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India is fast emerging as a preferred destination for human resource outsourcing whose global market is expected to cross USD 2.85 billion by the end of this year, a study has said. Suppliers catering to the large market segment are expanding their delivery footprint to key offshore locations with India emerging as a favourite location, a study by Everest Research Institute said.
We expect suppliers to continue to build capability to gain market share and invest in access to new customer segments, delivery footprint, process expertise and technology capability, Everest Research Institute Senior Research Analyst Rajesh Ranjan said.
But suppliers would need to ensure that their offerings are scalable and that they have the desired capabilities to be the supplier of choice. Also, they should continue to guard against capacity constraints and resource shortages as other suppliers enter the market, the study said.
Indian IT majors like Infosys, Tata Consultancy Services TCS and Wipro have also entered the Human Resources Outsourcing HRO market this year and have well sketched plans to offer multi-process solutions to a target segment using definite technology strategy.
Globally, Hewitt remains the overall HRO market leader followed by Accenture, ACS, Convergys and IBM in terms of number of transactions, total contract value and actual contract value.
In terms of specific locations, Hewitt emerged as the leading player in North American market while Accenture bagged the top spot in Europe and Convergys holding the highest market share in both Asia Pacific and Latin America regions.
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