Information Technology is the sunrise industry in the Indian economy. It has registered huge growth in the recent years. India’s IT industry stood at 150 million US Dollars in 1990-1991. It grew to a whopping 80 billion UD Dollars in 2008-2009. In the last ten years the IT industry in India has grown at an average annual rate of 30%. It is seen as the most robust across al the sectors. It is a key driver of India’s economic growth. Economies of scale and avid demand from both consumers and enterprises are driving the growth of this sector.

Like IT, Information Technology Enabled Services referred to as ITES have hugely cotributed to the economic growth story. BPO or Business process outsourcing is the arm of ITES, which facilitates delivery of services through the use of information technology. ITES services are diverse in nature such as finance, HR, administration, healthcare, telecommunication and manufacturing, services ranging from customer care, call centers and claims processing to medical transcription, HR hiring, biotechreserch, Web sales/marketing and back-office operations such as accounting, data processing and data mining harness the power of IT.

India based service providers are appreciated the world over. Host of fortune 500 and fortune 1000 businesses of all sizes have set up their own BPO unites or have outsourced to Indian firms to reap the advantages of this all encompassing business revolution.

Growth of IT Sector in India

A study by NASSCOM and Everest Indian on the Indian BPO Sector states that Indian is at the forefront of the rapidly evolving BPO market, having established itself as a destination of Choice. According to the study, the Indian BPO sector, at its current momentum can reach around US$ 30 billion in export revenues by 2012.

The domestic BPO market (in verticals such as, banking, retail, insurance, media, telecom and government) provides an additional US$ 15-US $ 20 billion opportunity for the sector. The Indian BPO sector has been growing at more than 35 per cent over the past three years.

IT-ITes Exports

According to NASSCOM, if india maintains its current share of the global offshore IT-ITes market, the IT-ITes exports from India will exceed US$ 330 billion by 2019-20 (nearly 14 per cent of the projected worldwide spend). Currently the exports stand at US$ 47.3 billion. The ITes sector is working towards reducing its dependence on the US market and is exploring new and emerging markets such as those in Australia and the Middle East.

Road Ahead

According to a new Gartner report, the share of Indian BPO vendors will be 10 percent of the total global market by 2010 from the current 5 percent. Moreever, the domestic market is developing, providing a huge opportunity to the BPO Sector. More information about BPO Companies or Top IT Companies in india log on to Companies India Directory.

Kamaldeep writes on behalf of Companies India Directory, which is a online web directory portal and meet every aspect of the consumers needs in the business industry.

Article Source:http://www.articlesbase.com/business-articles/demand-of-it-sector-and-bpo-sector-in-india-1564954.html