India's knowledge services outsourcing industry is expected to touch $5.6 billion mark by 2015, a Nasscom-Crisil study said today.

"...The knowledge services outsourcing industry here is expected to grow at a CAGR of 22.2% over FY15 from $2 billion in 2010 and touch $5.6 billion," Nasscom President Som Mittal said while releasing the report.

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According to the study, North America would continue to be the dominant sourcing destination, given its longer experience with services outsourcing. Its rising adoption across Europe and the Middle East regions will also support the industry further.

However, APAC region’s uptake of knowledge services is expected to be embryonic and develop over the longer term, it added.

Business research would continue to be the most widely adopted serviceline with a 39.4% share, representing a $2.2 billion opportunity.

Share of data analytics, on the other hand, is expected to increase from 18.5% to 20.6% ($1.15 billion) over the same period.

Legal Process Outsourcing is also expected to record robust growth of $1.3 billion by FY15.

In terms of verticals, financial services would continue to be the largest contributor with a 32% market share ($1.4 billion), followed by healthcare at 19.5% and hi-tech and telecom and retail at 13% each.

Mittal said that while the Indian market remains compelling, the momentum could be challenged by the country’s IP legal framework, rising attrition rates and talent management concerns.

Nasscom today also announced the top 15 BPO exporters in India for 2010-11, in which Genpact leads the pack, followed by TCS BPO and WNS at the second and third spot, respectively. Aegis BPO, Wipro BPO and Firstsource follow next.

Infosys BPO ranked seventh, followed by Aditya Birla Minacs, EXLService and Hinduja Global Services.

The list does not include companies whose headquarters are outside India but have significant presence in the country.

"Had they been ranked based on their India revenues, companies like Convergys, IBM Daksh and Sutherland Global Services would have also appeared in this list," Nasscom said.

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