Connect with us

Technology

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

Published

2 years ago

on

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..

AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View your snapshot now

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. 

Insights on how AI is driving innovation, efficiency, and market growth- Request Sample!

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.

Insights into how AI is reshaping industries and driving growth- Download a Sample Report

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.

Download complimentary Sample Report to gain insights into AI’s impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2017 – 2021) 

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/

View original content to download multimedia:https://www.prnewswire.com/news-releases/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-ais-role-in-market-transformation—technavio-302265095.html

SOURCE Technavio

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

SoftBank Corp. and TOPPAN Holdings Develop Lightweight, Durable Skin for Solar HAPS Aircraft Wings

Published

45 minutes ago

on

April 27, 2026

By

Skin’s compatibility with stratospheric conditions such as extreme UV rays and ultra-low temperatures makes longer HAPS operations possible

TOKYO, April 27, 2026 /PRNewswire/ — SoftBank Corp. (TYO: 9434) (President & CEO: Junichi Miyakawa, “SoftBank”) and TOPPAN Holdings Inc. (TYO: 7911) (President & COO: Satoshi Oya, “TOPPAN Holdings”) jointly developed a lightweight, durable skin for use on solar High-Altitude Platform Station (HAPS) aircraft wings and devised a testing method that replicates the stratosphere’s environment. Test production will go forward, and the aircraft wing skin is planned for use with HTA-type[1] HAPS, which SoftBank plans to deploy for commercial services from 2029 onwards.     

This jointly developed HAPS aircraft wing skin and test method that reproduces stratospheric conditions were made possible by combining SoftBank’s HAPS expertise and TOPPAN Holdings’ know-how accrued over years of creating advanced multi-layered film technology designed for packaging and construction materials. TOPPAN Holdings also leveraged its proprietary technology that evaluates weather resistance. This joint development mitigates film damage (degradation) caused by strong ultraviolet (UV) rays and ultra-low temperatures of almost -100°C. As a result, the aircraft can stay in the stratosphere for longer periods. 

Development Background
HAPS, also referred to as “base stations in the sky,” provide communication services from uncrewed aircraft that remain airborne in the stratosphere. Being able to keep an aircraft with a communications payload airborne for extended periods of time would make it possible to provide an alternative means of communications in the aftermath of large-scale natural disasters, as well as provide communication services to under-connected areas, such as mountainous regions and remote islands. As these platforms operate from the stratosphere at an altitude of approximately 20 km above, they offer wider-area coverage than base stations on the ground, while also providing high-quality, high-volume, low-latency communications superior to satellite-based communications. However, at this altitude in the stratosphere, UV ray and ozone exposure is far greater than at ground level, and with exposure to extremely cold temperatures that sometimes drop to almost -100℃, impaired efficacy due to these environmental factors had been a serious issue with conventional all-purpose skins. Responding to this challenge, SoftBank and TOPPAN Holdings jointly developed a new ultra-lightweight, high-durability skin for aircraft wings capable of withstanding the harsh conditions of the stratosphere, along with a specialized methodology for its evaluation.     

Wing Skin & Evaluation Method Characteristics
1. Use of impact-resistant advanced resin and proprietary structure to achieve both lightweighting and safety
Leveraging converting technology[2] developed for packaging by TOPPAN Holdings, an optimized skin structure was achieved by precisely layering original materials and impact-resistant advanced resin suitable for use at extremely low temperature conditions. The resulting skin weighs the same as or less than average conventional all-purpose skin, and even if damage to the skin were to occur, the break-resistant design keeps damage from spreading, allowing for both a safe and lighter HAPS airframe.    

2. Advanced durability to address harsh stratospheric conditions
SoftBank has contributed real-world data from its stratospheric HAPS flights, including actual temperature measurements and deep ultraviolet (UV-C) ray exposure conditions, and has also defined requirements such as weight reduction and other performance criteria. This has enabled TOPPAN Holdings to design a skin that addresses exposure to the harsh environmental conditions of the stratosphere by applying technology developed for construction materials. These conditions particular to the stratosphere include everything from extremely low temperatures (approximately -50℃ to -95℃) to extreme heat (approximately 100℃) from direct sunlight. The skin is also resistant to short wave UV-C and high-concentration ozone (10-20 ppm, parts per million) exposure that are far stronger than at ground level. This durability will allow for extended HAPS operation periods.      

3. Establishing a testing method that simulates stratospheric conditions to ensure reliability
TOPPAN Holdings leveraged its knowledge of packaging film testing and accelerated durability testing of construction materials, to construct a new test environment that assesses the skin under a simulation of the ultralow temperatures of the stratosphere, while also facilitating the testing of simultaneous exposure from short wave UV rays and the ozone. By using this test environment, it is possible to understand the detailed mechanisms of deterioration particular to the stratosphere and to use that knowledge for improved product design. This understanding and design adjustment makes it possible to carry out a more precise and more reliable evaluation compared to former testing methods.     

Roles of Both Companies
SoftBank
Provide expertise required to evaluate the suitability of the skin as well as expertise on HAPS operations
Supervision of advancing use with HAPS aircraft and transferring advances to practical application

TOPPAN Holdings
Develop and provide skin material suitable for HAPS aircraft
Proposal for evaluation method in stratospheric environment

Future Developments
SoftBank and TOPPAN Holdings will proceed with research to make the skin material developed within the scope of this project even lighter and stronger by fiscal 2027 (the year ending March 31, 2028). Additionally, while evaluating durability in the stratosphere, both companies will also attempt to establish mass production technology capable of ensuring sufficient supply and reliable quality by fiscal 2028. Also, based on testing outcomes, additional functions will be added, and the skin is expected to be used by SoftBank on HTA-type HAPS aircraft that provide commercial services, planned for launch from 2029 onwards. Both companies also plan to apply this skin to other fields that require a high level of durability.

[1] HTA (Heavier-Than-Air) refers to HAPS that remain airborne by generating aerodynamic lift, similar to conventional aircraft.

[2] Converting technology is the process of transforming materials like film into high-function final products through specialized processing such as printing and lamination. 

For more information:
https://www.holdings.toppan.com/en/news/04/newsrelease260427_1.html 

About SoftBank Corp.
Guided by the SoftBank Group’s corporate philosophy, “Information Revolution – Happiness for everyone,” SoftBank Corp. (TOKYO: 9434) operates telecommunications and IT businesses in Japan and globally. Building on its strong business foundation, SoftBank Corp. is expanding into non-telecom fields in line with its “Beyond Carrier” growth strategy while further growing its telecom business by harnessing the power of 5G/6G, IoT, Digital Twin and Non-Terrestrial Network (NTN) solutions, including High Altitude Platform Station (HAPS)-based stratospheric telecommunications. While constructing AI data centers and developing homegrown LLMs specialized for the Japanese language, SoftBank is integrating AI with radio access networks (AI-RAN), with the aim of becoming a provider of next-generation social infrastructure.
https://www.softbank.jp/en/corp/

About the TOPPAN Group
Established in Tokyo in 1900, the TOPPAN Group is a leading and diversified global provider committed to delivering sustainable, integrated solutions in fields including printing, communications, security, packaging, décor materials, electronics, and digital transformation. The TOPPAN Group’s global team of more than 50,000 employees offers optimal solutions enabled by industry-leading expertise and technologies to address the diverse challenges of every business sector and society and contribute to the achievement of shared sustainability goals.
https://www.holdings.toppan.com/en/
https://www.linkedin.com/company/toppan/

 

View original content:https://www.prnewswire.com/news-releases/softbank-corp-and-toppan-holdings-develop-lightweight-durable-skin-for-solar-haps-aircraft-wings-302753970.html

SOURCE TOPPAN Holdings

Continue Reading

Technology

TravelingWiki Foundation Launches SportsFanWiki.com, Providing Disabled Fans with Sports Venue Specific Information in Wiki Format

Published

45 minutes ago

on

April 27, 2026

By

The setup of SportsFanWiki.com mirrors the extremely successful format of TravelingWiki.com, which documents disability resources for all FAA Large Sized and FAA Medium Sized hub airports and leverages the launch of a GenAI platform to ensure access across society to expanded disability resources information.

LAS VEGAS, April 27, 2026 /PRNewswire-PRWeb/ — TravelingWiki Foundation announces the launch of SportsFanWiki.com, providing a comprehensive database of sports venue information for fans with Non Visible Disabilities. The setup of SportsFanWiki.com mirrors the extremely successful format of TravelingWiki.com, which documents disability resources for all FAA Large Sized and FAA Medium Sized hub airports.

Leadership of TravelingWiki Foundation is honored to expand to sports venue disability information, offered free to the public and funded via the the sale of cards from the extraordinary careers of Michael Jordan, Lebron James, Shohei Ohtani and Mickey Mantle.

The launch of SportsFanWiki occurs at the same time as the launch of ShoheiAutographs.com; MantleRookies.com; KobeRookies.com; and LebronRookies.com, offering market leading sports card inventory of Shohei Ohtani, Mickey Mantle, Kobe Bryant and Lebron James, respectively. The launch highlights TravelingWiki’s services offered including new Generative AI functionality via a GenAI platform currently in beta testing. The launch also spotlights TravelingWiki’s CardForACause.com platform for free disability resources offered to 20 million Americans for no cost as funded with sports cards sales nationwide via the most two recent White House administrations.

TravelingWiki CEO Jonathan Sutter notes, “Leadership of TravelingWiki Foundation is honored to expand to sports venue disability information, offered free to the public and funded via the the sale of cards from the extraordinary careers of Michael Jordan, Lebron James, Shohei Ohtani and Mickey Mantle, to highlight the critical resources offered via TravelingWiki for the Non Visible Disability community.”

More information about the non-profit work of TravelingWiki foundation is available via visiting http://www.Travelingwiki.com.

Media Contact

Jonathan Sutter, TravelingWiki Foundation, 1 4044033333, jonathan.sutter@travelingwiki.com, http://www.TravelingWiki.com

Jonathan Sutter, TravelingWiki Foundation, 1 4044033333, jonathan.sutter@travelingwiki.com, http://www.TravelingWiki.com

LinkedIn

View original content:https://www.prweb.com/releases/travelingwiki-foundation-launches-sportsfanwikicom-providing-disabled-fans-with-sports-venue-specific-information-in-wiki-format-302753876.html

SOURCE TravelingWiki Foundation

Continue Reading

Technology

AiPPT.com Expands Its Approach to Turning Information into Ready-to-Use Presentations in India

Published

45 minutes ago

on

April 27, 2026

By

NEW DELHI, April 27, 2026 /PRNewswire/ — AiPPT.com has refined its platform as demand continues to grow in India for faster ways to turn everyday information into structured presentations.

Across universities, coaching centers, startups, and corporate teams, presentation work often begins with scattered material from notes, documents, and online sources. The platform focuses on converting this workflow into a single process that produces usable slides from raw input. The aim is to reduce preparation time while keeping presentations clear and ready for use.

A Workflow Built Around Content

AiPPT.com allows users to start in familiar ways. A topic can be entered directly, or files such as Word and PDF documents can be uploaded. Web content can also be converted into slides via the URL-to-PPT feature, which turns online information into structured presentations.

The system analyzes the input and builds a presentation with clear sections and logical flow. Slides are generated with formatting applied automatically, reducing manual effort.

For users looking for inspiration, AiPPT.com also provides resources such as easy presentation topics to help them get started more quickly.

From Scattered Information to Clear Communication

In academic and workplace settings, information is often spread across multiple formats. Turning this into a structured presentation can take time.

AiPPT.com simplifies this process. A report can become a meeting deck. A research paper can be turned into a seminar presentation. Startups can quickly build investor materials using the AI pitch deck generator. Educators can create structured lessons with support from tools designed for teaching, such as AI for teachers.

A Flexible System for Editing and Conversion

AiPPT.com supports full editing after generation. Users can adjust text, change slide order, or refine structure. Presentations can also be edited directly through its online PPT editor.

Users can also choose from a range of presentation templates to match different use cases. This flexibility helps users adapt presentations for classrooms, meetings, and digital sharing without rebuilding them.

About AiPPT.com

AiPPT.com is an AI-powered PPT generator focused on turning information into structured presentations. The company builds tools that connect content creation, organization, and presentation in one workflow. Its goal is to support clearer communication by helping users transform ideas and materials into ready to use slides efficiently.

Contact Information
Company Name: PIXELBLOOM PTE. LTD.
Email: support@aippt.com

Website: https://www.aippt.com/

View original content:https://www.prnewswire.com/in/news-releases/aipptcom-expands-its-approach-to-turning-information-into-ready-to-use-presentations-in-india-302753879.html

Continue Reading

Trending