Thursday, February 4, 2016
Indian IT-BPO Industry on Track to Reach US$350 Billion by 2025
The National Association of Software and Services Companies (NASSCOM) has revealed various trends that enabled the Indian IT-BPM industry to clock double-digit growth of 12.3 percent (constant currency terms) in exports and 10 percent in domestic revenues for FY2016. In a press meet addressed by BVR Mohan Reddy, Chairman, NASSCOM, C P Gurnani, Vice-Chairman, NASSCOM and R Chandrashekhar, President, NASSCOM, confluence of digital technologies (cloud, mobility, IOT, social, big data), changing business models, rapidly growing innovative start-up ecosystem, government’s vision of driving digitization, India’s consumer economy were identified as major trends that are spearheading this growth.
INDIA – STARTUP HUB AND DIGITAL SOLUTIONS PARTNER TO THE WORLD
The industry is continuously building and strengthening its digital solutions capabilities. Digital contributed approximately 13 per cent for the leading technology companies. Further, the industry employed over 250,000 digitally skilled employees. Digital M&A deals also witnessed a spike in volume and value crossing USD 2 billion in FY2016 growing 3 times over last year. Increased emphasis on design, creativity, agility and customer experience will lead India to strengthening its position further and presenting itself as the ideal digital solutions partner to the world.
India’s start-up landscape is now a global success story with young start-ups and unicorns making a difference in high impact areas. With over 4200+ start-ups, India is now the third largest start-up base with over 1200+ start-ups being created every year aided by 4.9 mn worth of funding, over 150 active VC/PEs and over 110 incubators and accelerators.
C P Gurnani, Vice-Chairman, NASSCOM, added, “Digital is reshaping the technology sector and the industry focus is to understand the full potential of digital technologies and help customers make the best of it. Rise of India’s digital quotient is our key priority for the next few years”.