Tech services industry could reach $300-350 b by 2025: Nasscom

Our Bureau Mumbai | Updated on March 31, 2021

India’s technology services industry could accelerate by 2-4 per cent over the next five years, reaching $300-350 billion in annual revenues, according to a new report by the National Association of Software and Services Companies (Nasscom).

The report, titled ‘Future of Technology Services – Winning in this decade’, said that fuelling over 50 digital initiatives across sectors such as banking and finance, healthcare, and governance, the technology services industry continues to be a prime driver of India’s digital dream with a contribution of 8 per cent to the overall economy.

Debjani Ghosh, President, Nasscom, said: “The Indian technology services sector can utilise the potential of deep technologies like cloud, artificial intelligence, machine learning and IoT through transformational practices, thereby contributing to the overall economy in the coming decade. The government needs to encourage and support digital literacy and skilling to ensure its talent, energy, imagination, knowledge and unmatched commitment unites to address the customers’ surging needs.”

Nasscom said that providers will need to refresh their service lines and offerings and stay relevant to cater to these more digitally adept enterprises, which expect higher-quality services and have very different buying behaviour.

Published on March 31, 2021

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