A recent study by business intelligence and research provider ValueNotes, suggests that the e-learning outsourcing business in India is likely to grow at a rate of 15% annually for the next three years to touch $ 603 million by the end of 2012.

Last year, the revenues from the e-learning offshoring industry in the country stood at approximately $ 341 million.

The e-learning outsourcing industry in India will suffer the impact of the global economic recession for the next 6-8 quarters but growth is likely to pick up after that.

"While, the economic recession will impact the growth in the industry for the next 6-8 quarters, the market will recoup and grow much faster until 2012," the study said.