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Published July 2008
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While the offshore (international) BPO market faces pressures with economy-wide slowdown in developed markets, the domestic BPO market is getting ready to take off. According to Arun Jethmalani, CEO, ValueNotes, “Unlike the overseas business, labor or cost arbitrage does not drive the domestic BPO market. It’s strategic factors such as the need to scale rapidly, focus on core competencies, enhanced productivity and reduced time to market that are driving domestic demand”.
ValueNotes’ research indicates that the domestic BPO industry stands at an inflection point, with the growing scale of Indian buyers as well as the emergence of significant vendors with greater capabilities. The recently released report by ValueNotes estimates the share of third party revenues is 27% of the domestic BPO market, at Rs. 18 billion for FY08. This is expected to grow at a CAGR of 44% over the next four years reach Rs. 77 billion by FY12.
According to Neeraja Kandala, analyst and co-author of the report, “The outsourcing opportunity in the domestic BPO market will gain impetus over the next couple of years with the increased buyer awareness and adoption of outsourcing across industry verticals. Reforms in banking, financial services and insurance will further drive the future growth.”
The vendor landscape has over 700 large and small service providers. Large BPOs like WNS and Genpact traditionally catering to the international market are focusing on building their domestic BPO divisions. We have classified the service providers present in the domestic BPO market into four broad categories:
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International leaders (established BPO service providers with strong presence in international BPO market like MphasiS)
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India leaders (primarily focused on domestic market like Aegis, InfoVision and Omnia BPO)
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Emerging companies (companies building capabilities and currently offering specialized services on a small scale like Caretel, vCustomer)
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'Me-too’ players (offering undifferentiated low value services)
In the absence of cost arbitrage, creating sustained value from outsourcing will be a critical challenge for service providers in the long term. Currently, services outsourced by the Indian companies are largely limited to high volume, back office jobs and customer support activities. Pranav Dixit, analyst and co-author of the report says, “Most of the Indian companies are outsourcing for the first time. Further growth in outsourcing volumes will be largely dependent on performance of initial engagements and will unleash opportunities higher up the value chain.”
This report provides an in-depth analysis of the domestic BPO market. This study is based on extensive interviews with over 300 companies in various industry verticals and all major service providers. The report is designed to help:
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Indian companies looking to outsource their services
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Existing service providers to assess the competitive environment in domestic BPO market
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Other potential service providers to assess opportunities across various industries
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Venture capital companies looking for investment opportunities in specialized domestic BPOs
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Researchers looking for information on domestic BPO industry
The study analyzes the sectoral opportunity and emerging trends in the large and emerging verticals - Banking, Financial Services, Insurance, Telecom, Government, Retail, Logistics, Airlines and Travel and Hospitality.
Table of Contents (Pages - 148)
1. Executive Summary
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2. Domestic Outsourcing Opportunity
2.1 Market Size
2.2 India Opportunity
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3. Banking
3.1 Structure of the Indian Banking Industry
3.2 Market Share
3.3 Trends and Insights on the Indian Banking Industry
3.4 Outsourcing in the Indian Banking Industry
3.5 Indian Banks Lag Behind
3.6 Drivers and Constraints
3.7 Services Outsourced by Indian Banks
3.8 The Buyer Perspective
3.9 Outsourcing Market Size
3.10 Banking BPOs - Vendor Evolution
3.11 Vendor Landscape
3.12 Key Trends and Insights
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4. Telecom
4.1 Telecom Industry - Overview
4.2 Industry Structure
4.3 Market Share
4.4 Trends and Insights
4.5 Outsourcing in the Telecom Sector
4.6 Outsourcing Drivers
4.7 Services Outsourced
4.8 Big Deals
4.9 Market Size
4.10 Domestic Telecom BPOs
4.11 Key Trends and Insights
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5. Government
5.1 Entities in the Government Sector
5.2 Services Outsourced
5.3 Outsourcing Market Size
5.4 Trends and Insights |
6. Financial Services
6.1 Industry Overview
6.2 Capital Market Entities
6.3 Mutual Funds
6.4 Non Banking Financial Institutions
6.5 Trends and Insights
6.6 Outsourcing in Financial Services
6.7 Market Size and Insights |
7. Insurance
7.1 Insurance Industry Overview
7.2 Industry Structure 7.3 Market Size and Growth
7.4 Trends and Insights
7.5 Outsourcing in the insurance industry
7.6 Outsourcing Drivers
7.7 Services Outsourced and Outsourceability
7.8 Insurance BPOs
7.9 Market Size
7.10 Trends and Insights |
8. Airlines
8.1 Industry Overview
8.2 Industry Structure
8.3 Domestic Scheduled Airlines
8.4 Market Size
8.5 Key Insights and Trends
8.6 Services Outsourced and Outsourceability
8.7 Outsourcing Contracts
8.8 Vendors in the Industry
8.9 Drivers and Inhibitors
8.10 Market Size
8.11 Key Trends and Insights |
9. Retail Industry
9.1 Structure of the Retail Industry
9.2 Market Segments
9.3 Organized Sector
9.4 Trends and Insights
9.5 Outsourcing in the Retail Sector
9.6 Services and Outsourceability
9.7 Retailers and Outsourcing
9.8 BPO Vendors in Retail
9.9 Drivers and Inhibitors
9.10 Market Size
9.11 Key Trends and Insights |
10. Logistics
10.1 Industry Structure
10.2 Market Size and Share
10.3 Growth Drivers
10.4 Trends and Insights
10.5 Outsourcing in the Logistics Sector
10.6 Market Size
10.7 Outsourcing Drivers
10.8 Market Size
10.9 Key Trends and Insights |
11. Travel and Hospitality
11.1 Industry Structure
11.2 Services and Outsourceability
11.3 Buyers and Vendors
11.4 Market Size |
12. Vendor Landscape
12.1 The Domestic BPO Market
12.2 Vendor Segmentation
12.3 Vendor Analysis
12.4 Key Issues and Challenges
12.5 Vendor Trends |
| 13. Research Methodology |
| 14. About ValueNotes |
Table of Exhibits
Exhibit 1: Domestic and offshore BPO market
Exhibit 2: Share of third party market
Exhibit 3: Revenues - Third party
Exhibit 4: Industry wise revenue break down
Exhibit 5: Services outsourced
Exhibit 6: Function wise revenue split
Exhibit 7: Service wise revenue break down
Exhibit 8: Services maturity Exhibit 9: Market size
Exhibit 10: Rapid growth verticals
Exhibit 11: Emerging verticals
Exhibit 12: Key constraints
Exhibit 13: Structure of the Indian banking industry
Exhibit 14: Types of entities in Indian banking industry
Exhibit 15: Commercial banks
Exhibit 16: PSBs losing market share to private and foreign banks
Exhibit 17: Banking industry growth
Exhibit 18: Proposals by Raghuram Rajan Committee and implication on outsourcing
Exhibit 19: CBS deployment in Indian PSBs
Exhibit 20: Outsourcing maturity - Global vs. Local
Exhibit 21: Outsourcing - drivers and constraints
Exhibit 22: Outsourcing in the banking industry
Exhibit 23: Services value chain
Exhibit 24: Type of banks and readiness to outsource
Exhibit 25: Banks and services outsourced
Exhibit 26: Revenue share by function type
Exhibit 27: Revenue share by type of services
Exhibit 28: Three scenarios for outsourcing in the banking sector
Exhibit 29: Reforms could create huge opportunities
Exhibit 30: Vendor evolution
Exhibit 31: Banking BPOs
Exhibit 32: Domestic focus for large international vendors
Exhibit 33: Factors driving outsourceability
Exhibit 34: Banks and services outsourced
Exhibit 35: Banks to leverage on IT outsourcing
Exhibit 36: Contracts in IT and BPO
Exhibit 37: India’s telecom statistics
Exhibit 38: Market segments
Exhibit 39: Wireline service providers
Exhibit 40: Market share - GSM
Exhibit 41: Market share - CDMA
Exhibit 42: Growth of the telecom industry
Exhibit 43: Growth in tele-density
Exhibit 44: List of new LoIs
Exhibit 45: Growth in telecom outsourcing
Exhibit 46: Processes outsourced
Exhibit 47: Outsourcing deals in telecom
Exhibit 48: Market size
Exhibit 49: Major vendors
Exhibit 50: Entities in the government sector
Exhibit 51: Outsourcing projects in government
Exhibit 52: Projects planned by the Dept. of IT and communications
Exhibit 53: Outsourcing market
Exhibit 54: Outsourcing in government: future outlook
Exhibit 55: Market capitalization
Exhibit 56: Mutual funds and assets under management
Exhibit 57: Financial companies and services offered
Exhibit 58: Market size
Exhibit 59: Services outsourced
Exhibit 60: International comparison of insurance penetration
Exhibit 61: International comparison of insurance density
Exhibit 62: India’s insurance industry
Exhibit 63: Market segments
Exhibit 64: Type of business
Exhibit 65: Market players
Exhibit 66: Total premium underwritten by life insurers
Exhibit 67: Gross premium underwritten by non-life insurance
Exhibit 68: Services and outsourceability
Exhibit 69: Vendors
Exhibit 70: Market size
Exhibit 71: Insurance industry outsourcing
Exhibit 72: Large BPOs
Exhibit 73: Market segments
Exhibit 74: Market share of scheduled domestic airlines
Exhibit 75: Industry revenues - scheduled domestic airlines
Exhibit 76: Market share of merged entities
Exhibit 77: Processes outsourced - airlines
Exhibit 78: Airlines outsourcing to third party vendors
Exhibit 79: Customer service and reservations outsourcing by select players
Exhibit 80: Deals
Exhibit 81: Services offered by vendors
Exhibit 82: Market size
Exhibit 83: Market segments and characteristics
Exhibit 84: Revenue share of retail segments
Exhibit 85: Major retail players
Exhibit 86: Growth in the Indian retail sector
Exhibit 87: Outsourcing in Indian retail - focus on large retailers
Exhibit 88: Processes of a retailer
Exhibit 89: Processes outsourced by key retailers
Exhibit 90: Services offered by key vendors
Exhibit 91: Drivers and inhibitors
Exhibit 92: Market size
Exhibit 93: Global logistics markets - comparison
Exhibit 94: Logistics spend in India
Exhibit 95: India’s transport infrastructure Exhibit 96: Players in logistics services
Exhibit 97: Market size estimates Exhibit 98: Drivers and opportunities in logistics
Exhibit 99: Opportunities in logistics
Exhibit 100: Typical process flow for integrated logistics services
Exhibit 101: Market characteristics and impact on outsourcing
Exhibit 102: Relative outsourceability and complexity of processes
Exhibit 103: Current market size
Exhibit 104: Outsourcing drivers and opportunity
Exhibit 105: Market size - logistics
Exhibit 106: Vendors and offerings
Exhibit 107: Indian travel and hospitality industry
Exhibit 108: Category-wise break-up of hotels
Exhibit 109: Processes outsourced
Exhibit 110: Processes outsourced by select travel & hospitality companies
Exhibit 111: Key vendors - service offerings
Exhibit 112: Market size
Exhibit 113: Outsourcing revenue share in travel and hospitality
Exhibit 114: Domestic BPO landscape
Exhibit 115: Domestic revenues - third party
Exhibit 116: Third party vendor segmentation
Exhibit 117: Manpower estimates
Exhibit 118: Domestic BPO landscape
Exhibit 119: Vertical focus of key vendors
Exhibit 120: Clients
Exhibit 121: Service focus of key vendors
Exhibit 122: Types of billing rates
Exhibit 123: Average billing rates
Exhibit 124: Strengths and weaknesses of vendor groups
Exhibit 125: Frontrunners
Exhibit 126: Manpower estimates
Exhibit 127: Recent entrants |
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