Industry body Nasscom Thursday said India continues to be the largest BPM (business process management) base in the world, generating close to USD 32.5 billion in revenue with an employee strength of 1.2 million.
The Indian BPM industry is estimated to now account for over 37 per cent share in global sourcing and is witnessing a 1.7X revenue growth. This is set to grow from USD 154 billion to a projected USD 167 billion in FY18, an increase of almost 8 per cent, Nasscom said in a statement.
"As digital technologies reshape businesses, this industry with its foundation in domain and process expertise, is increasingly innovating to emerge as the hub for digital solutions. Upskilling for digital, acquiring competencies through acquisitions or partnerships, building platforms and products, and leveraging centers of excellence in new technologies are some of the key priorities of companies in the BPM industry," Nasscom Vice-Chairman and WNS CEO Keshav R Murugesh said.
Nasscom, which hosted its BPM Strategy Summit 2018 in Bengaluru, highlighted that the industry is taking advantage of emerging technologies such as Robotic process automation (RPA), artificial intelligence (AI), digital communications, Internet of Things (IoT), cognitive computing and more, to improve profitability, collaboration and competitiveness.
"The major row over data privacy needs to be addressed and compliance with the European Union’s GDPR (General Data Protection Regulation) as a regulatory requirement. Adoption of technologies like Blockchain and AI have shown how security, speed, and operational efficiencies can be enhanced," the statement said.
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