The ITES-BPO_BPM market remained a high growth segment for the Indian software and services industry. Indian players in this space logged in high growth rates. Overall this sector grew at over 65 percent-upping revenues from Rs. 71 billion in 2001-02 to touch Rs. 117 billion in 2002-03. According to NASSCOM, current trends indicate that within the BPO segment, insurance, banking and automotive are the key verticals.
Gartner has projected India's revenue from offshore Business Process Outsourcing (BPO) to grow from slightly under $1 billion in 2002 to $1.2 billion in 2003, thus representing 66 per cent of the global offshore BPO market.
America continues to lead in terms of ITES/BPO spending, with the US accounting for over 59 percent of total worldwide spend. Europe is the second largest market for ITES/BPO services, accounting for 22 percent of the market. The region however with the maximum ITES/BPO growth is Asia Pacific, which accounts for 15 percent of the global BPO spend.
A BPM (business process management) system involves workflow automation, data imaging and features of enterprise application integration wherein the business processes, tasks and procedural steps of an organisation are defined, analysed and integrated, thus providing a framework for the organisation to deliver its (business) solutions.
Further, customer relationship management (CRM) is critical for banks & Insurance companies in view of the stiff competition & the fact that almost everyone in the market has similar products to offer.