Global outsourcing for the seven sectors - technology, health care, fast-growing consumer goods, transportation, energy, and media and entertainment - is predicted to grow by 15% each year to $1.43 trillion by 2009 from $930 million last year.
Despite rolling out 3 million graduates each year, demand for experienced professionals in India is outpacing supply. Technology sector is experiencing attrition of as high as 40%.
China is in the wings to take over, especially lower end functions such as back office processing and increasingly high value services.
Malaysia, Singapore and Dubai are emerging as key contenders for
outsourcing services as well.
Specialized functions such as high-end software development is going to Russia and Dubai is being tapped for banking and financial services.
Presently, the top three outsourcing hubs are India, China and Ireland.
But as long as China gets key events like the Beijing 2008 Olympics, China will continue to take giant steps to replacing India in key outsourcing sectors.
India needs to get on the stick, no?
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