The 19th edition of the annual Leadership Summit, to be conducted by the National Association of Software and Services Companies (Nasscom), will in many ways set out the road map for the next decade.
Having touched export revenues of $59 billion last year, the industry is estimated to have grown by 19 per cent in this financial year, aggregating revenues worth $76 billion.
Indian information technology (IT) and business process outsourcing (BPO) exports were expected to grow three-fold to $175 billion in revenues by the end of this decade, the country’s apex software industry body said today.
“The new mantra is to innovate, redesign and reinvent. We have an opportunity of tapping $175 billion in export revenues by 2020. The only constrain to tap this opportunity is not the demand but our ability to address it,” said, Nasscom President Som Mittal.
The addressable market size is expected to triple from $500 billion to about $1.6 trillion in 2020.
But most importantly, 80 per cent of the incremental growth will be driven by opportunities outside the current core markets, verticals and customers.
Hence the theme of the forum, named ‘Drivers of the Decades’, seems appropriate as the industry emerges from one of its worst crises. The three-day event, which starts tomorrow, will see discussions on issues like demographic shifts, innovation and inclusion.
In spite of a few hurdles, the biggest success for India has been its growing importance as a global outsourcing hub. “We always talk about multinational companies. With presence in 52 countries, 200 cities, 400 delivery centres, 10 companies listed on overseas stock exchanges, and 400 of the Fortune 500 firms being the customers, Indian firms are certainly multinational,” said Mittal.
With India’s share in the global sourcing market touching 55 per cent in 2010, the success of its business model is clearly established. According to research done by Everest Group, an advisory firm on global services, offshore centric services provider like TCS, Infosys, Wipro and others managed to grow their market share even during the slowdown. These players increased their revenue by 20.8 per cent. Whereas traditional global services provider’s revenue slipped by 1.2 per cent.
