Indian software industry set for strong revenue growth: PwC report
Social media, mobility, analytics and cloud set to redefine the industry.
India’s software industry is set to continue to flourish in the near future with predictions of strong revenue growth driven by factors such as cloud, social media, analytics and mobility. According to the report published by PricewaterhouseCoopers (PwC), the Indian companies in the top 100 emerging markets list (there are 16) can garner combined revenue of $797 million. India ranks 5th among the emerging markets in terms of revenues.
The findings are part of PwC’s Global 100 Software Leaders report, a revenue based study on the world’s top 100 software vendors.
Commenting on the findings of the survey, Sanjay Dhawan, Leader, Technology, PwC India said, “The Indian IT industry has been primarily identified with software services and this focus has relegated the software products segment to the background. However, of late, we are seeing a change in the fortunes of this segment due to significant growth. Emerging technologies such as Social media, Mobility, Analytics and Cloud (SMAC) are driving the growth in this segment and helping it move to the next level.”
The report says the emerging markets are set to play a key role in the global software industry. It further highlights that a lot of software companies have grown over the last decade from little over 100 in 2000 to nearly 2400 in 2013. According to the industry body NASSCOM, the revenue from the software product segment currently stands at $2.2 billion and is expected to reach $10 billion by 2020.
Read the full PwC report here.