)
There will be a $37 billion of chief marketing officer (CMO) opportunity for the Indian technology industry by 2020, of which 17 percent will be purely creative in nature, NASSCOM said today.
In its joint report with SapientNitro titled 'Marketing, Disrupted: Opportunities for the Indian technology industry', the trade body said by 2020, the spend on digital marketing is expected to grow to at least 35 percent of the total CMO spend from the current 8 percent.
The rising interest in outsourcing creative marketing work and digital marketing opportunity are contributing to the huge addressable CMO market.
"Digital technologies are creating disruption in areas beyond those under the purview of the CIO. Clearly, new opportunities for Indian technology players are opening up, opportunities that demand closer coordination with new stakeholders in businesses and modify their services to address new kinds of needs. Technology players must review and streamline their services and offer customized solutions for modern business to make the most of the new opportunity, " the report quoted R. Chandrashekhar, president of NASSCOM as saying.
The report analyses the disruption caused by the rise of digital technologies in marketing and its implications for the Indian technology industry. It attempts to prepare this industry to leverage this opportunity by delivering value to the new stakeholder - the Chief Marketing Officer. Marketers are actively participating in decision making related to technology. A significant 34 percent of the marketers surveyed cited new tools/technology investment as one of the key concern areas.
The report envisages a strategic direction for Indian technology companies to streamline their services and products roadmap, in sync with the current requirements of CMOs by looking at the holistic picture, building in-house capabilities and forging seamless and symbiotic relationships with marketing agencies. Further, the report also prescribes recommendations for global brands to remain relevant, connected and competitive in the new world.
