Bright Forecast for Outsourcing Business, Says Research Firm

Manila Bulletin, October 4, 2009 | Go to article overview

Bright Forecast for Outsourcing Business, Says Research Firm


The global offshoring and global outsourcing industry will finish 'strong' this year despite an ongoing economic crisis, Canadian-based ICT research and advisory firm XMG Global predicted.The research firm, in its 2009 year-end forecast, said after posting a 19 percent growth rate last year, the global outsourcing market will end 2009 with total revenue of US$373 billion or 14.4 percent higher than the US$326 billion recorded in 2008.Global outsourcing market includes both inshore and offshore services worldwide.According to XMG, the performance of the top three offshore countries, namely India, China and the Philippines, will continue to lead the global market.India and China will remain at the top list with expected revenues amounting to US$48 billion and US$28 billion, respectively.India captures 44.8 percent of the total while China handles 25.9 percent, XMG said.“We still forecasted double-digit growth exactly one year ago, but there is no doubt the economic turmoil has been the major cloud of the global outsourcing industry in 2009,” Vincent Altez, XMG Global senior analyst said.The analyst further said the market share of India is similar to 2008 and has mostly to do with the Satyam accounting adjustments and the shifting of work to other offshore countries."In other words, we are seeing new levels of normalcy in which the recession has provided the opportunity to rationalize and shift work to other offshore destinations other than India,” Altez said.The Philippines is expected to close the year with US$7. …

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