India’s IT enabled services market size was calculated at USD75 billion in FY16-17 and contributed 52% to the total revenue if Indian IT sector. The IT enabled services sector is set to expand at a rate of 9.5% CAGR to USD 300 billion in 2020.With the exceptional technical skills and many other factors, India’s share to the ITeS global market is a whopping 55% of the US$ 185-190 billion global services sourcing business as of 2019-20. A new wave of growth is expected in the sector as India is getting ready to consolidate its business, training, and infrastructure along SMAC lines which will help it evolve as a full-fledged IT service providers and compete with the leading global MNCs.
The growth is inevitable on account of India being a favourable outsourcing destination and rising investor interest in our ITeS projects. Supported by a legacy of esteemed Institutes of Information Technology (IIT) and Indian School of Business (ISB) which produces world’s most able IT professionals with diverse business skills, India is rightly placed to capitalize on the growing digital opportunities. Indian IT vendors are also preferred by global leaders as they follow international quality standards and are competitively priced. IT outsourcing industry is also favoured by various government policies which make it easier for the companies to meet their business objectives.
The dependency of ITeS industry on technical equipments and software bring it a varied range of risk. The huge chunk of data available to the sector makes it vulnerable to data integrity issues and cyber crimes. Other risks entail loss to property, theft, worker compensation risk, liability towards errors and omissions, legal and financial claims by clients, etc. Unless these are covered by help of well-defined insurance policies, the organization will not be able to function as desired.
