Indian IT sector revenue to cross $225 b by 2020
Newer technologies such as social media, analytics and cloud computing (SMAC) will help India’s IT-BPO industry cross $225-billion-mark in revenues by 2020, according to a CII report.
These technologies have opened new avenues for the Indian IT-BPO vendors. Since globally companies are adopting SMAC technologies for operational efficiency, Indian IT-BPO vendors can develop their SMAC strategies, according to CII Report – ‘The SMAC Code – Embracing New Technologies for Future Business’ released at at CII Connect 2013.
SMAC enables companies leverage the cloud for storing huge volumes of multi-structured customer data, generated over mobile devices and social media and analyse these data sets for business advantage.
Industry estimates suggest that the global ICT spending will reach the $5-trillion mark by 2020 driven by the combination of social media, mobility, analytics and cloud. In 2012, SMAC approximately contributed about 20 per cent of the total ICT spending and they are collectively, growing at about 18 per cent year-on-year. At this rate, it is expected that these technologies will become 80 per cent of the total spending by 2020, the report said.
The Indian IT industry expanded from an $8 billion in 2000 to an estimated $ 108 billion in 2013. The industry took advantage of the vast pool of highly skilled resources available at low cost, and rode on the wave of application development and BPM services to spread its wings.
However, going forward, the vendors should seek to work closely with their customers to stay abreast of the latest technological developments, and come up with solutions that can take advantage of SMAC, the report said.