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IT and BPO Services Market in India to Grow by USD 214.8 Billion from 2025-2029, Boosted by Rising Cost Pressure, with AI Impact on Market Landscape – Technavio

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NEW YORK, Feb. 7, 2025 /PRNewswire/ — Report with market evolution powered by AI – The IT and BPO services market in India  size is estimated to grow by USD 214.8 billion from 2025-2029, according to Technavio. The market is estimated to grow at a CAGR of  12.3%  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..

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Forecast period

2025-2029

Base Year

2024

Historic Data

2019 – 2022

Segment Covered

End-user (Finance, Insurance, Telecom, Healthcare, and Others), Type (Export and Domestic), Product (IT services, BPM, and Software and research and development), 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. 

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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.

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Segment Overview 

This it and bpo services market in India report extensively covers market segmentation by

End-userFinanceInsuranceTelecomHealthcareOthersTypeExportDomesticProductIT ServicesBPMSoftware And Research And DevelopmentGeographyAPAC

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.

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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 Research And DevelopmentGeographyAPAC

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/

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SOURCE Technavio

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Cboe Clear U.S. Receives SEC Approval to Expand Clearing Capabilities

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SEC registration enables Cboe Clear U.S. to clear binary securities options alongside futures, positioning it to support innovation across the market

CHICAGO, Oct. 23, 2026 /PRNewswire/ — Cboe Global Markets, Inc. (Cboe: CBOE), a leading global markets operator and pioneer in equity and index derivatives, today announced that Cboe Clear U.S., LLC (CCUS) has received temporary registration from the U.S. Securities and Exchange Commission (SEC) to operate as a Covered Clearing Agency.

The registration expands CCUS’s clearing capabilities beyond its existing authorities as a Commodity Futures Trading Commission (CFTC)-registered Derivatives Clearing Organization (DCO) to clear securities products in addition to futures and swaps products. Together with recent enhancements to its regulatory framework and product scope, the milestone positions CCUS to support innovation and emerging opportunities across a broad range of assets and markets.

CCUS will initially use its SEC registration to clear Cboe’s binary securities options tied to specified corporate key performance indicators (KPIs), which are planned to list on Cboe Options Exchange and be available on Robinhood in the fourth-quarter 2026. CCUS also recently received CFTC approval to clear margined futures broadly and continues to clear digital asset derivatives under its DCO designation.

“Clearing plays a critical role in bringing innovation to market,” said Dale Michaels, Head of Cboe Clear U.S. “These expanded capabilities position Cboe Clear U.S. to become an innovation lane to support new products and meet evolving customer needs, while maintaining the rigorous risk management standards that are fundamental to our business.”

These efforts complement Cboe’s longstanding partnership with The Options Clearing Corporation (OCC)® and Cboe’s continued commitment to supporting the established clearing infrastructure for traditional equity options.

The development builds on the growth of Cboe’s established European clearing business, where Cboe Clear Europe has become the leading pan-European equities central counterparty, while expanding into new services such as securities financing transaction clearing. Together, these advances demonstrate Cboe’s ability to extend its clearing capabilities across markets and asset classes.

To support its own future growth, CCUS has strengthened its infrastructure over the past year, including electing in June to become a Subpart C DCO. In doing so, CCUS is voluntarily adopting the enhanced standards the CFTC applies to systemically important DCOs for financial resources, risk management and operational resilience, aligning with those applied to leading global clearing organizations.

About Cboe Global Markets

Cboe Global Markets (Cboe: CBOE) is a leading global markets operator with a long history of innovation in equity and index derivatives. Since launching the world’s first listed options exchange in 1973, Cboe has pioneered landmark products, including the introduction of S&P 500® index options and the creation of the VIX® Index, the world’s leading gauge of market volatility, reshaping how investors manage risk and access opportunity. Today, Cboe operates derivatives, equities, and FX markets, providing trading, clearing, and investment solutions for customers worldwide. To learn more, visit www.cboe.com.

Cboe Media Contacts

 

Cboe Analyst Contact

 

Angela Tu

+1-646-856-8734

atu@cboe.com

Tim Cave

+44 (0) 7593-506-719

tcave@cboe.com

Kenneth Hill, CFA

+1-312-786-7559

khill@cboe.com

CBOE-C
CBOE-OE

Cboe®, Cboe Global Markets®, and VIX ® are registered trademarks or service marks of Cboe Exchange, Inc and S&P 500® is a registered trademark of Standard & Poor’s Financial Services LLC. All other trademarks and service marks are the property of their respective owners. 

Cautionary Statements Regarding Forward-Looking Information

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. You can identify these statements by forward-looking words such as “may,” “might,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or “continue,” and the negative of these terms and other comparable terminology. All statements that reflect our expectations, assumptions or projections about the future other than statements of historical fact are forward-looking statements. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from those expressed or implied by the forward-looking statements.

We operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible to predict all risks and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

Some factors that could cause actual results to differ include: the loss of our right to exclusively list and trade certain index options and futures products; economic, political and market conditions; compliance with legal and regulatory obligations; price and new products and services competition and consolidation in our industry; decreases in trading or clearing volumes, market data fees or a shift in the mix of products traded on our exchanges; legislative or regulatory changes or changes in tax regimes; our ability to protect our systems and communication networks from security vulnerabilities and breaches; our ability to attract and retain skilled management and other personnel; increasing competition by foreign and domestic entities; our business and operational dependence on and exposure to risk from third parties; factors that impact the quality and integrity of our and other applicable indices; our ability to manage our global operations, growth, and strategic acquisitions, wind downs, divestitures, or alliances effectively; increases in the cost of the products and services we use; our ability to operate our business without violating the intellectual property rights of others and the costs associated with protecting our intellectual property rights; our ability to minimize the risks, including our credit, liquidity, market, investment, counterparty, and default risks, associated with operating our  clearinghouses; our ability to accommodate trading and clearing volume and transaction traffic, including significant increases, without failure or degradation of performance of our systems; misconduct by those who use our markets or our products or for whom we clear transactions; challenges to our use of open source software code; our ability to meet our compliance obligations, including managing our business interests and our regulatory responsibilities; the loss of key customers or a significant reduction in trading or clearing volumes by key customers; damage to our reputation; the ability of our compliance and risk management methods to effectively monitor and manage our risks; restrictions imposed by our debt obligations and our ability to make payments on or refinance our debt obligations; our ability to maintain an investment grade credit rating; impairment of our goodwill, long-lived assets, investments or intangible assets; the accuracy of our estimates and expectations; and litigation risks and other liabilities. More detailed information about factors that may affect our actual results to differ may be found in our filings with the SEC, including in our Annual Report on Form 10-K for the year ended December 31, 2025 and other filings made from time to time with the SEC.

We do not undertake, and we expressly disclaim, any duty to update any forward-looking statement whether as a result of new information, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.

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SOURCE Cboe Global Markets, Inc.

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Hears Everything, Uploads Nothing: VoxNexus Launches Android’s First Low-Power On-Device Always-On Voice Artificial Intelligence (AI)

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VoxNexus’ new on-device ambient listening solution runs for 12 hours on 2.49% of a phone’s battery and never sends audio to the cloud

MADRID, Oct. 23, 2026 /PRNewswire/ — VoxNexus (www.VoxNexus.ai) released VoxEdge, an on-device voice stack that brings speech recognition, translation and speech synthesis to affordable Android devices, entirely offline. VoxEdge supports speech recognition in 36 languages, translation in 103 languages, and speech synthesis in 45 languages—all running with no connection, no data bundle, and no cloud token bills.

AI should work for everyone, not just for speakers of a handful of mainstream languages. Yet across much of Africa, voice AI has been held back by scarce training data and the lack of targeted fine-tuning. Everyday speech also includes code-switching and dialect variation, while cloud-based inference costs can make deployment at scale expensive. 

VoxNexus’s solutions run entirely on device, and every query is free once the model is installed on the device. Its speech recognition model has as few as 65 million parameters and achieves a lower word error rate than open-source models nearly ten times its size.

“Under-resource languages aren’t small languages. Hundreds of millions of people speak them. Until now, AI models just haven’t learned them yet,” said Charles Shi, CEO of VoxNexus.

VoxNexus also launched VoxSense, an on-device ambient listening solution that uses only 162 mAh for 12 hours of continuous listening, around 2.5% of a 6,500 mAh phone battery. By keeping all processing on device, VoxSense makes always-on listening practical without draining the battery and without sending any audio to the cloud. Developers and device makers can easily integrate it through a license and a simple SDK. Developers can request a free trial here: www.VoxNexus.ai.

VoxSense and VoxEdge were unveiled at the MediaTek Dimensity 9600 launch in Madrid on October 19.

Distributed by APO Group on behalf of VoxNexus AI. 

About VoxNexus:
VoxNexus builds AI that hears and speaks — for everyone, everywhere, all the time. Its audio intelligence runs entirely on-device, delivering low latency, built-in privacy, and zero token cost across any device with a chip. VoxNexus is headquartered in Singapore. Website: www.VoxNexus.ai. Contact: public@voxnexus.ai  

VoxNexus demonstrates live on-device speech recognition at the MediaTek Dimensity 9600 launch in Madrid on Oct. 19, 2026. Spanish and English conversations were transcribed in real time on the phone, with no cloud connection. (Photo: VoxNexus) 

Speaks Your Language, No Internet Needed: VoxNexus Brings On-Device Voice Artificial Intelligence (AI) in 100+ Languages to Affordable Android Devices

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SOURCE VoxNexus AI

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team.blue extends €1.1 billion of its Term Loan B to 2032 in the largest software Euro term loan issuance in the last 12 months

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GHENT, Belgium, Oct. 23, 2026 /PRNewswire/ — team.blue, a leading pan-European provider of digital solutions for small and medium-sized businesses (SMBs) backed by Hg, CPP Investments and Sofina, today announces the successful pricing of an amendment and maturity extension for €1.1 billion of its existing €1.35 billion Term Loan B. The transaction priced on 22 October 2026, with the refinanced tranche extended from September 2029 to July 2032, reinforcing the Company’s prudent capital structure approach.

Strong demand from a broad group of institutional investors enabled team.blue to upsize the transaction twice in-market, taking the final deal size to €1.1 billion from a minimum initial launch size of €500 million, despite recent credit market volatility. Pro forma for the transaction, c.90% of team.blue’s term debt now matures in 2032.

The transaction comes at a time of significant momentum for team.blue, with continued double-digit revenue growth and strong cash generation supporting its deleveraging trajectory. Its products help Europe’s SMBs get online, get customers, get paid and stay compliant, and AI-enabled products are increasingly driving new customer growth. team.blue continues to innovate across its portfolio, from smarter tools within its brands to secure European cloud hosting built for customers’ growing AI workloads. Its category-leading SaaS brands are also integrating with leading AI assistants, bringing team.blue’s products to customers wherever they work.

Transaction highlights

The largest software Euro term loan issuance in the last 12 months€1.1 billion Term Loan B, borrowed by team.blue Finco S.à r.l., maturing July 2032Priced at E + 425bps with a 0% floor and an OID of 98.5Upsized twice from an initial €500 million, reflecting a heavily oversubscribed order bookCorporate and facility ratings of B3 (Moody’s) and B (S&P), both with stable outlooksBofA acted as Global Coordinator and Left Lead Physical Bookrunner, alongside Barclays. ABN AMRO, BNP Paribas, Citi, ING and J.P. Morgan acted as Bookrunners

Jonathan Thackray, Chief Financial Officer of team.blue, said:
“We set out to extend €500 million of our Term Loan B, and the depth of support from our institutional investor base allowed us to go much further. This reflects confidence in team.blue’s highly recurring, cash-generative model and our position as a leading digital partner for Europe’s SMBs. It gives us the flexibility to keep innovating and investing in the digital and AI-enabled tools our customers rely on.”

About team.blue
team.blue is the pan-European digital partner for small and medium businesses, serving more than 3.5 million customers in 24 countries. From web hosting, domains, email and cloud and AI infrastructure to e-commerce, engagement, payments and compliance tools, team.blue helps SMBs get online, get customers, get paid and stay compliant. Supported by more than 4,000 employees, team.blue’s vision is to make online business success simpler, with artificial intelligence at every step. 

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