Press Release Summary = With 25%, growth in international outsourcing market and 20% in domestic, Indian outsourcing industry is on boom.
Press Release Body = Last year has witnessed mergers and acquisition of many IT and outsourcing companies in India. This has contributed in the boom of Indian IT industry, which is now worth $38 billion in 2006-07. Stable pricing and improvement in the quality results are also contributing factors. According to National Association of Software and Service Companies (NASSCOM), the Indian IT industry to notch up revenues of around $36-38 billion in the year 2006-07, projecting a growth between 25-28 percent.
Nasscom has also projected the revenue of $29 to $31 billion for ITES exports and anticipated growth would be between 27-30 per cent in 2006-07. Besides, domestic market also looks promising and expected to grow at 20 percent, thanks to government initiatives and automation in other industries such as retail, healthcare, transportation and manufacturing, sources said. Indian industry now enjoys the world repute of efficient global delivery model. Due to this, many large IT outsourcing businesses are now falling into it.
According to the analysis of Indian IT outsourcing industry 2005-06, it grew by 31 percent, generating revenue of 29.5 billion dollars, up from 22.5 billion dollars in 2004-05. This is impressive performance made by the industry in the recent times. If such growth continues then industry believes to achieve the target of $60 billion dollars exports by 2010, projected by the NASSCOM-McKinsey study 2005.
The BPO segment has successfully earned $6.2 billion revenue with the whopping growth of 37 percent. On the other hand, engineering services and product grew 27.4% and notched the revenue of $4 billion from $3.14 billion last year 2004-05. Domestic market also showed the robust growth and generated the revenue of $6 billion in 2005-06, which is a sharp increment of 25% i.e $4.8 billion.
According to sources, employment has also risen in ITeS industry and now total estimated employment is nearly one million. The IT software and services segment added over 120,000 professionals, whereas BPO sector got success in adding upto another 100,000. Indirect employment to IT-ITeS industry is expected to be approx. three million.
2022
