The National Association of Software and Services Companies (NASSCOM) today announced that the growth outlook for the IT-BPM industry in FY18 at 10-11% for domestic market and 7-8% for exports.
This optimism is due to improvements in financial services and high potential in digital businesses as key drivers. NASSCOM also cited an increase in requirement for integrated digital capabilities and automation based projects from customers, which were key investment areas for the industry.
The fiscal year will see growth driven by the modernization of operations for client firms and the adoption of new technologies such as SaaS applications, cloud platforms, BI, cognitive and embedded analytics as enterprise customers scale digital projects.
Speaking on the industry growth outlook Raman Roy, Chairman, NASSCOM said, “The IT-BPM industry in India continues to demonstrate a sustained growth index. The industry has continuously reinvented itself and its performance in FY2017 showcases how the industry has focused on building its digital solution offerings through a combination of business model changes and investment in products and platforms.”
Chandrashekhar, President, NASCAR said, “Manoeuvring through an uncertain phase over the past year, the industry has maintained its status as a key net hirer in the country and global technology and services hub.”
An interesting takeaway from the analysis of the sector performance in FY 2017 was the relatively fast adoption of digital solutions by Indian enterprise. The domestic market is expected to grow faster than the export market in FY2018 driven by this trend. NASSCOM highlighted the vision of the 1 trillion digital economy in India by 2022 and the need for enabling policies and key projects to fast track this over the next five years.
NASSCOM also stated some key initiatives that the apex body has been actively building to help accelerate the digital opportunity in the export and domestic market. As part of its outreach, NASSCOM has curated focused programs to build India as digital and innovation hub, showcasing examples of how capabilities are getting built across the board. Also, with a renewed focus on new technologies, the industry body is setting up CoEs across India towards enhancing cyber security, IoT, design and data sciences capabilities.