Indian BPOs have achieved a critical mass and are now successfully competing with major global suppliers of business process outsourcing, says a new study.
The study - 'Business Process Outsourcing - Indian Supplier Landscape' by the Everest Research Institute, a research arm of Everest Group - says off-shoring of business functions such as finance and accounting, customer service, and human resources to Indian suppliers is becoming increasingly mainstream.
The study analysed the entire Indian BPO supplier landscape, and identified 11 suppliers who are establishing themselves as global players through cost-efficiency and process and industry expertise.
The companies recognised in the report as major offshore BPO contenders include EXL, Firstsource, Genpact, HCL, IBM Daksh, Infosys, Sutherland, TCS, TransWorks, Wipro and WNS.
Each supplier evaluated in the study was required to be headquartered in India or have a majority of its workforce in India, and have revenues greater than $100 million or more than 10,000 employees.
The study also analysed five suppliers who did not meet this year's criteria, but have the potential to join this group in the future.
"We're starting to see buyers engage in large, multi-process, global deals with Indian suppliers based on the strong capabilities that these suppliers are developing in different areas," said Sheetal Bahl, the institute's research director in a press release.
"While North American companies currently contribute the largest amount to offshore BPOs, the market is still nascent, leaving significant opportunity for near-term growth.
"This study validates the capabilities and expertise of select Indian BPO suppliers, and suggests that Fortune 2000 companies should actively consider off-shoring their business processes on a larger scale to unlock additional values," she added.