Indian software products sector growing 9.5 percent yearly: Nasscom

Indian software products sector, which is estimated to be worth $7-billion, is growing at a rate of 9.5 per cent annually, IT industry apex body Nasscom said on Wednesday. “India is already a matured software product ecosystem, currently a $7-billion sector with 3,720 companies, and growing at 9.5 per cent annually,” Nasscom said in a statement here.

In a bid to accelerate growth in Indian software products sector, the IT body said it is working with “Product Mission 2020”, which aims to support the process of creating foundation for world-class products in new technologies and product businesses in India over the next two years.

Through the mission, it aims to scale the software product ecosystem and businesses to be globally competitive, Nasscom said.

As part of the mission, Nasscom’s programs like Nasscom FutureSkills, Nasscom Accelerate 10X, Nasscom 10k Start-ups etc., the IT body will enable start-ups and software product businesses access to mentoring, international markets and opportunities, the statement added.

It also aims to scale up the sector in order to enhance India’s relevance in global market and create jobs in the country.

“India has been a torchbearer in innovation. It is now time for us to leverage the new wave of technology and accelerate our leadership in the domain,” Nasscom president Debjani Ghosh said in the statement.

The IT trade body is also hosting its 15th Nasscom Product Conclave 2018 with a theme “Product Mission 2020: Are We Ready?” in this tech hub from October 25-26.

The conclave will focus on sectors being disrupted by technology like health technologies, Internet of Things (IoT) and devices, transportation and logistics, financial technologies, retail technologies, and solving India-centric issues through technology.

National Association of Software & Service Companies (NASSCOM)