The National Association of Software and Services Companies (Nasscom), India’s software industry body, predicts that revenues in the country’s IT-BPO exports will reach $175 billion by the end of 2020.
Opportunities outside core markets, verticals, and customers are expected to drive 80 percent of the incremental growth. “The new mantra is to innovate, redesign and reinvent. We have an opportunity of tapping $175 billion in export revenues by 2020. The only constraint to tap this opportunity is not the demand but our ability to address it,” said Nasscom President Som Mittal.
Last year, export revenues reached $59 billion and it is estimated that the industry had grown by 19 percent this financial year.
India gets the lion’s share of the global sourcing market - about 55 percent in 2010. Mittal said that amidst the challenges, India’s success can be attributed to its position in the industry as a global outsourcing hub.