NASSCOM Strategic Review 2014 held in Mumbai

By : |February 11, 2014 0

MUMBAI, INDIA: Disruptive technologies, digitization, agile entrepreneurial ecosystem, recovering global markets, and many other such trends were revealed at the NASSCOM Strategic Review 2014 in Mumbai.

Improvement in the global economic climate and rise in the technology spend, FY2014 brought optimism for the Indian IT-BPM industry.In FY2015, NASSCOM expects the industry to add overall revenues of $13-14 billion to the existing industry revenues of $118 billion.

Export revenues for FY2015 is projected to grow by 13-15 percent to reach $97-99 billion. Domestic revenues for the same period will grow at a rate of 9-12 percent and is expected to reach Rs. 1250 – 1280 billion during this year.

Krishnakumar Natarajan, chairman, NASSCOM, said: “The world around us is rapidly changing, with socio economic, business and technological megatrends presenting an altered business landscape. Technology itself has journeyed from hardware, to enterprise software, to digital solutions becoming an integral part of every industry. This evolving landscape presents our industry with rapid growth prospects”. He further added that, “India is now becoming home to a new breed of startup companies focused on high growth areas such as mobility, e-commerce and other vertical specific solutions – creating new markets and driving innovation.”

Indian IT-BPM continues to remain the highest impact sector for India among all industries with the highest relative share in India’s GDP and exports among all services industries.While US continues to be the largest geographic market for India, accounting for 62 percent, the highlight for the year will be revival in demand from Europe, which is estimated to grow at 14 percent in FY14.

Despite challenges in the global market, Indian IT-BPM industry sustained its growth trajectory and is expected to clock export revenues of $86 billion with a Y-o-Y growth rate of 13 percent. Domestic market also witnessed YoY growth rate of 10 percent taking the domestic revenues to Rs. 1150 billion.

The Indian IT-BPM sector continues to be one of the largest employers in the country directly employing nearly 3 million professionals, adding over 160,000 employees. FY2014 can be characterized by rapid evolution, expansion of verticals and geographic markets, attracting new customer segments, and offering a considerably wider spectrum of solutions.

The 2020 vision of $300 billion will be driven by new business models, service lines and talent structures. Business models have been shifting from traditional labour-based onsite-offshore model to cloud-based and off-premise solutions.

These changing models will bring compelling business innovations with greater breadth and specialization across key verticals – BFSI, telecom, healthcare, social entrepreneurship etc. To sustain growth in the coming years, the industry is going to focus on verticalization, operational excellence and expanding global delivery model.

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