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Professional services sector (Industrial Equipment industry) in India

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PROFESSIONAL SERVICES SECTOR OVERVIEW-2020 (Industrial Equipment industry)

Statistics, news & updates: everything you need to know about the Professional Services Industry in India (Industrial Equipment industry)

Summary

Cleaning services

The domestic and global factors govern the growth of the services sector. The Indian facilities management market is likely to grow at 17 percent CAGR between 2015 and 2020. It is likely to surpass the US$19 billion mark supported by the booming real estate, retail, and hospitality sectors. Moreover, the services sector is the key driver of India’s economic growth. In fact, the sector has contributed 54.17 percent of India’s Gross Value Added at the current price in 2018-19.

 

Business Services

  • 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. However, this has given an opportunity to a large number of consultants to help businesses with an expert knowledge base and resources.
  • Due to constantly increasing demand, the industry is likely to grow at a compounded annual growth rate of 30 percent. It is likely to become a US$ 3.6 Billion industry by 2020.
  • This fast growth of this sector in India is largely attributable to improved investment activities because of low-cost structure, entry of many big players into the Indian market, relaxation of previous FDI restrictions, and strong capabilities in areas like IT, management, civil engineering, telecommunication, petrochemicals, power, and metallurgy. Lastly, the steady growth will ultimately lead to the expected rise in hiring activities.

Technical Consulting Services

  • 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. In addition, the India IT & Business Services market is likely to grow annually by 8.8 percent. Moreover, it is likely to reach USD 13.1 billion by December 2020.

Nikkei India Services Purchasing Managers’ Index (PMI) stood at 57.5 in February 2020, indicating an expansion. Furthermore the expansion in services activity is because of the boost in capacity and demand along with favourable public policies.

Covid Impact
Indian IT service firms have learned to have implemented rigorous employee performance evaluation metrics as most of them are resorting to staff retrenchment to withstand the difficult business environment in the wake of the Covid-19 pandemic. According to industry insiders, at least 10,000 software professionals in the country might have already lost their jobs in the April-June quarter, while more are expected to lose their jobs in the coming quarters. The pandemic COVID-19 brought in large challenges in India among the workforce. There were reports of how employee layoffs and pay cuts were gradually becoming prominent across industries based on media reports. Recovery in the services sector, which dominates the Indian economy, continued to lose momentum in December and fell to a three-month low, owing to competitive pressures and the impact of Covid-19 on demand, showed a widely tracked IHS Markit Purchasing Managers’ Index (PMI) survey. Employment contracted after rising in November for the first time in nine months as companies dealt with liquidity concerns and subdued demand. Services PMI fell to 52.3 in December from 53.7 in November. Global Covid-19 curbs restricted international demand for Indian services. The new export business decreased sharply, but at the slowest pace since March. The statistics below are taken from Industry data available pre-Corona virus impact.

Key Players in India

National

  • PruVisor Management Consulting Pvt. Ltd.
  • BizMania Consulting
  • Tata Strategic Management Group
  • Vector consulting firm

International

  • NeenOpal Inc.
  • Accenture
  • McKinsey & Company
  • PWC
  • Deloitte
  • KPMG
  • Boston Consulting Group
  • Bain & Co

Market Stats

  • By 2023, the healthcare industry is likely to reach US$ 132 billion. India’s digital economy is estimated to reach US$ 1 trillion by 2025.
  • Furthermore, India is likely to be the fourth largest private wealth market globally by 2028. In fact, India is today one of the most vibrant global economies, owing to robust banking and insurance sectors. The relaxation of foreign investment rules has received a positive response from the insurance sector. As a result of this, many companies have announced plans to increase their stakes in joint ventures with Indian companies. Finally, over the coming quarters, there could be a series of joint venture deals between global insurance giants and local players.
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