THE $$$$100,000,000,000$$$$ OPPORTUNITY IN IT

CREATING INDIA’S INDIGENOUS ICONIC IT PRODUCTS & IPR

So far India has been known for outsourcing and client oriented IT work. iSPIRT, the Indian Software Products Industry Roundtable – a software product industry think tank – set out to change this by catalyzing the growth of  indigenously produced software products and Indian IPR!

iSPIRT has produced a study “The first Product Industry Monitor report” analyzing India’s software products sector. It concludes:

  • “India has the potential to build a USD 100 Billion software product industry by 2025, contributing significantly to the nation’s current account.
  • Resolute and purposeful action by the two keystakeholders: industry and government” is required.
  • “The entire ecosystem – product entrepreneurs,  angels,  VCs, government be aligned” to realise this goal.
  • Lot of senior talent from MNCs is starting software product companies–close to 40% of founders come from an MNC.

The press release is quoted in full below as every point deserves to be widely publicised:

“Unlike  many  other  sunrise  sectors  which  are  predicted  to  fuel  the  growth  of  tomorrow’s  Indian  economy,  the  software  product  industry  has  all  the  fundamental  requirements  in  place  to  succeed. 

Some  of  the  factors  that  can  propel  software  product  industry’s  growth  in  India  is  the  rich  skill  leadership  that  the  country  already  has  in  the  IT  sector,  aspiration  for  entrepreneurship  that  exists  among  India’s  youth  particularly  in  the  IT  (software)  space,  established  vibrant  software  eco‐system,  existence  of  ‘soft  infrastructure’,  mobile  proliferation,  commoditization  of  computing  hardware  and  the  advent  of  cloud  computing  have  made  connectivity  and  computing  capability  nearly  ubiquitous  across  India.

Further,  emergent  trends  in  the  global  technology  space  are  working  in  India’s  favor.

India  is  currently  going  through  a  period  of  ‘Combinatorial  Innovation’.  Combinatorial  innovation  makes  it  possible  for  small  entrepreneurial  teams  to  develop  complex  business  applications  quickly.  India  has  proved  its  combinatorial  innovation  at  work  in  the  UID  project  besides  a  host  of  SaaS  success  stories  by  Indian  origin  companies.

The  new  SaaS  markets  that  are  being  created  are  very  large  and  amount  to  a  USD  600  billion  global  opportunity  (out  of  the  total  USD  1.2  trillion  dollar  opportunity  for  software  products).  For  the  first  time,  Indian  SaaS  product  companies  are  part  of  this  emerging  market  opportunity  from  the  beginning  and  some  early  winners  are  starting  to  emerge.

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%,  almost  three  times  the  global  growth  rate. 

A  good  part  of  this  increased  demand  for  software  products  will  come  from  the  SME  sector  and  India’s  growth  engine  and  socially  significant  sectors  such  as  healthcare  and  education  that  are  struggling  to  scale  up  to  meet  the  needs  of  a  growing  nation.

…To  build  momentum  we  need  a  string  of  positive  outcomes  –  substantial  VC  investments,  M&As  and  IPOs  –  that  will  give  the  industry  much  needed  validation  and  a  boost  of  confidence.

At  this  crucial  juncture  in  this  journey,  it’s  very  important  for  the  entire  ecosystem  –  product  entrepreneurs,  angels,  VCs,  government  –  to  be  aligned.”

End quotation in full  from Press Release.

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About vistasbharat

Passionately committed to promote a High-Tech India
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