Emerging Tech To Drive Indian Software Products
The Indian software product think-tank (iSPIRT) that was founded on 4 February 2013 and turned a year older released its first ‘Product Industry Monitor Report’, analyzing India’s software product industry landscape, throwing light on some interesting facets of the sector.
Earlier iSPIRT estimated that India has the potential to build a $100 billion software product industry by 2025 and this can happen with some resolute and purposeful action by two major stakeholders: industry and government. In its new report, the iSPIRT states growth will come from emerging technology and its innovation and the growth will be driven by the domestic market.
Innovation from emerging technology
According to iSPIRT, some of the factors that can propel software product industry’s growth in India is the rich skill leadership, aspiration for entrepreneurship, established vibrant software eco-system, existence of ‘soft infrastructure’, mobile proliferation, commoditization of computing hardware and the advent of cloud computing – and Indian IT companies already have these attributes in place.
In such a vibrant scenario, the report states that India is currently going through a period of ‘Combinatorial Innovation’ that makes it possible for small entrepreneurial teams to develop complex business applications quickly. India has proved its combinatorial innovation at work in the UID project besides a host of SaaS success stories by Indian origin companies, as the report observes Indian SaaS product companies are already part of this emerging market opportunity and the growth momentum will continue.
Growth from domestic market
iSPIRT also believes that fast growing domestic market requirements will also the growth of India’s Software product industry in the days to come. The domestic market for software products is expected to grow at 14%, almost three times the global growth rate. A good part of this increased demand for software products will come from the SME sector and India’s growth engine and socially significant sectors such as healthcare and education that are struggling to scale up to meet the needs of a growing nation.
“To build further momentum we need a string of positive outcomes – substantial VC investments, M&As and IPOs – that will give the industry much needed validation and a boost of confidence,” says the report. However, it also states that at this crucial juncture, it’s very important for the entire ecosystem – product entrepreneurs, angels, VCs, government – to be aligned. The alignment will come about when everybody is looking at the industry issues through the lens of credible industry data.
iSpirt, which has been working to facilitate merger and acquisition activity for Indian product companies under its M&A Connect program, held a second roundtable at Palo Alto in California last week which aimed at understanding the requirements of key companies when they look at M&A, was attended by senior officials from Google, Microsoft, Intel, Qualcomm, Groupon, VMWare, Intuit, Box, Cadence, Docomo and LG.
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