India's information technology industry body Nasscom has set a goal of achieving $50 billion (Rs 3 lakh crore) in revenue from the business process outsourcing sector by 2020, an ambitious target for a segment that earned $18 billion (Rs 1.1 lakh crore) in the year to March.
Despite the slowdown in the rest of the IT sector, business process outsourcing has grown fast, a trend that is likely to continue as companies look for more ways to streamline their processes and cut costs.
"Growth is going to broadbased, across verticals. What we have seen, after a period of time a few years ago when companies were waiting and watching, decisions are now being made," said Keshav Murugesh, head of WNS Global Services.
Nasscom named Murugesh as chairman of its Business Process Management (BPM) Council for the 2013-2015 period. Other members of the council include Mohit Thukral, Global Business Leader at Genpact, Kannan Sundaresan, Country Lead for BPO at Accenture, Pari Sadasivan, vice-president India delivery at IBM Global Process Services among others.
The council will also work to further the rebranding of the industry from business process outsourcing to business process management and will try to create segments that Indian players can dominate in higher value areas such as financial and accounting and analytics and multi-channel customer service. The council will look to create incubation labs in these business segments.
India currently has a 36% market share of a global BPM market, and close to double that amount in knowledge services business.