India the bellwether for global BPM industry, logs US$ 44 billion revenues: Nasscom
According to a Nasscom report, India's US$ 44 billion business process management (BPM) industry in revenue terms had double-digit growth of over 14% in FY22 compared to FY21 and represents close to 40% of worldwide sourcing expenditure.
In the next two years, leveraging data to increase operational effectiveness will take priority among BPM service providers.
According to the findings in the report, more than 90% of the surveyed companies anticipate increasing their IT budgets by more than 10% over the course of the following year, despite potential challenges brought on by macroeconomic concerns, geopolitical unrest, and a tendency to put off making decisions.
Businesses are also placing more and more emphasis on developing an integrated Digital Capability Platform that would ensure seamless data flow.
In the next two to three years, over 38% of the BPM providers surveyed expect to leverage data as an asset to uncover a brand-new source of value. Currently, over 33% of BPM providers are using data to generate insights for decision-making.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.