Indian back office services posted $30 billion in FY 2017: Nasscom

Bengaluru, Oct 12 (IANS) The back office services sector posted about $30 billion revenue in2016-17, with 12 lakh employees, said the Indian IT industry apex body Nasscom on Thursday.

"The Indian Business Process Management (BPM) or back office services sector remains the world's largest base, with $30 billion (Rs.1,95,000 crore) revenue and 12-lakh employees in 2016-17," Nasscom Chairman Raman Roy told reporters here.

Asserting that advanced technology solutions and intelligent automation would drive the sector's growth, he said the BPM sector was projected to touch $50-55 billion by 2025 with a steady growth over the next eight years.

Overcoming the slower growth phase, the Indian BPM industry has 35 per cent share of global sourcing and 38 per cent in the employable graduate pool, with revenue growth of 1.7 times.

"Digital streams will account for 60-70 per cent of the BPM service providers' revenue by 2025, overtaking traditional streams, with intelligent automation driving its growth," said Roy on the margins of the 19th BPM Strategy Summit of the National Association of Software and Services Companies (Nasscom).

Noting that the BPM industry was growing in strength, embracing the change, he said hybrid growth of higher order thinking and digital assistance would drive dynamic shifts towards new geographies, verticals and markets.

"The shift towards digital strategy is witnessing adoption of robotic process automation, advanced analytics and digital assistance," he added.

With the advent of new pricing models and increasing demand for unique skills in analytics, domain-knowledge and emerging technology, the BPM industry is aided by strategic acquisitions, partnerships and collaborations.

"These are interesting times for the BPM industry, with digital becoming the driving force behind the growth of the sector. With customer experience becoming mission critical for companies, they are investing in new technologies enabling AI, Automation and Big Data Analytics in a secured fashion," said Nasscom BPM Council Chair Rohit Kapoor at the summit.

The BPM industry is creating impact in process improvements, helping lower cost to serve, higher return on investment, customers as partners to reduce risks and drive results.

To accelerate the pace of growth, the Council has decided to position India as the destination for global firms to deliver transformation value and the BPM sector as an industry of choice for aspiring professionals.

(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)