The global recovery among financial institutions around the world has brought about a significant rise in the outsourcing of financial services such as accounting, bookkeeping, tax preparation etc. As predicted in the Everest Research Report which came out last February, the Finance and Accounting Outsourcing (FAO) market has now reverted to its pre-recession levels.
Successful growth in the FAO sector has witnessed massive deals among large players such as Genpact, Accenture and IBM and a steady growth among new players who are taking advantage of expected growth in the global financial services sector. Speaking about this trend, Saurabh Gupta, Research Director of Everest, says, “The mature FAO market is getting increasingly competitive with players vying to carve out unique value propositions to differentiate themselves.”
A Virtual Assistant (VA) is an independent, self-employed professional offering remote administrative, technical and other specialized support to businesses on an hourly, project-specific or ongoing basis. Though VA services have become popular over the years, some business owners still have apprehensions regarding the effectiveness of a virtual office assistant.
But if you are a business owner seeking to expand your business, choosing to hire a virtual assistant over a conventional or temporary employee will work out to be a better deal in the long run. Here are the reasons why:
When it comes to software development outsourcing, India, with a market share of 80%, is generally considered as the world leader. But with stiff competition form China, Vietnam, South Africa, Eastern Europe and South America, will India have to have a cause for worry? Not so much, for according to reports by the National Association of Software & Services Companies (NASSCOM), India’s export revenue touched the $56-$57 billion mark last February.
Som Mittal, president of NASSCOM, in a statement on this upward trend, said, “Pent-up demand for IT-BPO services, return of discretionary spending, new business models that encouraged first time buyers, and re-invented value proposition for existing ones, were the key drivers for the industry performance.” Furthermore, with India’s share in the global outsourcing market rising from 51 percent in 2009 to 55 percent in 2010, NASSCOM has predicted India’s outsourcing export revenue to be around $68 billion to $70 billion in fiscal year 2012.
India, at present, enjoys a relatively strong position in the automotive and high-tech telecom engineering services market. According to a recent industry report, the total offshore engineering spend is expected to grow to $150-$225 billion by the year 2020, and India with its huge talent pool and existing experience in engineering services, is well suited to take over the global engineering services industry.
India Emerges as a Key Player
By providing a wide range of engineering services across multiple industries including automotive (hybrid technology), aerospace (avionics and structures), telecom (next generation routers), and medical devices (low cost medical devices), India is looking towards tapping into the $750 billion-a-year global engineering services industry.