, addressing attrition, and adopting cloud and automation to remain competitive. Consulting services and outsourcing services can help businesses navigate these challenges.

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Segment Overview 

This it and bpo services market in India report extensively covers market segmentation by

End-user 1.1 Finance1.2 Insurance1.3 Telecom1.4 Healthcare1.5 OthersType 2.1 Export2.2 DomesticProduct 3.1 IT services3.2 BPM3.3 Software and R and DGeography 4.1 APAC

1.1 Finance-  The finance sector, including banking and financial institutions, was a significant contributor to the IT and BPO services market in India in 2023. The increasing number of banking and finance institutions has led to a growing demand for customer retention solutions, driving the adoption of IT services for IT infrastructure management and BPO services for customer support and sales. Global banking and finance institutions rely on India for their IT and BPO services, fueling market growth. However, regulatory challenges, such as stringent licensing requirements for new banks, may hinder the growth potential of the banking sector in the IT and BPO services market during the forecast period. Despite these challenges, the finance segment is expected to experience moderate growth due to the continued demand for IT and BPO services to streamline operations and enhance customer experience.

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Research Analysis

The IT and BPO services market in India has been witnessing significant growth due to various factors. The country’s large pool of skilled labor, incentives in the form of tax breaks and subsidies, and macroeconomic factors such as favorable business environment and stable political conditions have made India an attractive destination for businesses seeking BPO services. B2G, B2B, and B2C enterprises across the globe are increasingly outsourcing their non-core functions to India to reduce costs and focus on their core competencies. The ITES industry in India offers a wide range of services, including horizontal services like data processing, forms processing, and running support, as well as vertical-specific services tailored to industries such as healthcare, finance, and retail. The adoption of artificial intelligence (AI) technologies in BPO services is a game-changer, enabling automation of repetitive tasks and improving efficiency. Technology spending on AI and other advanced technologies is expected to increase in the coming years. However, internal resources and core competency in AI technologies are essential for successful implementation. Pestle analysis reveals that the BPO services market in India faces challenges such as increasing competition, changing regulatory environment, and customer expectations for higher quality and faster turnaround times. Payroll, accounting, telemarketing, IT hardware, software, and peripherals are some of the common services offered by BPO providers in India. Up-selling and cross-selling are also essential strategies for BPO companies to grow their revenue streams.

Market Research Overview

The IT and BPO services market in India continues to grow, driven by various macroeconomic factors such as a large pool of skilled labor, incentives in the form of tax breaks and subsidies, and increasing technology spending by B2G, B2B, and B2C enterprises. The market encompasses a wide range of services including niche BPO services, horizontal services like payroll and accounting, and vertical-specific services such as insurance processing and claims handling. Artificial intelligence (AI) technologies are increasingly being adopted in the industry, leading to process automation, intelligent workflows, and personalized services. Cloud technology and business scheduling are also becoming essential components of the ITES industry. Surveys conducted by IT associations reveal that wage structures, data security, and attrition remain key challenges for the industry. However, the adoption of automation, CRM, ERP systems, and automated workflows is helping to address these issues. The Indian IT and BPO services market is expected to grow further, fueled by the increasing number of Internet users and improved telecommunication and internet penetration. The market is also witnessing an upswing in the adoption of IoT, data processing, forms processing, and running support services. Consulting services and outsourcing services are also gaining popularity, with up-selling, promoting, and cross-selling becoming key strategies for growth. The industry is expected to continue its growth trajectory, driven by the need for cost-effective solutions and the availability of a large pool of skilled labor. Pestle analysis reveals that the industry is facing challenges from regulatory changes, increasing competition, and changing customer preferences. However, the industry’s core competency in providing cost-effective services and its ability to adapt to changing technologies make it a resilient and dynamic market.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

End-userFinanceInsuranceTelecomHealthcareOthersTypeExportDomesticProductIT ServicesBPMSoftware And R And DGeographyAPAC

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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Operation HOPE Lands in Alabama to Help Boost Financial Literacy and Empower Communities Across the State

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“UPLIFT” and the “American Aspiration Tour” Aim to Improve Economic Mobility in Birmingham and Montgomery

ATLANTA, Oct. 2, 2024 /PRNewswire/ — Operation HOPE is proud to announce the arrival of The American Aspiration Tour (AAT) and UPLIFT, multi-city initiatives aimed at transforming financial literacy across the nation. Spearheaded by John Hope Bryant, founder and CEO of Operation HOPE, the events seek to empower individuals and communities through actionable financial education, equipping underserved communities with the tools and knowledge to enhance economic mobility and close the wealth gap.

The events in Birmingham and Montgomery will take place on October 3, 2024. Each is open to the public at no cost. To register, click HERE.

“Our goal with The American Aspiration Tour and UPLIFT is to bridge the financial literacy gap, one city at a time. By creating opportunities for meaningful discussions, we aim to not only inspire change but equip communities with the skills they need to build brighter financial futures,” said John Hope Bryant. “We’re addressing the root causes of economic inequality by empowering individuals with the tools to succeed in today’s economy.”

Alabama’s financial literacy challenge is clear. According to HOPE’s Community Credit Index (CCI), the average credit score in the state is 692—one of the lowest in the nation. UPLIFT and AAT aim to tackle overarching issues head-on.  By providing residents with the knowledge and tools to better manage credit, save, and invest, Operation HOPE aims to build a more financially resilient community. Other HOPE CCI data reveals the positive impact of HOPE’s local programs, including:

Birmingham:

Average beginning credit score for clients – 587Average increase in credit score for clients – +44 pointsMedian reduction of client debt – –$1,064Median increase in client savings – +$915

Montgomery:

Average beginning credit score for clients – 583Average increase in credit score for clients – +36 ptsMedian reduction of client debt – $496Median increase in client savings – +$1000

In addition to Alabama, the tours will make stops in other states including Georgia, Missouri, North Carolina and Ohio, among others. Each will feature thought-provoking conversations with local leaders about financial empowerment, economic justice, and the role of financial literacy in building a more equitable society. AAT events will also spotlight Financial Literacy for All, the best-selling book by Mr. Bryant, which explores critical solutions for creating widespread economic prosperity.

“Operation HOPE is exactly the kind of forward-thinking partner our community needs,” said Mayor Randall Woodfin of Birmingham. “Financial literacy is the foundation of economic success, and I am excited that Birmingham is part of this impactful movement.”

“Money won’t solve everything, but I believe increasing financial literacy can go a long way in improving outcomes for our citizens,” said Montgomery Mayor Steven Reed.  “We want to improve the financial health of families and individuals in a manner that leads to long-term economic success. Our partnership with Operation HOPE is key to achieving this goal.”

With financial inclusion at its core, Operation HOPE is determined to ensure that every event participant leaves inspired, with a deeper understanding of budgeting, investing, homeownership, and credit management— all of which are key pillars to building generation wealth.

About the American Aspiration Tour
The American Aspiration Tour (AAT) is a multi-city event designed to increase financial literacy across the United States. This tour, led by Operation HOPE, will empower individuals and communities through financial education, with the ultimate goal of enhancing economic mobility and closing the wealth gap. AAT includes a series of meaningful conversations with leaders across the nation. It will also serve as a platform to highlight “Financial Literacy for All,” the latest book by Operation HOPE founder, John Hope Bryant. Visit https://operationhope.org/american-aspiration-tour/ for more info.

About HOPE UPLIFT
UPLIFT, an acronym for ‘Understanding, Promoting, and Leveraging Financial Tools,’ embodies Operation HOPE’s commitment to equipping individuals and communities with the knowledge and resources needed to achieve financial well-being. Through a series of engaging events hosted by HOPE and other dedicated local partners, such as the US Small Business Administration, UPLIFT aims to introduce and educate communities about its ongoing programs nationwide.

About Operation HOPE, Inc.
Since 1992, Operation HOPE has tirelessly pursued its mission of advancing economic empowerment and opportunity across America. Through innovative programs like HOPE Inside, recognized by American Banker magazine, the organization has impacted over 4 million individuals and facilitated nearly $4 billion in economic activity in underserved communities. Its initiatives have transformed lives by transitioning check-cashing customers to banking, renters to homeowners, and minimum wage workers to living wage earners. Recently honored with Fast Company’s World Changing Ideas Award and maintaining a top 4-star charity rating from Charity Navigator, Operation HOPE remains steadfast in its commitment to transparency, accountability, and driving entrepreneurship. Join the organization in leveling the economic playing field through The 1865 Project. Learn more at OperationHOPE.org and join the conversation on social media at @operationHOPE.

Contacts:
Kevin Boucher, for AAT
kevin.boucher@operationhope.org

Lance Triggs, for HOPE UPLIFT
lance.triggs@operationhope.org

Lalohni Campbell, Operation HOPE
LA@persemediagroup.com
(404) 593-7145

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SOURCE Operation HOPE, Inc.

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USPACE Technology Group Announces Board Changes and Adopts New Company Logo

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Appoint AICTO General Director H.E. Mohamed Ben Amor as Executive Director and Chairman of the Board

Mr. Sun Fengquan Transitions to Honorary Chairman and Remains as CEO

Enhance the Global Representation of the Board and Seize the Opportunities in the Global Aerospace Market

HONG KONG, Oct. 3, 2024 /PRNewswire/ — USPACE Technology Group Limited (“USPACE ” or “the Group”; Stock Code: 1725.HK) announces that with effect from 2 October 2024, the Group has appointed H.E. Mohamed Ben Amor, general director of the Arab Information and Communications Technologies Organization(AICTO), as executive Director and chairman of the Board. Following Mr. Sun Fengquan’s resignation as executive Director and chairman of the Board, Mr. Sun has been appointed as the honorary chairman of the Company and remains as Chief Executive Officer. The Group has also appointed Mr. Boris Tadić, a former President of Serbia, as independent non-executive Director. These changes optimize the Board structure, enhance corporate governance, and facilitate the Group’s international business development. Additionally, the Group has adopted a new company logo, refreshing its corporate image and marking a new phase of development.

USPACE said both the Group’s newly appointed executive Director and chairman of the Board, H.E. Ben Amor, and independent non-executive Director, Mr. Tadić, possess extensive experience and expertise in the aerospace sector. Their global vision and extensive networks are expected to significantly enhance the Group’s international competitiveness, facilitating the expansion of its global cooperation network and enabling it to better capitalize on development opportunities in the global aerospace market.

H.E. Ben Amor obtained his Master’s degree in International Project Management and Human Resources from the National Conservatory of Arts and Crafts, Paris, in 2011. H.E. Ben Amor has more than 10 years of experience in project management, technical operations, telecommunications and ICT development and policy, and ICT infrastructure development. H.E. Ben Amor is currently the general director of the Arab Information and Communication Technologies Organization (AICTO), a specialized Arab governmental organization working under the aegis of the Arab League which aims to promote development of ICT in the Arab region, a position he held since 2016. From 2011 to 2015, H.E. Ben Amor was Special Advisor to the Minister of the Tunisia Ministry of Information and Communication Technologies, where he was in charge of the International Cooperation Bureau. Prior to the above, H.E. Ben Amor held various positions in the Tunisia Telecommunications Research and Studies Agency for over 10 years, he last held the position of Director General from 2009 to 2011.

Mr. Tadić received an Honorary Doctorate from Dimitrie Cantemir Christian University in 2009. Mr. Tadić was formerly the President of Serbia from 2004 to 2012. Prior to that he served as the Minister of Defense of Serbia and Montenegro from 2003 to 2004 and the Minister of Telecommunications of Serbia and Montenegro from 2000 to 2003.

The changes to the Group’s Board of Directors include that with effect from 2 October 2024, Professor Guo Huadong has resigned from his office of non-executive Director, Dr. Mazlan Binti Othman has resigned from her office of non-executive Director, and Professor Wang Jianyu has resigned from his office of independent non-executive Director. Each of Professor Guo, Dr. Othman and Professor Wang has confirmed that he/she has no disagreement with the Board and that there is no matter in relation to their respective resignation that needs to be brought to the attention of the Stock Exchange.

USPACE’s globalization strategy continues to make substantial progress. The Company is gradually building a complete aerospace ecosystem, while innovating and creating core satellite products.

— End —

About USPACE Technology Group Limited (USPACE)

USPACE Technology Group Limited (USPACE) is headquartered in Dubai, United Arab Emirates and Hong Kong, China. The Company is committed to using outer space technology and application services to promote the sustainable development of the Earth and the progress of human society, aiming to become a leading provider of outer space technology and Earth application services.

The Group focuses on satellite manufacturing as the core of its business development, building an integrated commercial aerospace ecosystem, including satellite component manufacturing, precision electronics manufacturing, satellite data applications, satellite measurement and control, satellite launches, and the operation and management of the Abu Dhabi Space Eco City in the United Arab Emirates.

For further information, please visit https://www.uspace.com/

or contact: 

iPR Ogilvy Limited
Callis LauLorraine Luk
Tel: (852) 2136 6952 / 2169 0467
Fax: (852) 3170 6606
Email: callis.lau@iprogilvy.com / lorraine.luk@iprogilvy.com

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Tabs Continues Rapid Product Development with Official Launch of Intelligent Collections

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Tabs, the market leader in Revenue Automation, announced the release of Intelligent Collections, a feature designed to help B2B companies manage unpaid invoices, prioritize collections, and improve cash flow visibility, to address the unique challenges of managing receivables in high-growth environments.

NEW YORK, Oct. 2, 2024 /PRNewswire-PRWeb/ — Tabs, the market leader in Revenue Automation, today announced the release of Intelligent Collections, a feature designed to help B2B companies manage unpaid invoices, prioritize collections, and improve cash flow visibility. The release addresses the unique challenges of managing receivables in high-growth environments.

“The platform takes away the burden of recurring invoices, including custom partner invoices, and aging reports,” says Neha Narkhede, Co-Founder & CEO of Oscilar, a leading provider of cutting-edge risk technology solutions to fintechs and financial institutions.

Intelligent Collections reimagines Finance by bringing it the first Kanban intuitive interface that centralizes all aspects of collections. CFOs can now easily:

Prioritize unpaid invoices: Tabs’ dashboard allows users to filter and sort invoices by due date, customer, or amount, enabling finance leaders to focus their efforts on high-priority accounts. By removing the need for manual tracking through spreadsheets or fragmented tools, finance teams can ensure no invoices fall through the cracks.Send automated reminders: With customizable settings, Tabs enables users to send tailored reminder emails directly from the platform. These reminders can be scheduled based on pre-set intervals, eliminating manual follow-up and improving the likelihood of prompt payments.Track customer payments: Real-time payment tracking ensures users have an up-to-date view of which customers have made payments, allowing them to act quickly on any payment discrepancies.

In addition to its core functionality, the Collections Workflows feature also provides valuable insights by comparing current invoices against historical data, helping finance leaders identify trends in customer payment behavior. This historical perspective can be instrumental in predicting cash flow, spotting recurring late payments, and adjusting collection strategies.

Beyond Intelligent Collections, Tabs has recently launched a suite of additional enhancements aimed at further streamlining revenue operations for growing B2B companies. The updates include:

Renewal AI: Leveraging AI to manage contract renewals, this feature helps finance teams automatically track critical contract dates and identify upsell opportunities by flagging escalation clauses or contract value increases.Revenue Reporting: Beyond recognizing revenue in accordance with ASC 606, Tabs also launched ARR reporting. This helps finance teams get a sense of their overall business health. Further enhancements to reporting include time series analysis to visualize revenue and ARR trends by customer and category.Credit Card Fees Automation: Allow you the option to pass through credit card fees to invoices, enabling companies to pass fees directly to customers while offering flexible payment options.

Each of these features is designed to complement Tabs’ broader mission of providing a fully unified platform for revenue management. From billing and collections to contract renewals, Tabs ensures that all revenue processes can be automated and managed within a single system, eliminating the need for fragmented point solutions.

Streamlining Receivables for B2B Companies

Tabs’ Revenue Automation platform is built with the unique needs of SaaS startups in mind. As companies scale, managing revenue processes becomes increasingly complex, particularly as they deal with larger customer bases, more frequent renewals, and a growing volume of invoices. Tabs offers CFOs and finance teams a streamlined solution that automates these critical processes, enabling them to focus on strategic growth rather than manual administrative tasks.

“The platform takes away the burden of recurring invoices, including custom partner invoices, and aging reports,” says Neha Narkhede, Co-Founder & CEO of Oscilar, a leading provider of cutting-edge risk technology solutions to fintechs and financial institutions. “The Tabs’ product release velocity has gone unmatched these last few months since coming out of stealth. The team continues to make their vision for revenue automation a reality by churning out high impact features on a weekly basis.”

About Tabs

Tabs is a leader in Revenue Automation, offering an integrated platform that helps SaaS companies manage their revenue processes from contract signing to cash collection. By automating collections, billing, revenue recognition, and renewals, Tabs empowers finance teams to optimize cash flow and focus on business growth.

Media Contact

Andre Fuochi, Tabs, 1 469-394-7274, andre@tabsplatform.com, https://tabs.inc

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