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India takes a share of 54 per cent in the global information technology export opportunity but it lags behind in the technology products market.
“With a share of about $147 billion, India leads in the software services market. But when it comes to the technology products market, it fares very badly with a share of only $10 billion in a total market size of $514 billion,” Software Technology Parks of India (STPI) Director-General Omkar Rai has said.
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In order to tap the huge potential in this area, the Union Government started a mission to encourage technology products development. “The idea is to take it to $70-80 billion by 2025 as the global opportunity is expected to touch the $1-trillion mark,” he said.
He said the STPI was setting up 21 Centres of Excellence (CoEs) across the country to promote deep tech technology products. “There is a huge opportunity in Internet of Things, augmented reality-virtual reality, animation and gaming. We have already started 12 CoEs focussed on specific deep tech areas,” he said.
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Omkar Rai was addressing the valedictory of the 28th HYSEA (Hyderabad Software Enterprises Association) Awards and Innovation Summit here on Thursday.
Addressing the conference, Telangana IT and Industries Secretary Jayesh Ranjan said that the new normal after the pandemic hit the economy was a Y2K moment for the IT industry.
“Just like the Y2K concern provided a great opportunity for the Indian IT industry in the late 1990s, the pandemic offers a huge opportunity for the industry as it helps other sectors recover,” he said.
“Any post-Covid recovery in any sector is driven by digitisation. This is a positive indicator for the IT industry. Opportunities are democratised for the companies of different sizes,” he said.
CP Gurnani, Chief Executive Officer and Managing Director of Tech Mahindra, said that technology acted as a spear and shield to bring back world to the new normal.
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