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IT Outsourcing Market in India Size, Share, Growth, Trends, Outlook and Forecast, 2022 – 2031

Kenneth Research released a report on IT Outsourcing Market in India that consists detailed analysis and industry insights for the forecast period, i.e.  2022-2031. On the basis of analysis of the market value and calculation of the CAGR during the forecast period, the latest trends and business opportunities in the market are discussed in the report.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for IT Outsourcing Market in India Products.

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In the statistics by Eurostat, the total value of the ICT sector including manufacturing and services of ICT in Europe, was estimated to be more than EUR 475 billion in the year 2017. Out of these, the ICT services sector accounted for the largest share. Moreover, the ICT services sector is predicted to be ten times larger than that of ICT manufacturing. On the other hand, the ICT services consist of computer programming, consultancy and related activities, along with telecommunication activities, out of which the former held about 49.1% share while the latter held around 30.3% share in the year 2017. These factors are estimated to impact positively towards the growth of the market in the next few years.

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. 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 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. India’s 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. India’s 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.
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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The Market report answers the following questions:

What is the aim of the report?

  • The market report presents the estimated market size of IT Outsourcing Market in India by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
  • Based on various indicators, the Year-on-Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
  • An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
  • The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
  • The various parameters accelerating the growth of Market are incorporated in the research report.
  • The report analyzes growth rate, market size and valuation of the Market during the forecast period.

What aspects regarding the regional analysis Market are included in this report?

  • Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
  • The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
  • The growth rate of the market in every region, including their countries over the forecast period is included in the market report.

Based on what factors are the key market players assessed in this report?

  • The report offers detailed analysis of leading companies in the market across the globe.
  • It provides details of the major vendors involved in the Market including Key Players
  • A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
  • The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
  • The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.

What is the key information extracted from the report?

  • Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
  • The report offers the present scenario and future growth prospects Market in various geographical regions.
  • The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
  • The SWOT analysis is conducted along with Porter’s Five Force analysis.
  • The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.

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