India has the potential to reach a market size of $250 billion in the outsourcing industry, according to a study by global consulting and research firm Everest Group, titled “Role of Global Sourcing in Financial Services”. The report further suggest that India will play a key role in global Business Process Outsourcing in the financial services sector.
Over the years, India, Philippines and China have evolved as mature locations for financial services outsourcing, while Eastern Europe, Central America and South America are witnessing the fastest growth. The financial services BPO sector is a $16-18 billion market comprising nearly 40 per cent of the $40 billion global sourcing market. The BPO in India continues to play a key role in the offshore outsourcing space and offer attractive arbitrage opportunities compared to onshore locations in US, UK, and Europe. The availability of skilled individuals, process excellence, and improved service levels are the bait that Indian BPO companies posses.
Furthermore, the report hinted that challenges have had a very minimal impact on global outsourcing. The most notable ones being the constraints in the United States associated with the Troubled Asset Relief Programme (TARP) and data protection measures in the European Union. The study has analysed the global sourcing phenomena in detail on areas like capital markets, insurance outsourcing and also analysed labour savings and other factors offered by different on and offshore delivery locations.
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