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.”
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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 enjoys a relatively strong position in the automotive and high-tech telecom engineering services market. With a huge talent pool, strong industry knowledge, and extensive outsourcing experience, India has already secured a prominent position in the outsourcing market. However, as the global engineering outsourcing market is growing continuously, the demand for skilled resources and the focus on digital transformation to propel market growth has also increased. Is India up for this challenge?
Reflecting on the nation’s prior accomplishments can be the best way to evaluate its potential to take over the global engineering outsourcing market by storm.
India – The Preferred Engineering Outsourcing Destination
Actively offering a wide range of professional services to companies across multiple streams of engineering, such as automotive (hybrid technology), aerospace (avionics and structures), telecom (next generation routers), and medical devices (low-cost medical devices), India has already tapped into the billion-dollar worth global engineering outsourcing industry.
India’s main competition comes from China, Brazil, Central, and Eastern Europe, and South Africa. To maintain the position as a key player and capture the engineering offshoring market, Indian service providers are continuously investing in world-class infrastructure, hiring skilled and well-educated resources, and refining their marketing strategies to showcase their competency better. Above all, outsourcing firms in India are continuously retraining their existing workforce to increase their potential to take up new challenges and cater to complex engineering projects.