IT software product industry can touch $100 billion in next decade with purposeful action: Report
BANGALORE: India’s software product industry can touch the $100 billion (Rs 6.2 lakh crore) mark in the next decade according to a report by an industry think tank. “All that is required to make this happen is some resolute and purposeful action by two major stakeholders — industry and government,” said Sharad Sharma, cofounder of iSpirt, a technology think tank that released a survey of the software product industry.
India’s rich skill leadership in the IT sector and entrepreneurial aspirations among India’s youth can propel the software product industry’s growth, according to the report titled ‘Product Industry Monitor Report’. The other factors include the country’s vibrant software ecosystem, mobile proliferation and commoditisation of computing hardware.
The advent of cloud computing has made connectivity and computing capability nearly ubiquitous across India. iSpirt believes that fast growing domestic market requirements will also aid the growth of India’s software product industry in the days to come.
The domestic market for software products is expected to grow at 14 per cent, almost three times the global growth rate, and a major part of this increased demand will come from the small and medium enterprises sector and industries. The report says India now has a critical mass of software product companies and have entered the maturation stage of the industry.
“In a sense, the engine has cranked up and we need to pick up speed,” said Sharma who is of the view that to build momentum there is a need of a string of positive outcomes — substantial venture capital investments, mergers and acquisitions and IPOs — that will give the industry much needed validation and a boost of confidence.