Revenues for India's Business Process Management (BPM) sector is projected to increase from USD 30 billion in FY17 to USD 50-55 billion by 2025, National Association of Software and Services Companies (NASSCOM) said today.
"The current size is about USD 30 billion in revenue, and we think we can grow this business and industry to somewhere between USD 50 to 55 billion by the year 2025," NASSCOM BPM Council Chair Rohit Kapoor said.
Speaking to reporters on the sidelines of the 19th BPM Strategy Summit organised by NASSCOM here, he said, "This is despite fact that there will be further cannibalisation of revenue, further use of automation and technologies, use of robotics in much pervasive way. "And yet the value that this industry will contribute is going to be significantly higher," he added.
NASSCOM also projected that digital streams would account for 60-70 percent of the BPM service providers revenue by 2025, overtaking traditional streams, with advanced technology solutions and intelligent automation driving much of this growth. The BPC Industry in India is "healthy, kicking and having a great time", and is at a very "exciting" stage of its evolution and development, Kapoor said.
Stating that BMP industry in India is the largest such industry across the globe, he said, "in FY 2017 the sectors revenue grew to USD 29.8 billion from the previous years at USD 28 billion so the growth rate has been 8.8 percent for the industry, which is pronominal."
"In terms of the employee head count that are directly employed by this industry, that number has expanded from 1.1 million employees to 1.2 million employees, and therefore we added 100,000 net new positions," he added.
Claiming that India remains the largest BPM base in the world, NASSCOM said its share in the global BPM market had expanded from 36 percent last year to 37 percent this year. The revenues have grown almost two times in the last five years and there were a number of new start-ups being created in the industry, it said.
Suggesting that globally no single location had the capability that "we as an industry from India represent," NASSCOM Chairman Raman Roy said, "we are adding jobs, creating opportunities both here and internationally." "It is a level playing opportunity. Earlier we used to do things that the overseas workers used to do there; today we are doing things which the overseas guys are copying. We are the cutting edge and that is what is most exciting about this industry," he added.
To maintain and accelerate the pace of growth, the NASSCOM BPM Council has highlighted its priorities for the industry which include positioning India as the destination of choice for global firms to deliver transformation value and the BPM sector as a world class industry of choice for aspiring professionals. The industry also wants to capitalise on Data Science and Artificial Intelligence as the next growth trajectory and provide high value services, re-skill the existing workforce to be positioned relevantly for future work in the areas of RPA, automation, AI and digital.