New Delhi, Nov 12 (ANI): China's outsourcing industry is steadily closing the gap with leader India, according to a research done by a Canada based firm.
ICT research and advisory firm Canada-based XMG Global said in its study that China is closing 2010 with 35.76 billion US dollars or 28.7 percent share of the global outsourcing industry, while India maintains its lead capturing 54.33 billion US dollars or 43.7 percent of the total.
Assessing the industry's achievement, China is gradually narrowing its revenue gap from India with a huge 30 percent growth compared with India's 14 percent, Xinhua quoted XMG chief analyst Lauro Vives, as saying in a statement.
"India's weakening lead is due to the substantial efforts of China, the Philippines, and other offshoring destinations in building their capacity to attract significant amount of investment," Vives said.
The Philippines, which came third with 8.85 billion US dollars in total revenue or 7.1 percent share by end of 2010, is also doing well with 23 percent growth surpassing the 20 percent gain last year, he added.
"While India continues to remain the leader, the rest of the offshore countries are now beginning to mature," Vives said.
The analyst said the global outsourcing market is expected to end 2010 with estimated total revenue of 425 billion US dollars or 13.9 percent higher compared with last year. (ANI)