In 2010, the Indian business process outsourcing (BPO) market reached $1.139 billion, a 28.6- per cent increase from 2009 revenue of $885.6 million.
According to Gartner Inc, the market's growth came mostly from increasing volumes in existing BPO engagements, expansion in the scope of existing BPO relationships, and a number of new BPO deals in 2010 from pent up demand from 2009.
According to the market research company's estimates, the Indian domestic BPO market would reach $1.4 billion in 2011, up 23.2 per cent from 2010. The market is expected to grow to $1.69 billion by 2012 and increasing to $2.47 billion by 2014.
The Asia / Pacific BPO services market has a good mix of multinationals, regional and local pure-play BPO service providers, IT services providers with BPO assets and capabilities as also telecom vendors.
Though global and India-based service providers dominate the BPO market fast growing regional and niche BPO service providers are also active players in the market.
According to TJ Singh, research director at Gartner, changing demographics, increasing affluence and economic growth in Asia / Pacific continue to drive shared services and BPO adoption, especially in Australia, India, Southeast Asia and China.