India’s PMS To Expand At 31 This Year Expected To Reach 1 6 Billion By 2014 (20-Aug-2010)
Process Management Services (PMS) which mostly forms part of India’s information technology (IT) and information technology enables services (ITeS) industry in the service sector, have shown strong growth over the years as the country has witnessed a rapid shift from agriculture driven economy to service driven. As per Gartner, a research firm, domestically, the PMS, which is largely confined to telecommunications and banking and financial services sectors, may see a growth of over 31% and attain $683 million revenues in 2010. Though the PMS is expanding at a brisk pace, it is anticipated that it will be able to sustain the momentum and reach $1.6 billion mark by the year 2014 as there is huge scope for expansion and diversification of PMS in verticals such as government, utilities, healthcare and retail which largely remain untapped.
Remarkable growth prospects of India’s service sector is evident as the sector has stood through surprising negative global events like recession which led to liquidity crunch and slowdown in developed countries like US and few European nations. The IT and ITeS industry will see its next wave of growth with large scale outsourcing of process management services gaining prominence. An analyst at Gartner stated “IT services spending will continue to shift from discrete spending to outsourcing in 2010. New avenues of growth will open in the mid-market and in up-selling.â€
The research firm has cited that the growth in the IT and ITeS industry will be driven by factors like high economic growth, competitive pressure, agility, time to market, innovation and adoption across verticals and breadth of services. It also maintained “the entry of new hybrid providers will blur the lines between product and IT services and offerings will move from traditional to utility, 'as-a-service' to cloud-based delivery models.''
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