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PROFESSIONAL SERVICES SECTOR OVERVIEW

Statistics, news & updates: everything you need to know about the Professional Services Industry in India

Professional Service Industry in India- Maier Vidorno Altios

Summary/Snapshot​

Professional services Industry

  • The Indian healthcare business is likely to migrate to teleconsultation, which allows for digitally-enabled distant consultations. From 2020 to 2025, the Indian telemedicine industry is estimated to grow at a CAGR of 31%.
  • By end of 2023, India’s IT and business services sector is likely to reach US$ 14.3 billion. That too with 8 percent growth.​
  • The government is encouraging critical services and, under the GST framework, education and health services will be tax-free. ​
  • Over the Years, the Indian consulting industry has seen substantial growth, not only in terms of size but also in terms of service offerings. In recent years, the demand for specialist consulting services is being immensely sought by customers in India.
  • Medical tourism has increased the demand for healthcare and medical devices.​
  • Between April 2000 and June 2021, India’s services* category garnered a total of US$ 88.96 billion in foreign direct investments (FDIs). According to data given by the Department for Promotion of Industry and Internal Trade, the services category ranked top in FDI inflows (DPIIT)By 2025, the government intends to increase public health spending to 2.5 per cent of GDP.​
Professional Service Industry Graph - Maier Vidorno Altios

Growth Drivers

  • 100% FDI is allowed in scheduled air transport, regional air transport, and domestic scheduled passenger airlines.​
  • By 2023, Indian businesses are expected to have deployed ten cloud platforms to help them modernize their businesses in areas including retail, telecommunications, and insurance.​
  • The Indian government plans to create a credit incentive scheme of US$ 6.8 billion to expand healthcare facilities in the country, according to a spokesperson.​

Sub industries

  • Business Services​
  • Cleaning Services​
  • Engineering Services​
  • Technical Consulting Services​

Opportunities

  • The population’s average age in India is anticipated to rise from 26.7 years in 2015 to 31.4 years in 2030. This rise in average age, together with rising income levels, is predicted to result in a large increase in healthcare demand.​
  • During the 2019-25 period, the rollout of 5G wireless technology in India is estimated to generate US$10 billion in global revenue for Indian IT services firms.

Challenges

  • Project complexity has increased due to the rapid rise in Professional services to manage complicated projects.​
  • Many professional services firms make financial mistakes that lead to their downfall before their first anniversary. Almost seventy-five per cent of professional services start-ups fail to owe to poor decision-making.​
  • To stay ahead of the competition in the digital transformation era, every firm must implement new technology. Adapting to new technology and keeping up with trends is one of the most difficult difficulties the professional services sector faces.​
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Key Investment Opportunities

  • IT services, BPM, software product companies, and shared service centers are all being established.

  • Knowledge services, data analytics, legal services, business process as a service (BPAAS), and cloud-based services are fast-growing sectors within the bpm domain.

  • IT services and fast-growing industries within it, such as SMAC (social, mobile, analytics, cloud) products and services, it consulting, and software testing.

Recent Developments

  • Artificial intelligence and automation have been gradually creeping into the industry in recent years, but it is becoming increasingly prevalent as brands attempt to automate their services. Automation will be a definite trend to watch out for in the coming years as it offers the industry a chance to develop new, innovative ways of delivering professional services.
  • In the professional service industry, technology-enabled tools have made communication across distance boundaries possible. Additionally, intuitive project and resource management tools have allowed managers to keep track of their projects from afar. Clients are approaching firms based on reputation and work regardless of where they are located.

Key Players in India

National

  • Max for Life
  • Fortis
  • Apollo
  • Reliance JIO
  • VI
  • Infosys
  • TCS
  • Wipro
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