Indian BPM industry forecast to touch $50 billion by 2020

NEW DELHI, INDIA: The Indian Business Process Management (BPM) industry is forecast to touch $50 billion by 2020 from $18 billion in fiscal 2012, according to the software lobby group Nasscom.

Keshav Murugesh has been appointed as the new chairman of Nasscom's BPM Council. He said, "The industry that has demonstrated resilience in the face of economic uncertainty by constantly re-inventing itself to meet market needs, is forecast to touch $50 billion by 2020 from the present $21 billion.

"An integral enabler for growth in these times has been the industry's

smart use of technology to create innovative solutions. The world of BPO or business process outsourcing as it was known, has evolved into a brand new identity - Business Process Management (BPM).

"While BPM 1.0 in the late nineties was centered on cost efficiencies and productivity, BPM 3.0 in late 2000 focused on specialisation, process re-engineering, technology-enabled platforms and taking BPM to the rural areas. I believe that the era ahead is that of clients and providers working together even more closely on disruptive innovations."

"We have a rather audacious goal ahead of us as a Council. We are looking to rebrand the image of the industry from BPO to BPM to signify the evolution and the value that it creates for client companies globally."