Business process outsourcing (BPO) market in India reached $1.139bn in 2010, a 28.6% increase from 2009 revenue of $885.6m, and is expected to reach $1.4bn in 2011, according to Gartner.
The BPO market growth was driven primarily by increasing volumes in existing BPO engagements, clients expanding the scope of existing BPO relationships, and a number of new BPO deals in 2010 were from pent-up demand from 2009.
Gartner estimates the Indian domestic BPO market to reach $1.4bn in 2011, up 23.2% from 2010, and to reach $1.69bn by 2012 and $2.47bn by 2014.
The research firm said that the BPO services market in Asia/Pacific and Japan is made up of a good mix of multinationals, regional and local pure-play BPO service providers; IT services providers with BPO assets and capabilities; and telecom vendors.
The BPO services market in Asia/Pacific (excluding Japan) reached $8.6bn in 2010, a 21.5% increase from 2009 revenue of $7bn.
The research firm said that the largest BPO country market in the region is Australia, which is more than three times larger than India, the second-largest consumer of BPO services.
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By vertical industry, banking and financial services, communications, government (both local and federal), technology and travel and transportation were the largest consumers of BPO services in the region.
